v3.3.1.900

Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of interest rate swaps | A summary of interest rate swaps outstanding at December 31, 2015, follows: Fixed-to-Floating Interest Rate Swaps
Notional amount |  | Fixed interest rate received |  | Floating interest rate paid |  | Basis for contracted floating interest rate paid
150 |  |  | 5.30% |  | 4.59% |  | 1 month LIBOR + 4.26%
750 |  |  | 1.50% |  | 0.71% |  | 1 month LIBOR + 0.46%
415 |  |  | 5.60% |  | 3.78% |  | 6 month LIBOR + 3.18%
300 |  |  | 6.95% |  | 5.66% |  | 3 month LIBOR + 5.07%
25 |  |  | 8.875% |  | 4.59% |  | 6 month LIBOR + 3.84%
150 |  |  | 3.875% |  | 2.45% |  | 1 month LIBOR + 2.12%
275 |  |  | 3.47% |  | 2.07% |  | 1 month LIBOR + 1.74%
1,350 |  |  | 2.75% |  | 0.80% |  | 1 month LIBOR + 0.56%
200 |  |  | 3.68% |  | 1.40% |  | 1 month LIBOR + 1.07%
25 |  |  | 7.625% |  | 3.01% |  | 6 month LIBOR + 2.48%
50 |  |  | 7.65% |  | 3.17% |  | 6 month LIBOR + 2.57%
25 |  |  | 5.45% |  | 0.80% |  | 6 month LIBOR + 0.28%
Forward Starting Floating-to-Fixed Interest Rate Swaps
Notional amount |  | Fixed interest rate paid |  | Floating interest rate received |  | Basis for contracted floating interest rate received
50 |  |  | 2.52% |  | —% |  | 3 month LIBOR + 0.00%
Fair value of derivative financial instruments recognized in the Consolidated Balance Sheet | The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets follows:
| Notional amount |  | Other current assets |  | Other noncurrent assets |  | Other current liabilities |  | Other noncurrent liabilities |  | Type of hedge |  | Term
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-to-floating interest rate swaps | $ | 3,715 |  |  | $ | — |  |  | $ | 96 |  |  | $ | — |  |  | $ | 2 |  |  | Fair value |  | 2 to 19 years
Forward starting floating-to-fixed interest rate swaps | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Cash flow |  | 12 years
Currency exchange contracts | 724 |  |  | 18 |  |  | 1 |  |  | 8 |  |  | 6 |  |  | Cash flow |  | 1 to 36 months
Commodity contracts | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Cash flow |  | 1 to 12 months
Total |  |  | $ | 18 |  |  | $ | 97 |  |  | $ | 8 |  |  | $ | 8 |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Currency exchange contracts | $ | 4,198 |  |  | $ | 27 |  |  |  |  | $ | 40 |  |  |  |  |  |  | 1 to 12 months
Total |  |  | $ | 27 |  |  |  |  | $ | 40 |  |  |  |  |  |  |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-to-floating interest rate swaps | $ | 3,440 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |  |  | $ | 10 |  |  | Fair value |  | 2 to 19 years
Currency exchange contracts | 432 |  |  | 8 |  |  | 1 |  |  | 5 |  |  | 3 |  |  | Cash flow |  | 1 to 36 months
Commodity contracts | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Cash flow |  | 1 to 12 months
Total |  |  | $ | 8 |  |  | $ | 85 |  |  | $ | 5 |  |  | $ | 13 |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Currency exchange contracts | $ | 4,447 |  |  | $ | 47 |  |  |  |  | $ | 52 |  |  |  |  |  |  | 1 to 12 months
Total |  |  | $ | 47 |  |  |  |  | $ | 52 |  |  |  |  |  |  |
Impact of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income | The impact of derivative instruments to the Consolidated Statements of Income and Comprehensive Income follow:
| Gain (loss) recognized in other comprehensive (loss) income |  | Location of gain (loss) reclassified from Accumulated other comprehensive loss |  | Gain (loss) reclassified from Accumulated other comprehensive loss
| 2015 |  | 2014 |  |  |  | 2015 |  | 2014
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |
Floating-to-fixed interest rate swaps | $ | — |  |  | $ | — |  |  | Interest expense - net |  | $ | — |  |  | $ | (1 | )
Currency exchange contracts | 20 |  |  | (3 | ) |  | Cost of products sold |  | 16 |  |  | 6 |
Total | $ | 20 |  |  | $ | (3 | ) |  |  |  | $ | 16 |  |  | $ | 5 |
Amounts recognized in net income | Amounts recognized in net income follow:
| 2015 |  | 2014
Derivatives designated as fair value hedges |  |  |
Fixed-to-floating interest rate swaps | $ | 20 |  |  | $ | 113 |
Related long-term debt converted to floating interest rates by interest rate swaps | (20 | ) |  | (113 | )
| $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 + Details
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