Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Notes to Financial Statements [Abstract]

The following summarizes the fair value of the Company’s derivative instruments and other financial instruments at March 31, 2014 and December 31, 2013:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		3/31/14		12/31/13			3/31/14		12/31/13
Interest rate swap contracts	Other current assets	$	—	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	17		20		Other liabilities	7		1
Foreign currency contracts	Other current assets	7		14		Other accruals	7		8
Foreign currency contracts	Other assets	—		—		Other liabilities	7		10
Commodity contracts	Other current assets	1		—		Other accruals	—		—
Total designated		$	25	$	35		$	21	$	19

Derivatives not designated
Foreign currency contracts	Other current assets	$	—	$	—	Other accruals	$	4	$	3
Total not designated		$	—	$	—		$	4	$	3

Total derivative instruments		$	25	$	35		$	25	$	22

Other financial instruments
Marketable securities	Other current assets	$	243	$	173
Available-for-sale securities	Other assets	393		685
Total other financial instruments		$	636	$	858

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three-month periods ended March 31, 2014 and 2013 was as follows:



	2014									2013
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at March 31,	$	681		$	1,688		$	2,369		$	1,085		$	1,338		$	2,423
Three months ended March 31:
Gain (loss) on derivative	2			(10		)	(8		)	12			(7		)	5
Gain (loss) on hedged items	(2		)	10			8			(12		)	7			(5		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three-month periods ended March 31, 2014 and 2013 was as follows:



	2014						2013
	Foreign Currency Contracts		Commodity Contracts		Total		Foreign Currency Contracts		Commodity Contracts			Total
Notional Value at March 31,	$	401	$	15	$	416	$	446	$	52		$	498
Three months ended March 31:
Gain (loss) recognized in OCI	—		2		2		8		(1		)	7
Gain (loss) reclassified into Cost of sales	2		1		3		3		1			4

Activity related to net investment hedges recorded during the three-month periods ended March 31, 2014 and 2013 was as follows:



	2014							2013
	Foreign Currency Contracts		Foreign Currency Debt			Total		Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at March 31,	$	680	$	256		$	936	$	536		$	375		$	911
Three months ended March 31:
Gain (loss) on instruments	—		1			1		14			13			27
Gain (loss) on hedged items	1		(1		)	—		(13		)	(13		)	(26		)

Activity related to these contracts during the three-month periods ended March 31, 2014 and 2013 was as follows:



	2014			2013
	Cross-currency Swap			Cross-currency Swap
Notional Value at March 31,	$	96		$	96
Three months ended March 31:
Gain (loss) on instrument	(1		)	6
Gain (loss) on hedged item	1			(6		)

Reconciliation of the Venezuelan investments at fair value

The following table presents a reconciliation of the Venezuelan bonds at fair value for the three months ended March 31, 2014 and 2013:



	2014			2013
Beginning balance as of January 1,	$	685		$	642
Unrealized gain (loss) on investment	(298		)	(141		)
Purchases and sales during the period	54			97
Ending balance as of March 31,	$	441		$	598