Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		9/30/18		12/31/17			9/30/18		12/31/17
Interest rate swap contracts	Other current assets	$	—	$	—	Other accruals	$	2	$	—
Interest rate swap contracts	Other assets	—		—		Other liabilities	16		7
Foreign currency contracts	Other current assets	27		25		Other accruals	12		20
Foreign currency contracts	Other assets	—		—		Other liabilities	28		46
Commodity contracts	Other current assets	—		—		Other accruals	1		—
Total designated		$	27	$	25		$	59	$	73

Other financial instruments
Marketable securities	Other current assets	$	120	$	14
Total other financial instruments		$	120	$	14

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three and nine months ended September 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 September 30,	$	400		$	1,000		$	1,400		$	1,095		$	600		$	1,695
Three months ended September 30,
Gain (loss) on derivatives	—			—			—			(14		)	(1		)	(15		)
Gain (loss) on hedged items	—			—			—			14			1			15
Nine months ended September 30,
Gain (loss) on derivatives	(7		)	(11		)	(18		)	(15		)	(3		)	(18		)
Gain (loss) on hedged items	7			11			18			15			3			18

Activity related to cash flow hedges

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



	2018								2017
	Foreign Currency Contracts			Commodity Contracts		Total			Foreign Currency Contracts			Commodity Contracts		Total
Notional Value at September 30,	$	821		$	14	$	835		$	724		$	1	$	725
Three months ended September 30,
Gain (loss) recognized in OCI	(2		)	—		(2		)	(8		)	—		(8		)
Gain (loss) reclassified into Cost of sales	—			—		—			(4		)	—		(4		)
Nine months ended September 30,
Gain (loss) recognized in OCI	4			—		4			(28		)	—		(28		)
Gain (loss) reclassified into Cost of sales	(8		)	—		(8		)	(2		)	—		(2		)

Activity related to net investment hedges recorded during the three and nine months ended September 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 September 30,	$	633		$	1,417		$	2,050		$	749		$	590		$	1,339
Three months ended September 30,
Gain (loss) on instruments	1			10			11			(23		)	(22		)	(45		)
Gain (loss) on hedged items	—			(10		)	(10		)	22			22			44
Nine months ended September 30,
Gain (loss) on instruments	26			69			95			(69		)	(115		)	(184		)
Gain (loss) on hedged items	(23		)	(69		)	(92		)	69			115			184