Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Reclassification out of Accumulated Other Comprehensive Income

Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:

	Three months ended March 31
	2019			2018
Foreign exchange contracts
Revenues		$5
Costs and expenses	(5		)		($5	)
General and administrative	1
Commodity contracts
Revenues
Costs and expenses	1
General and administrative expense	1

Schedule Of Derivative Instruments, Gains/(Losses)

Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: 

	Three months ended March 31
	2019			2018
Recognized in Other comprehensive income, net of taxes:
Foreign exchange contracts		$22			($2	)
Commodity contracts	(11		)

Schedule of Derivative Instruments, Notional Amounts and Fair Values

The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:

	Notional amounts (1)				Other assets						Accrued liabilities
	March 31 2019		December 31 2018		March 31 2019			December 31 2018			March 31 2019			December 31 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts		$3,337		$3,407		$37			$32			($94	)		($132	)
Interest rate contracts	125		125		1
Commodity contracts	822		57		11			9			(20		)	(2		)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts	663		414		7			11			(5		)	(2		)
Commodity contracts	348		478
Total derivatives		$5,295		$4,481		$56			$52			($119	)		($136	)
Netting arrangements					(22		)	(24		)	22			24
Net recorded balance						$34			$28			($97	)		($112	)

⁽¹⁾ 

Notional amounts represent the gross contract/notional amount of the derivatives outstanding.