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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following is a summary of our fair value hedges at June 30, 2015:
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

 
$
5

 
2.44
%
 
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 June 30, 2015:
Currency Hedged (Buy/Sell)
Gross
Notional
Value
 
Fair  Value
Asset
(Liability)(1)
Euro/U.K. Pound Sterling
$
902

 
$
(3
)
U.S. Dollar/U.K. Pound Sterling
591

 
(5
)
Japanese Yen/U.S. Dollar
464

 
(15
)
Japanese Yen/Euro
302

 
(2
)
U.S. Dollar/Euro
280

 
2

Canadian Dollar/Euro
278

 
5

U.K. Pound Sterling/Euro
212

 
1

Swiss Franc/Euro
109

 
—

Euro/U.S. Dollar
75

 
—

Euro/Canadian Dollar
65

 
1

Indian Rupee/U.S. Dollar
56

 
—

Philippine Peso/U.S. Dollar
51

 
(1
)
Mexican Peso/U.S. Dollar
40

 
(2
)
Mexican Peso/Euro
30

 
(1
)
U.S. Dollar/Canadian Dollar
23

 
—

Swedish Krone/Euro
20

 
—

Euro/Danish Krone
20

 
—

All Other
113

 
—

Total Foreign Exchange Hedging
$
3,631

 
$
(20
)
__________________
(1)
Represents the net receivable (payable) amount included in the Condensed Consolidated Balance Sheet at June 30, 2015.
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
 
June 30, 2015
 
December 31, 2014
Derivatives Designated as Hedging Instruments
 
 
 
 
Foreign exchange contracts – forwards
 
Other current assets
 
$
3

 
$
7

 
 
Other current liabilities
 
(20
)
 
(39
)
Foreign currency options
 
Other current assets
 
2

 
2

 
 
Other current liabilities
 
(3
)
 
—

Interest rate swaps
 
Other long-term assets
 
5

 
5

 
 
Net Designated Derivative Liability
 
$
(13
)
 
$
(25
)
 
 
 
 
 
 
 
Derivatives NOT Designated as Hedging Instruments
 
 
 
 
Foreign exchange contracts – forwards
 
Other current assets
 
$
13

 
$
13

 
 
Other current liabilities
 
(15
)
 
(19
)
 
 
Net Undesignated Derivative Liability
 
$
(2
)
 
$
(6
)
 
 
 
 
 
 
 
Summary of Derivatives
 
Total Derivative Assets
 
$
23

 
$
27

 
 
Total Derivative Liabilities
 
(38
)
 
(58
)
 
 
Net Derivative Liability
 
$
(15
)
 
$
(31
)
Derivative Instruments, Gain (Loss)
The following table provides a summary of gains (losses) on derivative instruments:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(Loss) Gain on Derivative Instruments
 
2015
 
2014
 
2015
 
2014
Fair Value Hedges - Interest rate contracts
 
 
 
 
 
 
 
 
Derivative (loss) gain recognized in interest expense
 
$
(4
)
 
$
5

 
$
—

 
$
2

Hedged item gain (loss) recognized in interest expense
 
4

 
(5
)
 
—

 
(2
)
 
 
 
 
 
 
 
 
 
Cash Flow Hedges - Foreign exchange forward contracts and options
 
 
 
 
 
 
 
 
Derivative (loss) gain recognized in OCI (effective portion)
 
$
(24
)
 
$
11

 
$
7

 
$
29

Derivative loss reclassified from AOCI to income - Cost of sales (effective portion)
 
—

 
(8
)
 
(10
)
 
(29
)
Summary of Derivatives Not Designated as Hedging Instruments Gains (Losses)
The following table provides a summary of gains on non-designated derivative instruments:
Derivatives NOT Designated as Hedging Instruments
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Location of Derivative Gain (Loss)
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts – forwards
 
Other expense – Currency loss, net
 
$
(50
)
 
$
—

 
$
(35
)
 
$
—