Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Financial Instruments and Fair Value Measurements [Abstract]

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets at March 31, 2018 and December 31, 2017:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		3/31/18		12/31/17			3/31/18		12/31/17
Interest rate swap contracts	Other current assets	$	—	$	—	Other accruals	$	6	$	—
Interest rate swap contracts	Other assets	—		—		Other liabilities	11		7
Foreign currency contracts	Other current assets	5		25		Other accruals	23		20
Foreign currency contracts	Other assets	—		—		Other liabilities	57		46
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	5	$	25		$	97	$	73

Other financial instruments
Marketable securities	Other current assets	$	51	$	14
Total other financial instruments		$	51	$	14

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three months ended March 31, 2018 and 2017 was as follows:



	2018									2017
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at March 31,	$	530		$	1,000		$	1,530		$	246		$	850		$	1,096
Three months ended March 31,
Gain (loss) on derivatives	(13		)	(10		)	(23		)	2			(2		)	—
Gain (loss) on hedged items	13			10			23			(2		)	2			—

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three months ended March 31, 2018 and 2017 was as follows:



	2018								2017
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts		Total
Notional Value at March 31,	$	754		$	—	$	754		$	667		$	4	$	671
Three months ended March 31,
Gain (loss) recognized in OCI	(8		)	—		(8		)	(13		)	—		(13		)
Gain (loss) reclassified into Cost of sales	6			—		6			3			—		3

Activity related to net investment hedges recorded during the three months ended March 31, 2018 and 2017 was as follows:



	2018									2017
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at March 31,	$	541		$	1,233		$	1,774		$	655		$	1,206		$	1,861
Three months ended March 31,
Gain (loss) on instruments	(18		)	(19		)	(37		)	(18		)	(16		)	(34		)
Gain (loss) on hedged items	18			19			37			20			16			36