Other Income, Net (Tables)

9 Months Ended

Sep. 30, 2015

Other Income and Expenses [Abstract]

Schedule of Other Income

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2015			2014		2015		2014
Royalty income	$	27		$	34	$	91	$	99
Interest income	33			33		98		103
Equity in earnings of affiliates, net	1			1		19		8
Net gain on sales of businesses and other assets	43			27		74		428
Net exchange (losses) gains1	(36		)	250		54		44
Miscellaneous income and expenses, net 2	30			19		216		67
Other income, net	$	98		$	364	$	552	$	749

¹ The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on the company's interim Consolidated Income Statements. Refer to Note 5 for discussion of the tax impacts related to this program. The $54 net exchange gain for the nine months ended September 30, 2015, includes a net $(35) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia. The $44 net exchange gain for the nine months ended September 30, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuela bolivar, Ukrainian hryvnia, and Argentinian peso, respectively.

²   Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and litigation settlements and other items.