Financial Instruments, Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2017

Financial Instruments, Derivatives and Hedging Activities

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

	Fair Value of Derivative Instruments
		Fair Value					Fair Value
Derivatives designated as		At		At			At		At
hedging instruments:	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
(in millions)	Location	2017		2016		Location	2017		2016
Commodity and foreign currency	Accounts receivable-net	$	29	$	31	Accounts payable and accrued liabilities	$	19	$	25
Commodity, foreign currency, and interest rate contracts	Other assets		4		8	Non-current liabilities		3		2
Total		$	33	$	39		$	22	$	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):

					Location of Gains
Derivatives in	Amount of Gains (Losses)				(Losses)	Amount of Gains (Losses)
Cash-Flow	Recognized in OCI				Reclassified from	Reclassified from AOCI into Income
Hedging	Three Months Ended		Three Months Ended		AOCI	Three Months Ended		Three Months Ended
Relationships	March 31, 2017		March 31, 2016		into Income	March 31, 2017		March 31, 2016
Commodity contracts	$	7	$	(18)	Cost of sales	$	(3)	$	(9)
Foreign currency contracts		1		1	Gross profit		—		(1)
Interest rate contracts		—		—	Financingcosts, net		(1)		—
Total	$	8	$	(17)		$	(4)	$	(10)

Schedule of fair value of financial instruments and derivatives

	As of March 31, 2017								As of December 31, 2016
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	8	$	8	$	—	$	—	$	7	$	7	$	—	$	—
Derivative assets		33		11		22		—		39		6		33		—
Derivative liabilities		22		5		17		—		27		11		16		—
Long-term debt		1,998		—		1,998		—		1,929		—		1,929		—