Derivatives And Hedging Activities (Tables)

As of June 30, 2014, the Company had the following outstanding notional amounts related to commodity and foreign currency forward contracts that were entered into to hedge forecasted exposures:



Commodity	Quantity Hedged	Unit of Measure	Notional Amount (Approximate USD Equivalent)

	(in thousands)		(in millions)
Copper	80,671	pounds	$	250
Primary Aluminum	31,491	pounds	25
Secondary Aluminum	15,728	pounds	15



Foreign Currency	Quantity Hedged	Unit of Measure	Notional Amount (Approximate USD Equivalent)

	(in millions)
Mexican Peso	8,420	MXN	$	645
Euro	184	EUR	250
Brazilian Real	227	BRL	105
Polish Zloty	286	PLN	95
New Turkish Lira	183	TRY	85
Chinese Yuan Renminbi	519	CNY	85
Hungarian Forint	14,130	HUF	60
Romanian Leu	33	RON	10

The fair value of derivative financial instruments recorded in the consolidated balance sheets as of June 30, 2014 and December 31, 2013 are as follows:



	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and Liabilities Presented in the Balance Sheet
	Balance Sheet Location	June 30, 2014		Balance Sheet Location	June 30, 2014		June 30, 2014

	(in millions)
Designated derivatives instruments:
Commodity derivatives	Other Current Assets	$	2	Accrued Liabilities	$	8
Foreign currency derivatives*	Other Current Assets	15		Other Current Assets	3		12
Foreign currency derivatives*	Accrued Liabilities	2		Accrued Liabilities	5		(3	)
Commodity derivatives	Other Long-Term Assets	2		Other Long-Term Liabilities	—
Foreign currency derivatives*	Other Long-Term Assets	10		Other Long-Term Assets	3		7
Total		$	31		$	19
Derivatives not designated:
Foreign currency derivatives*	Other Current Assets	$	2	Other Current Assets	$	2	—
Total		$	2		$	2



	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and Liabilities Presented in the Balance Sheet
	Balance Sheet Location	December 31, 2013		Balance Sheet Location	December 31, 2013		December 31, 2013

	(in millions)
Designated derivatives instruments:
Commodity derivatives	Other Current Assets	$	2	Accrued Liabilities	$	9
Foreign currency derivatives*	Other Current Assets	16		Other Current Assets	3		13
Foreign currency derivatives*	Accrued Liabilities	3		Accrued Liabilities	10		(7	)
Commodity derivatives	Other Long-Term Assets	1		Other Long-Term Liabilities	2
Foreign currency derivatives*	Other Long-Term Assets	5		Other Long-Term Assets	1		4
Foreign currency derivatives*	Other Long-Term Liabilities	2		Other Long-Term Liabilities	6		(4	)
Total		$	29		$	31
Derivatives not designated:
Foreign currency derivatives*	Other Current Assets	$	3	Other Current Assets	$	3	—
Total		$	3		$	3

* Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts.

The effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the three months ended June 30, 2014 is as follows:



Three Months Ended June 30, 2014	Gain Recognized in OCI (Effective Portion)		(Loss) Gain Reclassified from OCI into Income (Effective Portion)			Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing)

	(in millions)
Designated derivatives instruments:
Commodity derivatives	$	19	$	(6	)	$	—
Foreign currency derivatives	28		4			—
Total	$	47	$	(2	)	$	—



	Loss Recognized in Income

	(in millions)
Derivatives not designated:
Commodity derivatives	$	—
Foreign currency derivatives	(1		)
Total	$	(1	)

The effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the three months ended June 30, 2013 is as follows:



Three Months Ended June 30, 2013	Loss Recognized in OCI (Effective Portion)			(Loss) Gain Reclassified from OCI into Income (Effective Portion)			Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing)

	(in millions)
Designated derivatives instruments:
Commodity derivatives	$	(40	)	$	(6	)	$	—
Foreign currency derivatives	(32		)	4			—
Total	$	(72	)	$	(2	)	$	—



	Gain Recognized in Income

	(in millions)
Derivatives not designated:
Commodity derivatives	$	—
Foreign currency derivatives	1
Total	$	1