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Derivative and Other Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
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 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Foreign exchange |  | $ | 2 |  |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | 3 |  | (1)
Commodities |  | 39 |  |  | 20 |  |  | 23 |  |  | (6 | ) | (2)
Total |  | $ | 41 |  |  | $ | 18 |  |  | $ | 21 |  |  | $ | (3 | ) |
(1) In 2017, a loss of $8 ($6, net of tax) was recognized in net sales and a gain of $6 ($4, net of tax) was recognized in cost of products sold. In 2016, a loss of $10 ($8, net of tax) was recognized in net sale and a gain of $14 ($11, net of tax) was recognized in cost of products sold. (2) In 2017, a gain of $31, 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 charge of $8 was recognized in income tax expense. 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.
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, 2017 |  | December 31, 2016
Derivatives designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Other current assets |  | 2 |  | $ | 12 |  |  | $ | 24 |
Commodities |  | Other current assets |  | 2 |  | 25 |  |  | 13 |
Commodities |  | Other non-current assets |  | 2 |  | 4 |  |  | 3 |
Derivatives not designated as hedges: |  |  |  |  |  |
Commodities |  | Other current assets |  | 2 |  | 22 |  |  | 5 |
|  | Total |  |  |  | $ | 63 |  |  | $ | 45 |
Derivative liabilities |  |  |  |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Accounts payable and accrued liabilities |  | 2 |  | $ | 8 |  |  | $ | 28 |
Commodities |  | Accounts payable and accrued liabilities |  | 2 |  | — |  |  | 3 |
Foreign exchange |  | Other non-current liabilities |  | 2 |  | — |  |  | 1 |
Derivatives not designated as hedges: |  |  |  |  |  |
Foreign exchange |  | Accounts payable and accrued liabilities |  | 2 |  | — |  |  | 5 |
Commodities |  | Accounts payable and accrued liabilities |  | 2 |  | 15 |  |  | — |
|  | Total |  |  |  | $ | 23 |  |  | $ | 37 |
Offsetting Assets | 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 December 31, 2017 |  |  |
Derivative assets | $ | 63 |  | $ | 17 |  | $ | 46 |
Derivative liabilities | 23 |  | 17 |  | 6 |
Balance at December 31, 2016 |  |  |
Derivative assets | $ | 45 |  | $ | 6 |  | $ | 39 |
Derivative liabilities | 37 |  | 6 |  | 31 |
Offsetting 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 December 31, 2017 |  |  |
Derivative assets | $ | 63 |  | $ | 17 |  | $ | 46 |
Derivative liabilities | 23 |  | 17 |  | 6 |
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 Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were:
| December 31, 2017 |  | December 31, 2016
Derivatives in cash flow hedges: |  |  |
Foreign exchange | $ | 864 |  |  | $ | 644 |
Commodities | 276 |  |  | 180 |
Derivatives in fair value hedges: |  |  |
Foreign exchange | 60 |  |  | 73 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 575 |  |  | 618 |
Commodities | 40 |  |  | 72 |

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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + 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=84234895&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 + Details
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