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Derivative and Other Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments.
|  | Amount of gain/(loss) |  | Amount of gain/(loss) |
|  | recognized in AOCI |  | reclassified from AOCI |
|  | (effective portion) |  | into earnings |
Derivatives in cash flow hedges |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Foreign exchange |  | $ | (2 | ) |  | $ | (1 | ) |  | $ | 3 |  |  | $ | (1 | ) | (1)
Commodities |  | 20 |  |  | (32 | ) |  | (6 | ) |  | (18 | ) | (2)
Total |  | $ | 18 |  |  | $ | (33 | ) |  | $ | (3 | ) |  | $ | (19 | ) |
(1) In 2016, a loss of $10 ($8, net of tax) was recognized in net sales and a gain of $14 ($11, net of tax) was recognized in cost of products sold. In 2015, a loss of $2 ($2, net of tax) was recognized in net sale and a gain of $1 ($1, net of tax) was recognized in cost of products sold. (2) In 2016, a loss of $8, including a gain of $1 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $2 was recognized in income tax expense. In 2015, a loss of $23, including a loss of $2 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $5 was recognized in income tax expense.
Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.
Derivative assets |  | Balance Sheet classification |  | Fair Value hierarchy |  | December 31, 2016 |  | December 31, 2015
Derivatives designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Other current assets |  | 2 |  | $ | 24 |  |  | $ | 32 |
Commodities |  | Other current assets |  | 2 |  | 13 |  |  | 5 |
Commodities |  | Other non-current assets |  | 2 |  | 3 |  |  | 2 |
Derivatives not designated as hedges: |  |  |  |  |  |
Commodities |  | Other current assets |  | 2 |  | 5 |  |  | 3 |
|  | Total |  |  |  | $ | 45 |  |  | $ | 42 |
Derivative liabilities |  |  |  |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Accounts payable and accrued liabilities |  | 2 |  | $ | 28 |  |  | $ | 14 |
Commodities |  | Accounts payable and accrued liabilities |  | 2 |  | 3 |  |  | 26 |
Foreign exchange |  | Other non-current liabilities |  | 2 |  | 1 |  |  | 5 |
Derivatives not designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Accounts payable and accrued liabilities |  | 2 |  | 5 |  |  | 2 |
Commodities |  | Accounts payable and accrued liabilities |  | 2 |  | — |  |  | 5 |
|  | Total |  |  |  | $ | 37 |  |  | $ | 52 |
Offsetting Assets | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
| Gross amounts recognized in the Balance Sheet | Gross amounts not offset in the Balance Sheet | Net amount
Balance at December 31, 2016 |  |  |
Derivative assets | $ | 45 |  | $ | 6 |  | $ | 39 |
Derivative liabilities | 37 |  | 6 |  | 31 |
Balance at December 31, 2015 |  |  |
Derivative assets | $ | 42 |  | $ | 9 |  | $ | 33 |
Derivative liabilities | 52 |  | 9 |  | 43 |
Offsetting Liabilities | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
| Gross amounts recognized in the Balance Sheet | Gross amounts not offset in the Balance Sheet | Net amount
Balance at December 31, 2016 |  |  |
Derivative assets | $ | 45 |  | $ | 6 |  | $ | 39 |
Derivative liabilities | 37 |  | 6 |  | 31 |
Balance at December 31, 2015 |  |  |
Derivative assets | $ | 42 |  | $ | 9 |  | $ | 33 |
Derivative liabilities | 52 |  | 9 |  | 43 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets are:
| December 31, 2016 |  | December 31, 2015
Derivatives in cash flow hedges: |  |  |
Foreign exchange | $ | 644 |  |  | $ | 922 |
Commodities | 180 |  |  | 324 |
Derivatives in fair value hedges: |  |  |
Foreign exchange | 73 |  |  | 125 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 618 |  |  | 674 |
Commodities | 72 |  |  | 57 |

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