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Financial Instruments, Derivatives and Hedging Activities (Tables)

12 Months Ended

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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Tabular disclosure of carrying amounts and fair value of long-term debt.

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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.

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-Name Accounting Standards Codification
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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.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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