Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Financial Instruments and Fair Value Measurements [Abstract]

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



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		12/31/14		12/31/13			12/31/14		12/31/13
Interest rate swap contracts	Other current assets	$	1	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	12		20		Other liabilities	2		1
Foreign currency contracts	Other current assets	21		14		Other accruals	4		8
Foreign currency contracts	Other assets	60		—		Other liabilities	—		10
Commodity contracts	Other current assets	—		—		Other accruals	1		—
Total designated		$	94	$	35		$	7	$	19

Derivatives not designated
Foreign currency contracts	Other current assets	$	—	$	—	Other accruals	$	—	$	3
Foreign currency contracts	Other assets	8		—		Other liabilities	—		—
Total not designated		$	8	$	—		$	—	$	3

Total derivative instruments		$	102	$	35		$	7	$	22

Other financial instruments
Marketable securities	Other current assets	$	200	$	173
Available-for-sale securities	Other assets	322		685
Note receivable	Other current assets	42		—
Total other financial instruments		$	564	$	858

Activity related to fair value hedges

Activity related to fair value hedges recorded during each period presented was as follows:



	2014									2013
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at December 31,	$	1,163		$	1,438		$	2,601		$	1,320		$	1,188		$	2,508
Gain (loss) on derivative	3			(8		)	(5		)	24			(22		)	2
Gain (loss) on hedged items	(3		)	8			5			(24		)	22			(2		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during each period presented was as follows:



	2014						2013
	Foreign Currency Contracts		Commodity Contracts		Total		Foreign Currency Contracts		Commodity Contracts		Total
Notional Value at December 31,	$	511	$	14	$	525	$	386	$	14	$	400
Gain (loss) recognized in OCI	9		—		9		20		—		20
Gain (loss) reclassified into Cost of sales	5		—		5		16		1		17

Activity related to net investment hedges recorded during each period presented was as follows:



	2014									2013
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at December 31,	$	567		$	297		$	864		$	529		$	256		$	785
Gain (loss) on instruments	73			11			84			(24		)	(4		)	(28		)
Gain (loss) on hedged items	(73		)	(11		)	(84		)	23			4			27

Activity related to these contracts during each period presented was as follows:



	2014			2013
	Cross-currency Swap			Cross-currency Swap
Notional Value at December 31,	$	102		$	96
Gain (loss) on instrument	5			(2		)
Gain (loss) on hedged item	(5		)	2

Reconciliation of the Venezuelan investments at fair value

The following table presents a reconciliation of the Venezuelan bonds at fair value for the twelve months ended December 31:



	2014			2013
Beginning balance as of January 1	$	685		$	642
Unrealized gain (loss) on investment	(341		)	(113		)
Purchases and sales during the period	55			156
Ending balance as of December 31	$	399		$	685