XML 25 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Financial Instruments and Fair Value Measurements [Abstract]  
Schedule of derivative instruments
The following summarizes the fair value of the Company’s derivative instruments and other financial instruments at June 30, 2015 and December 31, 2014:
 
Assets
 
Liabilities
 
 
Account
 
Fair Value
 
Account
 
Fair Value
Designated derivative instruments
 
6/30/15
 
12/31/14
 
 
 
6/30/15
 
12/31/14
Interest rate swap contracts
Other current assets
 
$
1

 
$
1

 
Other accruals
 
$
—

 
$
—

Interest rate swap contracts
Other assets
 
12

 
12

 
Other liabilities
 
—

 
2

Foreign currency contracts
Other current assets
 
22

 
21

 
Other accruals
 
10

 
4

Foreign currency contracts
Other assets
 
103

 
60

 
Other liabilities
 
—

 
—

Commodity contracts
Other current assets
 
1

 
—

 
Other accruals
 
—

 
1

Total designated
 
 
$
139

 
$
94

 
 
 
$
10

 
$
7

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated
 
 
 

 
 

 
 
 
 
 
 

Foreign currency contracts
Other current assets
 
$
3

 
$
—

 
Other accruals
 
$
—

 
$
—

Foreign currency contracts
Other assets
 
7

 
8

 
Other liabilities
 
—

 
—

Total not designated
 
 
$
10


$
8

 
 
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Total derivative instruments
 
$
149

 
$
102

 
 
 
$
10

 
$
7

 
 
 
 
 
 
 
 
 
 
 
 
Other financial instruments
 
 

 
 

 
 
 
 

 
 

Marketable securities
Other current assets
 
$
248

 
$
200

 
 
 
 

 
 

Note receivable
Other current assets
 
38

 
42

 
 
 
 
 
 
Available-for-sale securities
Other assets
 
391

 
322

 
 
 
 

 
 

Total other financial instruments
 
$
677

 
$
564

 
 
 
 

 
 
Activity related to fair value hedges
Activity related to fair value hedges recorded during the three and six months ended June 30, 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 June 30,
$
1,136

 
$
1,438

 
$
2,574

 
$
1,210

 
$
1,438

 
$
2,648

Three months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on derivative
(5
)
 
(4
)
 
(9
)
 
—

 
7

 
7

Gain (loss) on hedged items
5

 
4

 
9

 
—

 
(7
)
 
(7
)
Six months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on derivative
(3
)
 
2

 
(1
)
 
2

 
(3
)
 
(1
)
Gain (loss) on hedged items
3

 
(2
)
 
1

 
(2
)
 
3

 
1
Activity related to cash flow hedges
Activity related to cash flow hedges recorded during the three and six months ended June 30, 2015 and 2014 was as follows:
 
2015
 
2014
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
 
Total
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
 
Total
Notional Value at June 30,
$
666

 
$
10

 
$
676

 
$
521

 
$
14

 
$
535

Three months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) recognized in OCI
(6
)
 
1

 
(5
)
 
(7
)
 
(1
)
 
(8
)
Gain (loss) reclassified into Cost of sales
1

 
—

 
1

 
(1
)
 
1

 
—

Six months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) recognized in OCI
1

 
—

 
1

 
(7
)
 
1

 
(6
)
Gain (loss) reclassified into Cost of sales
8

 
(1
)
 
7

 
1

 
2

 
3
Activity related to net investment hedges
Activity related to net investment hedges recorded during the three and six months ended June 30, 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 June 30,
$
786

 
$
836

 
$
1,622

 
$
631

 
$
53

 
$
684

Three months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on instruments
(29
)
 
(2
)
 
(31
)
 
—

 
2

 
2

Gain (loss) on hedged items
29

 
2

 
31

 
(1
)
 
(2
)
 
(3
)
Six months ended June 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on instruments
33

 
25

 
58

 
—

 
3

 
3

Gain (loss) on hedged items
(33
)
 
(25
)
 
(58
)
 
—

 
(3
)
 
(3
)
Activity related to derivatives not designated as hedging instruments
Activity related to these contracts during the three and six months ended June 30, 2015 and 2014 was as follows:
 
2015
 
2014
 
Foreign Currency Contract
 
Cross-currency
Swap
 
 
Total
 
Foreign Currency Contract
 
Cross-currency
Swap
 
 
Total
Notional Value at June 30,
$
79

 
$
102

 
$
181

 
$
—

 
$
102

 
$
102

Three months ended June 30:
 
 
 
 
 
 
 
 
 
 


Gain (loss) on instrument
1

 
(6
)
 
(5
)
 
—

 
(2
)
 
(2
)
Gain (loss) on hedged item
—

 
6

 
6

 
—

 
2

 
2

Six months ended June 30:
 
 
 
 
 
 
 
 
 
 


Gain (loss) on instrument
1

 
(1
)
 
—

 
—

 
(3
)
 
(3
)
Gain (loss) on hedged item
—

 
1

 
1

 
—

 
3

 
3
Reconciliation of the Venezuelan investments at fair value
The following table presents a reconciliation of the Venezuelan bonds at fair value for the six months ended June 30, 2015 and 2014:
 
2015
 
2014
Beginning balance as of January 1,
$
399

 
$
685

Unrealized gain (loss) on investment
(20
)
 
(292
)
Purchases and sales during the period
42

 
54

Ending balance as of June 30,
$
421

 
$
447