DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments Recognized in Condensed Consolidated Balance Sheet

The fair value of derivative financial instruments recognized in the Condensed Consolidated Balance Sheets follows:

	Notional amount		Other  current assets		Other noncurrent assets		Other current liabilities		Other noncurrent liabilities		Type of hedge	Term
March 31, 2017
Derivatives designated as hedges
Fixed-to-floating interest rate  swaps	$	3,715	$	—	$	58	$	1	$	10	Fair value	7 months to 18 years
Forward starting floating-to-fixed  interest rate swaps	450		—		18		—		—		Cash flow	11 years
Currency exchange contracts	858		10		1		22		13		Cash flow	1 to 36 months
Total			$	10	$	77	$	23	$	23
Derivatives not designated as  hedges
Currency exchange contracts	$	3,975	$	32			$	27				1 to 12 months
Commodity contracts	7		—				—					1 to 12 months
Total			$	32			$	27
December 31, 2016
Derivatives designated as hedges
Fixed-to-floating interest rate  swaps	$	3,765	$	1	$	65	$	—	$	8	Fair value	3 months to 18 years
Forward starting floating-to-fixed  interest rate swaps	450		—		19		—		1		Cash flow	11 years
Currency exchange contracts	802		11		1		22		17		Cash flow	1 to 36 months
Total			$	12	$	85	$	22	$	26
Derivatives not designated as  hedges
Currency exchange contracts	$	5,333	$	31			$	85				1 to 12 months
Commodity contracts	10		2				—					1 to 12 months
Total			$	33			$	85

Amounts Recognized in Accumulated Other Comprehensive Loss

The impact of derivative instruments to the Consolidated Statement of Income and Comprehensive Income follow:

	Gain (loss) recognized in other comprehensive (loss) income						Location of gain (loss) reclassified from Accumulated other comprehensive loss	Gain (loss) reclassified from Accumulated other comprehensive loss
	Three months ended March 31							Three months ended March 31
	2017			2016				2017			2016
Derivatives designated as    cash flow hedges
Forward starting floating-to-fixed  interest rate swaps	$	—		$	(9	)	Interest expense - net	$	—		$	—
Currency exchange contracts	(1		)	(22		)	Cost of products sold	(4		)	3
Total	$	(1	)	$	(31	)		$	(4	)	$	3

Amounts recognized in Net Income

Amounts recognized in net income follow:

	Three months ended March 31
	2017			2016
Derivatives designated as fair value hedges
Fixed-to-floating interest rate swaps	$	(11	)	$	76
Related long-term debt converted to floating interest    rates by interest rate swaps	11			(76		)
	$	—		$	—