|
Financial Instruments (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Financial Instruments Disclosure [Abstract] |
|
| Schedule of Notional Amounts of Outstanding Derivative Positions |
| | | | | | | | | June 30, 2014 | December 31, 2013 | Derivatives designated as hedging instruments: | | | Interest rate swaps | $ | 1,000 |
| $ | 1,000 |
| Foreign currency contracts | 853 |
| 1,107 |
| Commodity contracts | 144 |
| 606 |
| Derivatives not designated as hedging instruments: | | | Foreign currency contracts | 12,845 |
| 9,553 |
| Commodity contracts | 86 |
| 281 |
|
|
| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | Three Months Ended | Six Months Ended | | June 30, | June 30, | | 2014 | 2013 | 2014 | 2013 | Beginning balance | $ | (13 | ) | $ | (12 | ) | $ | (48 | ) | $ | 3 |
| Additions and revaluations of derivatives designated as cash flow hedges | (8 | ) | (6 | ) | 16 |
| (15 | ) | Clearance of hedge results to earnings | 8 |
| (11 | ) | 19 |
| (17 | ) | Ending balance | $ | (13 | ) | $ | (29 | ) | $ | (13 | ) | $ | (29 | ) |
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
| | | | | | | | | | | Fair Value Using Level 2 Inputs | | Balance Sheet Location | June 30, 2014 | December 31, 2013 | Asset derivatives: | | | | Derivatives designated as hedging instruments: | | | | Interest rate swaps1 | Accounts and notes receivable, net | $ | 16 |
| $ | — |
| Interest rate swaps1 | Other assets | — |
| 29 |
| Foreign currency contracts | Accounts and notes receivable, net | 5 |
| 6 |
| | | 21 |
| 35 |
| Derivatives not designated as hedging instruments: | | |
| | Foreign currency contracts2 | Accounts and notes receivable, net | 39 |
| 86 |
| | |
|
|
|
| Total asset derivatives3 | | $ | 60 |
| $ | 121 |
| Cash collateral1,2 | Other accrued liabilities | $ | 16 |
| $ | 30 |
| | | | | Liability derivatives: | | |
| | Derivatives designated as hedging instruments: | | |
| | Foreign currency contracts | Other accrued liabilities | $ | — |
| $ | 4 |
| | | | | Derivatives not designated as hedging instruments: | | |
| | Foreign currency contracts | Other accrued liabilities | 55 |
| 70 |
| Commodity contracts | Other accrued liabilities | 1 |
| 1 |
| | | 56 |
| 71 |
| Total liability derivatives3 | | $ | 56 |
| $ | 75 |
|
| | 1 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $12 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. |
| | 2 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $4 and $13, respectively, related to foreign currency derivatives not designated as hedging instruments. |
| | 3 | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $37 at June 30, 2014 and $54 at December 31, 2013. |
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
| | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in OCI1 (Effective Portion) | Amount of Gain (Loss) Recognized in Income2 | | Three Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | Derivatives designated as hedging instruments: | | | | | | Fair value hedges: | | | | | | Interest rate swaps | $ | — |
| $ | — |
| $ | (6 | ) | $ | (8 | ) | Interest expense3 | Cash flow hedges: | | | | | | Foreign currency contracts | — |
| 2 |
| (1 | ) | 7 |
| Net sales | Commodity contracts | (12 | ) | (10 | ) | (12 | ) | 11 |
| Cost of goods sold | | (12 | ) | (8 | ) | (19 | ) | 10 |
| | Derivatives not designated as hedging instruments: | | | | | | Foreign currency contracts | — |
| — |
| (70 | ) | 90 |
| Other income, net4 | Commodity contracts | — |
| — |
| (1 | ) | (14 | ) | Cost of goods sold | | — |
| — |
| (71 | ) | 76 |
| | Total derivatives | $ | (12 | ) | $ | (8 | ) | $ | (90 | ) | $ | 86 |
| |
| | | | | | | | | | | | | | | | Amount of Gain (Loss)
Recognized in OCI1 (Effective Portion) | Amount of Gain (Loss)
Recognized in Income2 | | Six Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | Derivatives designated as hedging instruments: | | | | | | Fair value hedges: | | | | | | Interest rate swaps | $ | — |
| $ | — |
| $ | (13 | ) | $ | (15 | ) | Interest expense3 | Cash flow hedges: | | | | | | Foreign currency contracts | (1 | ) | 16 |
| (2 | ) | 3 |
| Net sales | Commodity contracts | 27 |
| (40 | ) | (29 | ) | 25 |
| Cost of goods sold | | 26 |
| (24 | ) | (44 | ) | 13 |
|
| Derivatives not designated as hedging instruments: | | | | | | Foreign currency contracts | — |
| — |
| (116 | ) | 196 |
| Other income, net4 | Commodity contracts | — |
| — |
| (25 | ) | (8 | ) | Cost of goods sold | | — |
| — |
| (141 | ) | 188 |
| | Total derivatives | $ | 26 |
| $ | (24 | ) | $ | (185 | ) | $ | 201 |
| |
| | 1 | OCI is defined as other comprehensive income (loss). |
| | 2 | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three and six months ended June 30, 2014 and 2013, there was no material ineffectiveness with regard to the company's cash flow hedges. |
| | 3 | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. |
| | 4 | Gain (loss) recognized in other income, net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $19 and $(55) for the three months ended June 30, 2014 and 2013, respectively, and $(31) and $(150) for the six months ended June 30, 2014 and 2013, respectively. |
|