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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Amounts of Derivatives |
Notional Amounts (In millions) | September 30, 2018 | December 31, 2017
Derivatives designated as hedging instruments: |  |
Commodity contracts | $ | 125 |  | $ | 587 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | $ | 3,159 |  | $ | 3,922 |
Commodity contracts | $ | 12 |  | $ | 6 |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| Successor | Predecessor
(In millions) | Three Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period July 1 - August 31, 2017
Beginning balance | $ | (7 | ) | $ | — |  | $ | (4 | )
Additions and revaluations of derivatives designated as cash flow hedges | (3 | ) | — |  | 1 |
Ending balance | $ | (10 | ) | $ | — |  | $ | (3 | )
| Successor | Predecessor
(In millions) | Nine Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period January 1 - August 31, 2017
Beginning balance | $ | (2 | ) | $ | — |  | $ | 7 |
Additions and revaluations of derivatives designated as cash flow hedges | (3 | ) | — |  | 3 |
Clearance of hedge results to earnings | (5 | ) | — |  | (13 | )
Ending balance | $ | (10 | ) | $ | — |  | $ | (3 | )
Fair Value of Derivatives Instruments |
|  | September 30, 2018
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency contracts | Other current assets | $ | 55 |  | $ | (39 | ) | $ | 16 |
Total asset derivatives |  | $ | 55 |  | $ | (39 | ) | $ | 16 |
Liability derivatives: |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 54 |  | $ | (18 | ) | $ | 36 |
Total liability derivatives |  | $ | 54 |  | $ | (18 | ) | $ | 36 |
1. | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
|  | December 31, 2017
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency contracts | Other current assets | $ | 46 |  | $ | (37 | ) | $ | 9 |
Total asset derivatives |  | $ | 46 |  | $ | (37 | ) | $ | 9 |
Liability derivatives: |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 79 |  | $ | (32 | ) | $ | 47 |
Total liability derivatives |  | $ | 79 |  | $ | (32 | ) | $ | 47 |
1. | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Effect of Derivative Instruments |
| Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax
| Successor | Predecessor
(In millions) | Three Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period July 1 - August 31, 2017
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges: |  |  |
Commodity contracts | $ | (5 | ) | $ | — |  | $ | 1 |
Total derivatives designated as hedging instruments | (5 | ) | — |  | 1 |
Total derivatives | $ | (5 | ) | $ | — |  | $ | 1 |
1. | OCI is defined as other comprehensive income (loss).
| Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax
| Successor | Predecessor
(In millions) | Nine Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period January 1 - August 31, 2017
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges: |  |  |
Commodity contracts | $ | (4 | ) | $ | — |  | $ | 5 |
Total derivatives designated as hedging instruments | (4 | ) | — |  | 5 |
Total derivatives | $ | (4 | ) | $ | — |  | $ | 5 |
1. | OCI is defined as other comprehensive income (loss).
| Amount of Gain (Loss) Recognized in Income - Pre-Tax 1
| Successor | Predecessor
(In millions) | Three Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period July 1 - August 31, 2017
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges: |  |  |
Commodity contracts 2 | $ | (1 | ) | $ | — |  | $ | — |
Total derivatives designated as hedging instruments | (1 | ) | — |  | — |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency contracts 3 | 31 |  | 112 |  | (260 | )
Commodity contracts 2 | — |  | — |  | 2 |
Total derivatives not designated as hedging instruments | 31 |  | 112 |  | (258 | )
Total derivatives | $ | 30 |  | $ | 112 |  | $ | (258 | )
1. | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.
2. | Recorded in cost of goods sold.
3. | Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 8 for additional information.
| Amount of Gain (Loss) Recognized in Income - Pre-Tax 1
| Successor | Predecessor
(In millions) | Nine Months Ended September 30, 2018 | For the Period September 1 - September 30, 2017 | For the Period January 1 - August 31, 2017
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges: |  |  |
Commodity contracts 2 | $ | 6 |  | $ | — |  | $ | 21 |
Total derivatives designated as hedging instruments | 6 |  | — |  | 21 |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency contracts 3 | 27 |  | 112 |  | (431 | )
Commodity contracts 2 | 5 |  | — |  | 2 |
Total derivatives not designated as hedging instruments | 32 |  | 112 |  | (429 | )
Total derivatives | $ | 38 |  | $ | 112 |  | $ | (408 | )
1. | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.
2. | Recorded in cost of goods sold.
3. | Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 8 for additional information.

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