Derivatives And Hedging Activities (Tables)

As of September 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	85,034	pounds	$	265
Primary Aluminum	29,125	pounds	25
Secondary Aluminum	13,609	pounds	15



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

	(in millions)
Mexican Peso	11,077	MXN	$	825
Euro	184	EUR	235
Polish Zloty	363	PLN	110
Chinese Yuan Renminbi	538	CNY	85
New Turkish Lira	170	TRY	75
Brazilian Real	180	BRL	75
Hungarian Forint	16,194	HUF	65

The fair value of derivative financial instruments recorded in the consolidated balance sheets as of September 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	September 30, 2014		Balance Sheet Location	September 30, 2014		September 30, 2014

	(in millions)
Designated derivatives instruments:
Commodity derivatives	Other current assets	$	1	Accrued liabilities	$	11
Foreign currency derivatives*	Other current assets	3		Other current assets	2		1
Foreign currency derivatives*	Accrued liabilities	2		Accrued liabilities	8		(6	)
Commodity derivatives	Other long-term assets	—		Other long-term liabilities	3
Foreign currency derivatives*	Other long-term assets	1		Other long-term assets	—		1
Foreign currency derivatives*	Other long-term liabilities	—		Other long-term liabilities	5		(5	)
Total		$	7		$	29
Derivatives not designated:
Foreign currency derivatives*	Other current assets	$	20	Other current assets	$	—	20
Foreign currency derivatives*	Accrued liabilities	—		Accrued liabilities	1		(1	)
Total		$	20		$	1



	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 September 30, 2014 is as follows:



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

	(in millions)
Designated derivatives instruments:
Commodity derivatives	$	(13	)	$	(3	)	$	—
Foreign currency derivatives	(25		)	(1		)	—
Total	$	(38	)	$	(4	)	$	—



	Gain Recognized in Income

	(in millions)
Derivatives not designated:
Commodity derivatives	$	—
Foreign currency derivatives (1)	22
Total	$	22


(1)	Primarily relates to amounts recognized in other income, which offset the losses recognized due to the remeasurement of intercompany loans.



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

	(in millions)
Designated derivatives instruments:
Commodity derivatives	$	24		$	(8	)	$	—
Foreign currency derivatives	(10		)	(3		)	—
Total	$	14		$	(11	)	$	—



	Gain 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 nine months ended September 30, 2014 is as follows:



Nine Months Ended September 30, 2014	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	$	(19	)	$	(13	)	$	—
Foreign currency derivatives	(13		)	7			—
Total	$	(32	)	$	(6	)	$	—



	Gain Recognized in Income

	(in millions)
Derivatives not designated:
Commodity derivatives	$	—
Foreign currency derivatives (1)	22
Total	$	22


(1)	Primarily relates to amounts recognized in other income, which offset the losses recognized due to the remeasurement of intercompany loans.



Nine Months Ended September 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	$	(31	)	$	(17	)	$	—
Foreign currency derivatives	(7		)	16			—
Total	$	(38	)	$	(1	)	$	—



	Gain Recognized in Income

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