Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		6/30/16		12/31/15			6/30/16		12/31/15
Interest rate swap contracts	Other current assets	$	4	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	12		7		Other liabilities	—		—
Foreign currency contracts	Other current assets	97		131		Other accruals	27		5
Foreign currency contracts	Other assets	1		—		Other liabilities	—		—
Commodity contracts	Other current assets	1		—		Other accruals	—		—
Total designated		$	115	$	138		$	27	$	5

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

Total derivative instruments		$	115	$	151		$	27	$	5

Other financial instruments
Marketable securities	Other current assets	$	163	$	61
Total other financial instruments		$	163	$	61

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three and six months ended June 30, 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 June 30,	$	347		$	1,250		$	1,597		$	1,136		$	1,438		$	2,574
Three months ended June 30,
Gain (loss) on derivatives	(6		)	1			(5		)	(5		)	(4		)	(9		)
Gain (loss) on hedged items	6			(1		)	5			5			4			9
Six months ended June 30,
Gain (loss) on derivatives	(5		)	9			4			(3		)	2			(1		)
Gain (loss) on hedged items	5			(9		)	(4		)	3			(2		)	1

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three and six months ended June 30, 2016 and 2015 was as follows:



	2016								2015
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts			Total
Notional Value at June 30,	$	705		$	9	$	714		$	666		$	10		$	676
Three months ended June 30,
Gain (loss) recognized in OCI	5			2		7			(6		)	1			(5		)
Gain (loss) reclassified into Cost of sales	(3		)	1		(2		)	1			—			1
Six months ended June 30,
Gain (loss) recognized in OCI	(9		)	2		(7		)	1			—			1
Gain (loss) reclassified into Cost of sales	—			—		—			8			(1		)	7

Activity related to net investment hedges recorded during the three and six months ended June 30, 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 June 30,	$	895		$	1,280		$	2,175		$	786		$	836		$	1,622
Three months ended June 30,
Gain (loss) on instruments	10			26			36			(29		)	(2		)	(31		)
Gain (loss) on hedged items	(7		)	(26		)	(33		)	29			2			31
Six months ended June 30,
Gain (loss) on instruments	(16		)	(23		)	(39		)	33			25			58
Gain (loss) on hedged items	16			23			39			(33		)	(25		)	(58		)

Activity related to these contracts during the three and six months ended June 30, 2016 and 2015 was as follows:



	2016			2015
	Foreign Currency Contracts			Foreign Currency Contracts
Notional Value at June 30,	$	5		$	181
Three months ended June 30,
Gain (loss) on instruments	2			(5		)
Gain (loss) on hedged items	(2		)	6
Six months ended June 30,
Gain (loss) on instruments	5			—
Gain (loss) on hedged items	(5		)	1