Derivative and Other Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

General Discussion of Derivative Instruments and Hedging Activities [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 the fair value of derivative instruments.



	Amount of gain/(loss)					Amount of gain/(loss)
	recognized in AOCI					reclassified from AOCI
	(effective portion)					into earnings
	Three Months Ended			Six Months Ended		Three Months Ended			Six Months Ended
Derivatives in cash flow hedges	June 30, 2017			June 30, 2017		June 30, 2017			June 30, 2017

Foreign exchange	$	5		$	3	$	2		$	—
Commodities	(8		)	15		7			10
Total	$	(3	)	$	18	$	9		$	10


	Amount of gain/(loss)					Amount of gain/(loss)
	recognized in AOCI					reclassified from AOCI
	(effective portion)					into earnings
	Three Months Ended			Six Months Ended		Three Months Ended			Six Months Ended
Derivatives in cash flow hedges	June 30, 2016			June 30, 2016		June 30, 2016			June 30, 2016

Foreign exchange	$	3		$	3	$	(1	)	$	1
Commodities	14			12		(2		)	(7		)
Total	$	17		$	15	$	(3	)	$	(6	)

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

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 as of June 30, 2017 and December 31, 2016, respectively.



	Balance Sheet classification	Fair Value hierarchy	June 30, 2017		December 31, 2016
Derivative assets
Derivatives designated as hedges:

Foreign exchange	Other current assets	2	$	22	$	24
Commodities	Other current assets	2	18		13
Commodities	Other non-current assets	2	2		3
Derivatives not designated as hedges:
Commodities	Other current assets	2	6		5
	Total		$	48	$	45

Derivative liabilities
Derivatives designated as hedges:
Foreign exchange	Accounts payable and accrued liabilities	2	$	16	$	28
Commodities	Accounts payable and accrued liabilities	2	7		3
Foreign exchange	Other non-current liabilities	2	—		1
Commodities	Other non-current liabilities	2	2		—
Derivatives not designated as hedges:
Foreign exchange	Accounts payable and accrued liabilities	2	—		5
Commodities	Accounts payable and accrued liabilities	2	1		—
	Total		$	26	$	37

Schedule of Offsetting Derivative Assets and Liabilities

In the table below, the aggregate fair values of 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 June 30, 2017
Derivative assets	$48	$9	$39
Derivative liabilities	26	9	17

Balance at December 31, 2016
Derivative assets	45	6	39
Derivative liabilities	37	6	31

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at June 30, 2017 and December 31, 2016 were:



	June 30, 2017		December 31, 2016
Derivatives in cash flow hedges:
Foreign exchange	$	721	$	644
Commodities	194		180
Derivatives in fair value hedges:
Foreign exchange	70		73
Derivatives not designated as hedges:
Foreign exchange	649		618
Commodities	78		72