Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Investments, All Other Investments [Abstract]

Notional Amounts of Derivatives

Notional Amounts	Successor		Predecessor
(In millions)	December 31, 2017		December 31, 2016
Derivatives designated as hedging instruments:
Commodity contracts	$	587	$	422
Derivatives not designated as hedging instruments:
Foreign currency contracts	10,454		9,896
Commodity contracts	6		7

After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

	Successor			Predecessor
(In millions)	For the Period September 1 - December 31, 2017			For the Period Jan. 1 - August 31, 2017			Year Ended December 31, 2016
Beginning balance	$	—		$	7		$	(24	)
Additions and revaluations of derivatives designated as cash flow hedges	(2		)	3			20
Clearance of hedge results to earnings	—			(13		)	11
Ending balance	$	(2	)	$	(3	)	$	7

Fair Value of Derivatives Instruments

		Successor
		December 31, 2017
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1			Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	46	$	(37	)	$	9
Total asset derivatives		$	46	$	(37	)	$	9
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	79	$	(32	)	$	47
Total liability derivatives		$	79	$	(32	)	$	47

^1.  Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. The company held cash collateral of $5 million as of December 31, 2017.

		Predecessor
(In millions)	Balance Sheet Location	December 31, 2016
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts1	Accounts and notes receivable - net	$	182
Total asset derivatives2		$	182
Cash collateral1	Accrued and other current liabilities	$	52
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	121
Total liability derivatives2		$	121

^1.  Cash collateral held as of December 31, 2016 is related to foreign currency derivatives not designated as hedging instruments.

^2.  The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 million at December 31, 2016.

Effect of Derivative Instruments

	Amount of Gain (Loss) Recognized in OCI1 (Effective Portion) - Pre Tax
	Successor		Predecessor
(In millions)	For the Period September 1 - December 31, 2017		For the Period Jan. 1 - August 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts	$	—	—		—		(2		)
Commodity contracts	3		5		32		(35		)
Total derivatives designated as hedging instruments	$	3	$	5	$	32	$	(37	)
Total derivatives	$	3	$	5	$	32	$	(37	)

1. OCI is defined as other comprehensive income (loss).

	Amount of Gain (Loss) Recognized in Income - Pre Tax1
	Successor		Predecessor
(In millions)	For the Period September 1 - December 31, 2017		For the Period Jan. 1 - August 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate swaps2	$	—	$	—		$	—		$	(1	)
Cash flow hedges:
Foreign currency contracts3	—		—			—			10
Commodity contracts2	—		21			(18		)	(22		)
Total derivatives designated as hedging instruments	$	—	$	21		$	(18	)	$	(13	)
Derivatives not designated as hedging instruments:
Foreign currency contracts4	91		(431		)	(304		)	434
Foreign currency contracts3	—		—			(12		)	(3		)
Commodity contracts2	—		2			(11		)	(2		)
Total derivatives not designated as hedging instruments	91		(429		)	(327		)	429
Total derivatives	$	91	$	(408	)	$	(345	)	$	416

1. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. There was no material ineffectiveness with regard to the company's cash flow hedges during the period.

2. Recorded in cost of goods sold.

3. Recorded in net sales.

4. Gain recognized in sundry income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 for additional information.