Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Financial Instruments and Fair Value Measurements [Abstract]

The following summarizes the fair value of the Company’s derivative instruments and other financial instruments at March 31, 2015 and December 31, 2014:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		3/31/15		12/31/14			3/31/15		12/31/14
Interest rate swap contracts	Other current assets	$	1	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	16		12		Other liabilities	—		2
Foreign currency contracts	Other current assets	36		21		Other accruals	18		4
Foreign currency contracts	Other assets	121		60		Other liabilities	—		—
Commodity contracts	Other current assets	—		—		Other accruals	1		1
Total designated		$	174	$	94		$	19	$	7

Derivatives not designated
Foreign currency contracts	Other assets	$	13	$	8	Other liabilities	$	—	$	—
Total not designated		$	13	$	8		$	—	$	—

Total derivative instruments		$	187	$	102		$	19	$	7

Other financial instruments
Marketable securities	Other current assets	$	250	$	200
Available-for-sale securities	Other assets	398		322
Note receivable	Other current assets	42		42
Total other financial instruments		$	690	$	564

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three months ended March 31, 2015 and 2014 was as follows:



	2015									2014
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at March 31,	$	1,213		$	1,438		$	2,651		$	681		$	1,688		$	2,369
Three months ended March 31:
Gain (loss) on derivative	2			6			8			2			(10		)	(8		)
Gain (loss) on hedged items	(2		)	(6		)	(8		)	(2		)	10			8

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three months ended March 31, 2015 and 2014 was as follows:



	2015							2014
	Foreign Currency Contracts		Commodity Contracts			Total		Foreign Currency Contracts		Commodity Contracts		Total
Notional Value at March 31,	$	595	$	12		$	607	$	401	$	15	$	416
Three months ended March 31:
Gain (loss) recognized in OCI	7		(1		)	6		—		2		2
Gain (loss) reclassified into Cost of sales	7		(1		)	6		2		1		3

Activity related to net investment hedges recorded during the three months ended March 31, 2015 and 2014 was as follows:



	2015									2014
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts		Foreign Currency Debt			Total
Notional Value at March 31,	$	768		$	273		$	1,041		$	680	$	256		$	936
Three months ended March 31:
Gain (loss) on instruments	62			27			89			—		1			1
Gain (loss) on hedged items	(62		)	(27		)	(89		)	1		(1		)	—

Activity related to this contract during the three months ended March 31, 2015 and 2014 was as follows:



	2015			2014
	Cross-currency Swap			Cross-currency Swap
Notional Value at March 31,	$	102		$	96
Three months ended March 31:
Gain (loss) on instrument	5			(1		)
Gain (loss) on hedged item	(5		)	1

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, 2015 and 2014:



	2015			2014
Beginning balance as of January 1,	$	399		$	685
Unrealized gain (loss) on investment	(1		)	(298		)
Purchases and sales during the period	33			54
Ending balance as of March 31,	$	431		$	441