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Financial Instruments, Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial Instruments, Derivatives and Hedging Activities |
Schedule of location and amount of assets and liabilities reported in balance sheet |
|  | Fair Value of Derivative Instruments as of December 31, 2018 |
Derivatives Designated as Hedging Instruments (in millions): |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |
Commodity and foreign currency |  | Accounts receivable, net |  | $ | 22 |  | Accounts payable and accrued liabilities |  | $ | 18 |
Commodity, foreign currency and interest rate contracts |  | Other assets |  |  | 2 |  | Non-current liabilities |  |  | 8 |
|  |  |  | $ | 24 |  |  |  | $ | 26 |
|  | Fair Value of Derivative Instruments as of December 31, 2017 |
Derivatives Designated as Hedging Instruments (in millions): |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |
Commodity and foreign currency |  | Accounts receivable, net |  | $ | 11 |  | Accounts payable and accrued liabilities |  | $ | 23 |
Commodity, foreign currency and interest rate contracts |  | Other assets |  |  | 3 |  | Non-current liabilities |  |  | 8 |
|  |  |  | $ | 14 |  |  |  | $ | 31 |
Schedule of amount of gains and losses recognized in OCI and location and amount of gains and losses reported in income statement | Additional information relating to the Company’s derivative instruments is presented below (in millions, pre-tax):
|  | Year Ended December 31, 2018 |
Derivatives in Cash Flow Hedging Relationships |  | Amount of Gains (Losses) Recognized in OCI on Derivatives |  | Location of Gains (Losses) Reclassified from AOCI into Income |  | Amount of Gains (Losses) Reclassified from AOCI into Income |
Commodity contracts |  | $ | 8 |  | Cost of sales |  | $ | (6) |
Foreign currency contracts |  |  | — |  | Net sales/cost of sales |  |  | 1 |
Interest rate contracts |  |  | — |  | Financing costs, net |  |  | (1) |
Total |  | $ | 8 |  |  |  | $ | (6) |
|  | Year Ended December 31, 2017 |
Derivatives in Cash Flow Hedging Relationships |  | Amount of Gains (Losses) Recognized in OCI on Derivatives |  | Location of Gains (Losses) Reclassified from AOCI into Income |  | Amount of Gains (Losses) Reclassified from AOCI into Income |
Commodity contracts |  | $ | (22) |  | Cost of sales |  | $ | (5) |
Foreign currency contracts |  |  | 6 |  | Net sales/cost of sales |  |  | 1 |
Interest rate contracts |  |  | — |  | Financing costs, net |  |  | (2) |
Total |  | $ | (16) |  |  |  | $ | (6) |
|  | Year ended December 31, 2016 |
Derivatives in Cash Flow Hedging Relationships |  | Amount of Gains (Losses) Recognized in OCI on Derivatives |  | Location of Gains (Losses) Reclassified from AOCI into Income |  | Amount of Gains (Losses) Reclassified from AOCI into Income |
Commodity contracts |  | $ | (15) |  | Cost of sales |  | $ | (45) |
Foreign currency contracts |  |  | (2) |  | Net sales/Cost of sales |  |  | (2) |
Interest rate contracts |  |  | — |  | Financing costs, net |  |  | (2) |
Total |  | $ | (17) |  |  |  | $ | (49) |
Schedule of fair value of financial instruments and derivatives |
|  | As of December 31, 2018 |  | As of December 31, 2017 |
(in millions) |  | Total |  | Level 1 (a) |  | Level 2 (b) |  | Level 3 (c) |  | Total |  | Level 1 (a) |  | Level 2 (b) |  | Level 3 (c) |
Available for sale securities |  | $ | 11 |  | $ | 11 |  | $ | — |  | $ | — |  | $ | 10 |  | $ | 10 |  | $ | — |  | $ | — |
Derivative assets |  |  | 24 |  |  | 4 |  |  | 20 |  |  | — |  |  | 14 |  |  | 3 |  |  | 11 |  |  | — |
Derivative liabilities |  |  | 26 |  |  | 6 |  |  | 20 |  |  | — |  |  | 31 |  |  | 11 |  |  | 20 |  |  | — |
Long-term debt |  |  | 1,954 |  |  | — |  |  | 1,954 |  |  | — |  |  | 1,845 |  |  | — |  |  | 1,845 |  |  | — |
| (a) |  | Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.
| (b) |  | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.
| (c) |  | Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for fair value estimates to be made in situations in which there is little, if any, market activity for the asset or liability at the measurement date.
Schedule of carrying amounts and fair values of long-term debt |
|  | December 31, 2018 |  | December 31, 2017 |
|  | Carrying |  | Fair |  | Carrying |  | Fair |
(in millions) |  | Amount |  | Value |  | Amount |  | Value |
3.2% senior notes due October 1, 2026 |  | $ | 496 |  | $ | 462 |  | $ | 496 |  | $ | 492 |
4.625% senior notes due November 1, 2020 |  |  | 399 |  |  | 409 |  |  | 398 |  |  | 421 |
6.625% senior notes due April 15, 2037 |  |  | 254 |  |  | 295 |  |  | 254 |  |  | 325 |
5.62% senior notes due March 25, 2020 |  |  | 200 |  |  | 205 |  |  | 200 |  |  | 212 |
Term loan credit agreement due April 25, 2019 |  |  | 165 |  |  | 165 |  |  | 395 |  |  | 395 |
Revolving credit facility |  |  | 418 |  |  | 418 |  |  | — |  |  | — |
Fair value adjustment related to hedged fixed rate debt instrument |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Total long-term debt |  | $ | 1,931 |  | $ | 1,954 |  | $ | 1,744 |  | $ | 1,845 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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