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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2014
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Schedule of pre-tax (losses) gains included in the Company's condensed consolidated statements of operations | The pre-tax gains (losses) included in our consolidated statements of operations are as follows, in millions:
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Foreign Currency Contracts |  |  |  |  |  |  |  |  |  |
Exchange Contracts |  | $ | 5 |  | $ | 2 |  | $ | (2 | )
Forward Contracts |  |  | — |  |  | 1 |  |  | — |
Metals Contracts |  |  | (3 | ) |  | (7 | ) |  | 2 |
Interest rate swaps |  |  | (2 | ) |  | (2 | ) |  | 4 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | — |  | $ | (6 | ) | $ | 4 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of notional amounts being hedged and the fair value of derivative instruments, on a gross basis | The notional amounts being hedged and the fair value of those derivative instruments, on a gross basis, is as follows, in millions:
|  | At December 31, 2014 |
|  | Notional Amount |  | Balance Sheet |
Foreign Currency Contracts |  |  |  |  |  |  |
Exchange Contracts |  | $ | 55 |  |  |  |
Receivables |  |  |  |  | $ | 6 |
Forward Contracts |  |  | 79 |  |  |  |
Receivables |  |  |  |  |  | 2 |
Accrued liabilities |  |  |  |  |  | (1 | )
Metals Contracts |  |  | 70 |  |  |  |
Accrued liabilities |  |  |  |  |  | (2 | )
Total |  |  |  |  |  |  |
|  | At December 31, 2013 |
|  | Notional Amount |  | Balance Sheet |
Foreign Currency Contracts |  |  |  |  |  |  |
Exchange Contracts |  | $ | 53 |  |  |  |
Accrued liabilities |  |  |  |  | $ | (2 | )
Forward Contracts |  |  | 88 |  |  |  |
Accrued liabilities |  |  |  |  |  | (1 | )
Metals Contracts |  |  | 48 |  |  |  |
Accrued liabilities |  |  |  |  |  | (2 | )
Total |  |  |  |  |  |  |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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