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Derivative and Other Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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 tables set forth financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges.

 
 
Amount of gain/(loss) recognized in OCI
Derivatives designated as net investment hedges
 
2018
 
2017
Foreign exchange
 
$
11

 
$
—

The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges.
 
 
 Amount of gain/(loss)
 
 
 
 
recognized in AOCI
 
 
Derivatives designated as cash flow hedges
 
2018
 
2017
 
 
 
 
 
 
Foreign exchange
 
$
(3
)
 
$
2

 
 
Commodities
 
(32
)
 
39

 
 
 

$
(35
)

$
41

 
 
 
 
 
 
 
 
 
 
 
Amount of gain/
 
 
 
 
(loss) reclassified from
 
 
 
 
AOCI into income
 
 
Derivatives designated as cash flow hedges
 
2018
 
2017
 
Affected line item in the
 
 
 
Statement of Operations
Foreign exchange
 
$
(11
)
 
$
(8
)
 
Net sales
Commodities
 
(5
)
 
—

 
Net sales
Foreign exchange
 
6

 
6

 
Cost of products sold
Commodities
 
31

 
31

 
Cost of products sold
 

21


29

 
Income before taxes
 
 
(6
)
 
(8
)
 
Provision for income taxes
 

$
15


$
21

 
Net Income
Schedule of Impact on Earnings from Derivatives Not Designated as Hedges
The following table sets forth the impact on earnings from derivatives not designated as hedges.
 
 
Pre-tax amount of gain/(loss) recognized in earnings
 
 
Derivatives not designated as hedges
 
2018
 
2017
 
Affected line item in the Statement of Operations
Foreign exchange
 
$
4

 
$
1

 
Net sales
Foreign exchange
 
(6
)
 
1

 
Cost of products sold
Foreign exchange
 
(26
)
 
39

 
Foreign exchange
 
 
$
(28
)
 
$
41

 
 
Fair Value of Financial Assets and Liabilities on Recurring Basis
The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.
 
 
Balance Sheet classification
 
December 31,
2018
 
December 31, 2017
 
Balance Sheet classification
 
December 31,
2018
 
December 31, 2017
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts cash flow
 
Other current assets
 
$
6

 
$
5

 
Accrued liabilities
 
$
5

 
$
6

 
 
Other non-current assets
 
—

 
—

 
Other non-current liabilities
 
1

 
—

Foreign exchange contracts fair value
 
Other current assets
 
1

 
1

 
Accrued liabilities
 
1

 
1

 
 
Other non-current assets
 
3

 
—

 
Other non-current liabilities
 
—

 
—

Commodities contracts cash flow
 
Other current assets
 
16

 
25

 
Accrued liabilities
 
42

 
—

 
 
Other non-current assets
 
2

 
4

 
Other non-current liabilities
 
6

 
—

Net investment hedge
 
Other non-current assets
 
15

 
—

 
Other non-current liabilities
 
—

 
—

 
 
$
43

 
$
35

 
 
 
$
55

 
$
7

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Other current assets
 
$
4

 
$
6

 
Accrued liabilities
 
$
4

 
$
1

Commodities contracts
 
Other current assets
 
—

 
22

 
Accrued liabilities
 
—

 
15

 
 
$
4

 
$
28

 
 
 
$
4

 
$
16

 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives
 
 
 
$
47

 
$
63

 
 
 
$
59

 
$
23
Schedule of Fair Value Hedge Carrying Amounts
Fair Value Hedge Carrying Amounts

 
 
Carrying amount of the hedged assets/(liabilities)
Line item in the Balance Sheet in which the hedged item is included
 
December 31, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
1

 
$
1

Receivables, net
 
15

 
15

Accrued liabilities
 
(13
)
 
(12
)
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, 2018
 
 
 
 
 
 
Derivative assets
 
$
47

 
$
19

 
$
28

Derivative liabilities
 
59

 
19

 
40

 
 
 
 
 
 
 
Balance at December 31, 2017
 
 
 
 
 
 
Derivative assets
 
$
63

 
$
17

 
$
46

Derivative liabilities
 
23

 
17

 
6
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, 2018
 
 
 
 
 
 
Derivative assets
 
$
47

 
$
19

 
$
28

Derivative liabilities
 
59

 
19

 
40

 
 
 
 
 
 
 
Balance at December 31, 2017
 
 
 
 
 
 
Derivative assets
 
$
63

 
$
17

 
$
46

Derivative liabilities
 
23

 
17

 
6
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, 2018
 
December 31, 2017
Derivatives in cash flow hedges:
 
 
 
Foreign exchange
$
820

 
$
864

Commodities
428

 
276

Derivatives in fair value hedges:
 
 
 
Foreign exchange
74

 
60

Derivatives not designated as hedges:
 
 
 
Foreign exchange
796

 
575

Commodities
—

 
40