Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018 and December 31, 2017:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		6/30/18		12/31/17			6/30/18		12/31/17
Interest rate swap contracts	Other current assets	$	—	$	—	Other accruals	$	4	$	—
Interest rate swap contracts	Other assets	—		—		Other liabilities	14		7
Foreign currency contracts	Other current assets	34		25		Other accruals	10		20
Foreign currency contracts	Other assets	—		—		Other liabilities	30		46
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	34	$	25		$	58	$	73

Other financial instruments
Marketable securities	Other current assets	$	83	$	14
Total other financial instruments		$	83	$	14

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three and six months ended June 30, 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 June 30,	$	420		$	1,000		$	1,420		$	930		$	600		$	1,530
Three months ended June 30,
Gain (loss) on derivatives	6			(1		)	5			(3		)	—			(3		)
Gain (loss) on hedged items	(6		)	1			(5		)	3			—			3
Six months ended June 30,
Gain (loss) on derivatives	(7		)	(11		)	(18		)	(1		)	(2		)	(3		)
Gain (loss) on hedged items	7			11			18			1			2			3

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three and six months ended June 30, 2018 and 2017 was as follows:



	2018								2017
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts		Total
Notional Value at June 30,	$	833		$	6	$	839		$	719		$	2	$	721
Three months ended June 30,
Gain (loss) recognized in OCI	14			—		14			(7		)	—		(7		)
Gain (loss) reclassified into Cost of sales	(2		)	—		(2		)	(1		)	—		(1		)
Six months ended June 30,
Gain (loss) recognized in OCI	6			—		6			(20		)	—		(20		)
Gain (loss) reclassified into Cost of sales	(8		)	—		(8		)	2			—		2

Activity related to net investment hedges recorded during the three and six months ended June 30, 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 June 30,	$	594		$	1,572		$	2,166		$	800		$	572		$	1,372
Three months ended June 30,
Gain (loss) on instruments	43			78			121			(28		)	(78		)	(106		)
Gain (loss) on hedged items	(41		)	(78		)	(119		)	27			78			105
Six months ended June 30,
Gain (loss) on instruments	25			59			84			(46		)	(93		)	(139		)
Gain (loss) on hedged items	(23		)	(59		)	(82		)	47			93			140