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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following is a summary of our fair value hedges at September 30, 2014:
Debt Instrument
 
Year First Designated
 
Notional Amount
 
Net Fair Value
 
Weighted Average Interest Rate Paid
 
Interest Rate Received
 
Basis
 
Maturity
Senior Note 2021
 
2014
 
$
300

 
$
—

 
2.43
%
 
4.5
%
 
Libor
 
2021
Forward Foreign Exchange Contracts - currency pairs
The following is a summary of the primary hedging positions and corresponding fair values as of September 30, 2014:
Currency Hedged (Buy/Sell)
Gross
Notional
Value
 
Fair  Value
Asset
(Liability)(1)
Euro/U.K. Pound Sterling
$
703

 
$
(13
)
Japanese Yen/U.S. Dollar
480

 
(27
)
U.S. Dollar/Euro
415

 
14

Canadian Dollar/Euro
380

 
26

Japanese Yen/Euro
349

 
(1
)
Euro/U.S. Dollar
284

 
1

U.K. Pound Sterling/Euro
158

 
2

Swiss Franc/Euro
62

 
—

Philippine Peso/U.S. Dollar
62

 
(1
)
Mexican Peso/U.S. Dollar
51

 
(1
)
Indian Rupee/U.S. Dollar
49

 
—

Euro/Danish Krone
25

 
—

Mexican Peso/Euro
22

 
1

Euro/Canadian Dollar
22

 
(1
)
U.S. Dollar/Canadian Dollar
21

 
—

All Other
122

 
1

Total Foreign Exchange Hedging
$
3,205

 
$
1

__________________
(1)
Represents the net receivable (payable) amount included in the Condensed Consolidated Balance Sheet at September 30, 2014.
Summary of Derivative Instruments Fair Value
The following table provides a summary of the fair value amounts of our derivative instruments:
Designation of Derivatives
 
Balance Sheet Location
 
September 30, 2014
 
December 31, 2013
Derivatives Designated as Hedging Instruments
 
 
 
 
Foreign exchange contracts – forwards
 
Other current assets
 
$
40

 
$
1

 
 
Other current liabilities
 
(25
)
 
(51
)
Currency options
 
Other current assets
 
1

 
—

Interest rate swaps
 
Other long-term assets
 
—

 
—

 
 
 
 
 
 
 
 
 
Net Designated Derivative Asset (Liability)
 
$
16

 
$
(50
)
 
 
 
 
 
 
 
Derivatives NOT Designated as Hedging Instruments
 
 
 
 
Foreign exchange contracts – forwards
 
Other current assets
 
$
8

 
$
5

 
 
Other current liabilities
 
(23
)
 
(19
)
 
 
Net Undesignated Derivative Liability
 
$
(15
)
 
$
(14
)
 
 
 
 
 
 
 
Summary of Derivatives
 
Total Derivative Assets
 
$
49

 
$
6

 
 
Total Derivative Liabilities
 
(48
)
 
(70
)
 
 
Net Derivative Asset (Liability)
 
$
1

 
$
(64
)
Derivative Instruments, Gain (Loss)
The following table provides a summary of gains (losses) on derivative instruments:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
Gain (Loss) on Derivative Instruments
 
2014
 
2013
 
2014
 
2013
Fair Value Hedges - Interest rate contracts
 
 
 
 
 
 
 
 
Derivative (loss) recognized in interest expense
 
$
(2
)
 
$
—

 
$
—

 
$
—

Hedged item gain recognized in interest expense
 
2

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
Cash Flow Hedges - Foreign exchange forward contracts and options
 
 
 
 
 
 
 
 
Derivative (loss) gain recognized in OCI (effective portion)
 
$
(19
)
 
$
(13
)
 
$
10

 
$
(81
)
Derivative (loss) reclassified from AOCI to income - Cost of sales (effective portion)
 
(3
)
 
(35
)
 
(32
)
 
(89
)
Summary of Derivatives Not Designated as Hedging Instruments Gains (Losses)
The following table provides a summary of gains (losses) on non-designated derivative instruments:
Derivatives NOT Designated as Hedging Instruments
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
Location of Derivative Gain (Loss)
 
2014
 
2013
 
2014
 
2013
Foreign exchange contracts – forwards
 
Other expense – Currency gains (losses), net
 
$
1

 
$
(12
)
 
$
1

 
$
(45
)