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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Derivatives Instruments

Derivative instruments were recorded at fair value in the consolidated balance sheets as of December 31, 2013 and 2012 as follows:

		2013								2012
		Derivative				Derivative				Derivative				Derivative
		Assets				Liabilities				Assets				Liabilities
		(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts		$	3			$	11			$	6			$	10
Commodity contracts			2				3				3				34
Interest rate contracts			209				–				16				–
		$	214			$	14			$	25			$	44
Derivatives not designated as hedging instruments:
Foreign exchange contracts		$	84			$	8			$	16			$	33
Commodity contracts			60				51				106				103
Interest rate contracts			64				38				93				61
		$	208			$	97			$	215			$	197
Total fair value		$	422			$	111			$	240			$	241

Notional Values of Derivative Instruments

The net notional values of our derivative instruments as of December 31, 2013 and 2012 were:

		Notional Amount
		2013				2012
		(in millions)
Foreign exchange contracts:
Intercompany loans and forecasted interest payments		$	4,369			$	3,743
Forecasted transactions			2,565				1,663
Commodity contracts			805				620
Interest rate contracts			2,273				2,259
Net investment hedge – euro notes			4,466				1,121
Net investment hedge – pound sterling notes			1,076				1,057

Hedges of Net Investments in Foreign Operations

After-tax gains / (losses) from continuing operations related to hedges of net investments in foreign operations in the form of euro and pound sterling-denominated debt were:

		2013				2012				2011				Location of Gain / (Loss) Recognized in AOCI
		(in millions)
Euro notes		$	(50	)		$	(41	)		$	77			Currency Translation
Pound sterling notes			(13	)			(29	)			3			Adjustment

Derivative

Schedule of Derivative Instruments Fair Value and Measurement Inputs

The fair value (asset / (liability)) of our derivative instruments at December 31, 2013 were determined using:

						Quoted Prices in
						Active Markets				Significant				Significant
		Total				for Identical				Other Observable				Unobservable
		Fair Value of Net				Assets				Inputs				Inputs
		Asset / (Liability)				(Level 1)				(Level 2)				(Level 3)
		(in millions)
Foreign exchange contracts		$	68			$	–			$	68			$	–
Commodity contracts			8				(4	)			12				–
Interest rate contracts			235				–				235				–
Total derivatives		$	311			$	(4	)		$	315			$	–

The fair value (asset / (liability)) of our derivative instruments at December 31, 2012 were determined using:

						Quoted Prices in
						Active Markets				Significant				Significant
		Total				for Identical				Other Observable				Unobservable
		Fair Value of Net				Assets				Inputs				Inputs
		Asset / (Liability)				(Level 1)				(Level 2)				(Level 3)
		(in millions)
Foreign exchange contracts		$	(21	)		$	–			$	(21	)		$	–
Commodity contracts			(28	)			(53	)			25				–
Interest rate contracts			48				–				48				–
Total derivatives		$	(1	)		$	(53	)		$	52			$	–

Cash Flow Hedges

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Income, Net of Taxes

Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings / (losses) included:

		2013				2012				2011
		(in millions)
Accumulated gain / (loss) at January 1		$	(38	)		$	(297	)		$	79
Transfer of realized (gains) / losses in fair value to earnings			53				312				118
Unrealized gain / (loss) in fair value			102				(75	)			(444	)
Discontinued operations			–				(134	)			(50	)
Impact of Spin-Off			–				156				–
Accumulated gain / (loss) at December 31		$	117			$	(38	)		$	(297	)

Schedule of Effects of Derivative Instruments

After-tax gains / (losses) reclassified from accumulated other comprehensive earnings / (losses) into net earnings from continuing operations were:

		2013				2012				2011
		(in millions)
Foreign exchange contracts – intercompany loans		$	–			$	–			$	2
Foreign exchange contracts – forecasted transactions			(26	)			58				(38	)
Commodity contracts			(23	)			(10	)			19
Interest rate contracts			(4	)			(360	)			(101	)
Total		$	(53	)		$	(312	)		$	(118	)

After-tax gains / (losses) recognized in other comprehensive earnings / (losses) from continuing operations were:

		2013				2012				2011
		(in millions)
Foreign exchange contracts – intercompany loans		$	–			$	–			$	1
Foreign exchange contracts – forecasted transactions			(23	)			(16	)			12
Commodity contracts			3				(24	)			(22	)
Interest rate contracts			122				(35	)			(435	)
Total		$	102			$	(75	)		$	(444	)

Pre-tax gains / (losses) on ineffectiveness recognized in net earnings from continuing operations were:

		2013				2012				2011
		(in millions)
Commodity contracts		$	1			$	(3	)		$	(4	)
Interest rate contracts			–				(23	)			(2	)
Total		$	1			$	(26	)		$	(6	)

Pre-tax gains / (losses) on amounts excluded from effectiveness testing recognized in net earnings from continuing operations were:

		2013				2012				2011
		(in millions)
Commodity contracts		$	–			$	–			$	(17	)
Interest rate contracts			–				(556	)			(156	)
Total		$	–			$	(556	)		$	(173	)

Fair Value Hedges

Schedule of Effects of Derivative Instruments

Pre-tax gains / (losses) from continuing operations due to changes in fair value of our interest rate swaps and related hedged long-term debt were recorded in interest and other expense, net:

		2013				2012				2011
		(in millions)
Derivatives		$	–			$	(2	)		$	(6	)
Borrowings			–				2				6

Economic Hedging

Schedule of Effects of Derivative Instruments

Pre-tax gains / (losses) recorded in net earnings from continuing operations for economic hedges which are not designated as hedging instruments were:

		2013				2012				2011				Location of Gain / (Loss) Recognized in Earnings
		(in millions)
Foreign exchange contracts:
Intercompany loans and forecasted interest payments		$	18			$	24			$	34			Interest expense
Forecasted transactions			65				7				4			Cost of sales
Forecasted transactions			9				(17	)			3			Interest expense
Forecasted transactions			4				–				–			Selling, general and administrative expenses
Interest rate contracts			–				3				(3	)		Interest expense
Commodity contracts			65				100				135			Cost of sales
Total		$	161			$	117			$	173

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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