Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Financial Instruments and Fair Value Measurements [Abstract]

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments at March 31, 2016 and December 31, 2015:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		3/31/16		12/31/15			3/31/16		12/31/15
Interest rate swap contracts	Other current assets	$	—	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	14		7		Other liabilities	—		—
Foreign currency contracts	Other current assets	103		131		Other accruals	30		5
Foreign currency contracts	Other assets	—		—		Other liabilities	—		—
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	117	$	138		$	30	$	5

Derivatives not designated
Foreign currency contracts	Other assets	$	16	$	13	Other liabilities	$	—	$	—
Total not designated		$	16	$	13		$	—	$	—

Total derivative instruments		$	133	$	151		$	30	$	5

Other financial instruments
Marketable securities	Other current assets	$	87	$	61
Total other financial instruments		$	87	$	61

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three months ended March 31, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at March 31,	$	422		$	1,250		$	1,672		$	1,213		$	1,438		$	2,651
Three months ended March 31,
Gain (loss) on derivatives	1			8			9			2			6			8
Gain (loss) on hedged items	(1		)	(8		)	(9		)	(2		)	(6		)	(8		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three months ended March 31, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Commodity Contracts			Total			Foreign Currency Contracts		Commodity Contracts			Total
Notional Value at March 31,	$	817		$	8		$	825		$	595	$	12		$	607
Three months ended March 31,
Gain (loss) recognized in OCI	(14		)	—			(14		)	7		(1		)	6
Gain (loss) reclassified into Cost of sales	3			(1		)	2			7		(1		)	6

Activity related to net investment hedges recorded during the three months ended March 31, 2016 and 2015 was as follows:



	2016									2015
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at March 31,	$	795		$	1,305		$	2,100		$	768		$	273		$	1,041
Three months ended March 31,
Gain (loss) on instruments	(26		)	(49		)	(75		)	62			27			89
Gain (loss) on hedged items	23			49			72			(62		)	(27		)	(89		)

Activity related to these contracts during the three months ended March 31, 2016 and 2015 was as follows:



	2016			2015
	Cross-currency Swap			Cross-currency Swap
Notional Value at March 31,	$	102		$	102
Three months ended March 31,
Gain (loss) on instruments	3			5
Gain (loss) on hedged items	(3		)	(5		)