Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 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 December 31, 2015 and December 31, 2014:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		12/31/15		12/31/14			12/31/15		12/31/14
Interest rate swap contracts	Other current assets	$	—	$	1	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	7		12		Other liabilities	—		2
Foreign currency contracts	Other current assets	131		21		Other accruals	5		4
Foreign currency contracts	Other assets	—		60		Other liabilities	—		—
Commodity contracts	Other current assets	—		—		Other accruals	—		1
Total designated		$	138	$	94		$	5	$	7

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

Total derivative instruments		$	151	$	102		$	5	$	7

Other financial instruments
Marketable securities	Other current assets	$	61	$	200
Available-for-sale securities	Other assets	—		322
Note receivable	Other current assets	—		42
Total other financial instruments		$	61	$	564

Activity related to fair value hedges

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



	2015									2014
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at December 31,	$	573		$	1,250		$	1,823		$	1,163		$	1,438		$	2,601
Gain (loss) on derivatives	(3		)	(4		)	(7		)	3			(8		)	(5		)
Gain (loss) on hedged items	3			4			7			(3		)	8			5

Activity related to cash flow hedges

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



	2015							2014
	Foreign Currency Contracts		Commodity Contracts			Total		Foreign Currency Contracts		Commodity Contracts		Total
Notional Value at December 31,	$	745	$	9		$	754	$	511	$	14	$	525
Gain (loss) recognized in OCI	19		(1		)	18		9		—		9
Gain (loss) reclassified into Cost of sales	17		(1		)	16		5		—		5

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



	2015									2014
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at December 31,	$	645		$	800		$	1,445		$	567		$	297		$	864
Gain (loss) on instruments	73			48			121			73			11			84
Gain (loss) on hedged items	(73		)	(48		)	(121		)	(73		)	(11		)	(84		)

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



	2015					2014
	Foreign Currency Contracts		Cross-currency Swap			Foreign Currency Contracts		Cross-currency Swap
Notional Value at December 31,	$	—	$	102		$	—	$	102
Gain (loss) on instruments	7		4			—		5
Gain (loss) on hedged items	—		(4		)	—		(5		)

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:



	2015			2014
Beginning balance as of January 1	$	399		$	685
Unrealized gain (loss) on investment	(17		)	(341		)
Purchases and sales during the period	12			55
Venezuela accounting change	(394		)	—
Ending balance as of December 31	$	—		$	399