v3.3.1.900
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
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
)
 
$
—

 
$
—