XML 57 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value Measurements and Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of derivative instruments
The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets at September 30, 2019 and December 31, 2018:
 
Assets
 
Liabilities
 
 
Account
 
Fair Value
 
Account
 
Fair Value
Designated derivative instruments
 
 
September 30, 2019
 
December 31, 2018
 
 
 
September 30, 2019
 
December 31, 2018
Interest rate swap contracts
Other current assets
 
$
—

 
$
—

 
Other accruals
 
$
—

 
$
1

Interest rate swap contracts
Other assets
 
6

 
—

 
Other liabilities
 
—

 
8

Foreign currency contracts
Other current assets
 
21

 
20

 
Other accruals
 
6

 
8

Foreign currency contracts
Other assets
 
—

 
—

 
Other liabilities
 
7

 
21

Commodity contracts
Other current assets
 
—

 
—

 
Other accruals
 
1

 
—

Total designated
 
$
27

 
$
20

 
 
 
$
14

 
$
38

 
 
 
 
 
 
 
 
 
 
 
 
Other financial instruments
 
 
 

 
 

 
 
 
 

 
 

Marketable securities
Other current assets
 
$
109

 
$
10

 
 
 
 

 
 

Total other financial instruments
 
 
$
109

 
$
10

 
 
 
 

 
 
Schedule of hedged item and cumulative adjustment to carrying amount
The following amounts were recorded on the Condensed Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:
 
September 30, 2019
 
December 31, 2018
Long-term debt:
 
 
 
Carrying amount of hedged item
$
404

 
$
888

Cumulative hedging adjustment included in the carrying amount
6

 
(10
)
Schedule of notional values
The following tables present the notional values as of:
 
September 30, 2019
 
Foreign
Currency
Contracts
 
Foreign Currency Debt
 
Interest Rate Swaps
 
Commodity Contracts
 
 
Total
Fair Value Hedges
$
397

 
$
—

 
$
400

 
$
—

 
$
797

Cash Flow Hedges
710

 
—

 
—

 
19

 
729

Net Investment Hedges
608

 
3,770

 
—

 
—

 
4,378


 
December 31, 2018
 
Foreign
Currency
Contracts
 
Foreign Currency Debt
 
Interest Rate Swaps
 
Commodity Contracts
 
 
Total
Fair Value Hedges
$
327

 
$
—

 
$
900

 
$
—

 
$
1,227

Cash Flow Hedges
782

 
—

 
—

 
14

 
796

Net Investment Hedges
482

 
1,396

 
—

 
—

 
1,878
Schedule of gains (losses) recognized in Statements of Income
The following tables present the location and amount of gains (losses) recognized on the Company’s Condensed Consolidated Statements of Income:
 
Three Months Ended September 30,
 
2019
 
2018
 
Cost of sales
 
Selling, general and administrative expenses
 
Interest (income) expense, net
 
Cost of sales
 
Selling, general and administrative expenses
 
Interest (income) expense, net
Gain (loss) on hedges recognized in income:
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps designated as fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument
$
—

 
$
—

 
$
(2
)
 
$
—

 
$
—

 
$
—

Hedged items
—

 
—

 
2

 
—

 
—

 
—

Foreign currency contracts designated as fair value hedges:
 
 
 
 
 
 

 

 

Derivative instrument
—

 
—

 
—

 
—

 
—

 
—

Hedged items
—

 
—

 
—

 
—

 
—

 
—

Foreign currency contracts designated as cash flow hedges:
 
 
 
 
 
 

 

 

Amount reclassified from OCI
1

 
—

 
—

 
—

 
—

 
—

Commodity contracts designated as cash flow hedges:
 
 
 
 
 
 

 

 

Amount reclassified from OCI
—

 
—

 
—

 
—

 
—

 
—

Total gain (loss) on hedges recognized in income
$
1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—


 
Nine Months Ended September 30,
 
2019
 
2018
 
Cost of sales
 
Selling, general and administrative expenses
 
Interest (income) expense, net
 
Cost of sales
 
Selling, general and administrative expenses
 
Interest (income) expense, net
Gain (loss) on hedges recognized in income:
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps designated as fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument
$
—

 
$
—

 
$
(15
)
 
$
—

 
$
—

 
$
(11
)
Hedged items
—

 
—

 
15

 
—

 
—

 
11

Foreign currency contracts designated as fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument
—

 
10

 
—

 
—

 
(7
)
 
—

Hedged items
—

 
(10
)
 
—

 
—

 
7

 
—

Foreign currency contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI
5

 
—

 
—

 
(8
)
 
—

 
—

Commodity contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI
1

 
—

 
—

 
—

 
—

 
—

Total gain (loss) on hedges recognized in income
$
6

 
$
—

 
$
—

 
$
(8
)
 
$
—

 
$
—
Schedule of gains (losses) included in Other Comprehensive Income

The following tables present the location and amount of unrealized gains (losses) included in OCI:
 
Three Months Ended
September 30,
2019
 
2018
Foreign currency contracts designated as cash flow hedges:
 
 
 
Gain (loss) recognized in OCI
$
7

 
$
(2
)
Commodity contracts designated as cash flow hedges:
 
 
 
Gain (loss) recognized in OCI
(1
)
 
—

Foreign currency contracts designated as net investment hedges:
 
 
 
Gain (loss) on instruments
23

 
1

Gain (loss) on hedged items
(23
)
 
—

Foreign currency debt designated as net investment hedges:
 
 
 
Gain (loss) on instruments
100

 
10

Gain (loss) on hedged items
(100
)
 
(10
)
Total unrealized gain (loss) on hedges recognized in OCI
$
6

 
$
(1
)

 
Nine Months Ended
September 30,
2019
 
2018
Foreign currency contracts designated as cash flow hedges:
 
 
 
Gain (loss) recognized in OCI
$
2

 
$
4

Commodity contracts designated as cash flow hedges:
 
 
 
Gain (loss) recognized in OCI
1

 
—

Foreign currency contracts designated as net investment hedges:
 
 
 
Gain (loss) on instruments
22

 
26

Gain (loss) on hedged items
(22
)
 
(23
)
Foreign currency debt designated as net investment hedges:
 
 
 
Gain (loss) on instruments
105

 
69

Gain (loss) on hedged items
(105
)
 
(69
)
Total unrealized gain (loss) on hedges recognized in OCI
$
3

 
$
7