Financial Instruments, Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments, Derivatives and Hedging Activities

Schedule of location and amount of assets and liabilities reported in balance sheet

	Fair Value of Derivative Instruments
Derivatives designated as		Fair Value					Fair Value
cash-flow hedging instruments: (in millions)	Balance Sheet Location	At June 30, 2014		At December 31, 2013		Balance Sheet Location	At June 30, 2014		At December 31, 2013
Commodity and foreign currency contracts	Accounts receivable-net	$	4	$	2	Accounts payable and accrued liabilities	$	27	$	27
Commodity and foreign currency contracts	Other assets	1		5		Non-current liabilities	1		—
Total		$	5	$	7		$	28	$	27

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):

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of Gains (Losses)	Amount of Gains (Losses) Reclassified from AOCI  into Income
Cash-Flow Hedging Relationships	Three Months Ended June 30, 2014			Three Months Ended June 30, 2013			Reclassified from AOCI into Income	Three Months Ended June 30, 2014			Three Months Ended June 30, 2013
Commodity and foreign currency contracts	$	(37	)	$	(24	)	Cost of sales	$	1		$	(4	)
Interest rate contracts	—			—			Financing costs, net	(1		)	(1		)
Total	$	(37	)	$	(24	)		$	—		$	(5	)

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives					Location of Gains (Losses)	Amount of Gains (Losses) Reclassified from AOCI into Income
Cash-Flow Hedging Relationships	Six Months Ended June 30, 2014		Six Months Ended June 30, 2013			Reclassified from AOCI into Income	Six Months Ended June 30, 2014			Six Months Ended June 30, 2013
Commodity and foreign currency contracts	$	2	$	(37	)	Cost of sales	$	(17	)	$	15
Interest rate contracts	—		—			Financing costs, net	(2		)	(2		)
Total	$	2	$	(37	)		$	(19	)	$	13

Schedule of fair value of financial instruments and derivatives

	At June 30, 2014								At December 31, 2013
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	4	$	4	$	—	$	—	$	4	$	4	$	—	$	—
Derivative assets	16		2		14		—		20		—		20		—
Derivative liabilities	29		25		4		—		32		22		10		—
Long-term debt	1,855		—		1,855		—		1,813		—		1,813		—