Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following is a summary of our fair value hedges at June 30, 2016:



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	$	18	2.52	%	4.5	%	Libor	2021

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, 2016			December 31, 2015
Derivatives Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	39		$	4
	Other current liabilities	(2		)	(4		)
Foreign currency options	Other current liabilities	—			(1		)
Interest rate swaps	Other long-term assets	18			7
	Net Designated Derivative Asset	$	55		$	6

Derivatives NOT Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	115		$	51
	Other current liabilities	(12		)	(8		)
	Net Undesignated Derivative Asset	$	103		$	43

Summary of Derivatives	Total Derivative Assets	$	172		$	62
	Total Derivative Liabilities	(14		)	(13		)
	Net Derivative Asset	$	158		$	49

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,
Gain (Loss) on Derivative Instruments	2016			2015			2016			2015
Fair Value Hedges - Interest rate contracts
Derivative gain (loss) recognized in interest expense	$	2		$	(4	)	$	11		$	—
Hedged item (loss) gain recognized in interest expense	(2		)	4			(11		)	—

Cash Flow Hedges - Foreign exchange forward contracts and options
Derivative gain (loss) recognized in OCI (effective portion)	$	41		$	(24	)	$	57		$	7
Derivative gain (loss) reclassified from AOCI to income - Cost of sales (effective portion)	8			—			7			(10		)

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,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2016		2015			2016		2015
Foreign exchange contracts – forwards	Other expense – Currency gains (loss), net	$	78	$	(50	)	$	149	$	(35	)

Net currency gains and losses are included in Other expenses, net and include the mark-to-market adjustments of the derivatives not designated as hedging instruments and the related cost of those derivatives as well as the re-measurement of foreign currency-denominated assets and liabilities. For the three and six months ended June 30, 2016, currency gains (losses), net were $3 and $(1), respectively. For the three and six months ended June 30, 2015, currency gains (losses), net were $5 and $(1), respectively.