Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Financial Instruments Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Notional Amounts	Successor		Predecessor
(In millions)	September 30, 2017		December 31, 2016
Derivatives designated as hedging instruments:
Commodity contracts	$	—	$	422
Derivatives not designated as hedging instruments:
Foreign currency contracts	11,528		9,896
Commodity contracts	8		7

The notional amounts of the company's commodity derivatives were as follows:

Commodity Gross Aggregate Notionals	Successor September 30, 2017	Predecessor December 31, 2016	Notional Volume Unit
Derivatives designated as hedging instruments:
Corn	—	55.2	million bushels
Soybean	—	22.1	million bushels
Derivatives not designated as hedging instruments:
Soybean	0.5	0.2	million bushels
Soybean Oil	3.3	7.3	million pounds
Soybean Meal	4.8	9.1	kilotons

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

	Successor		Predecessor
(In millions)	For the Period September 1 - September 30, 2017		For the Period July 1 - August 31, 2017			Three Months Ended September 30, 2016			For the Period Jan. 1 - August 31, 2017			Nine Months Ended September 30, 2016
Beginning balance	$	—	$	(4	)	$	10		$	7		$	(24	)
Additions and revaluations of derivatives designated as cash flow hedges	—		1			(2		)	3			21
Clearance of hedge results to earnings	—		—			—			(13		)	11
Ending balance	$	—	$	(3	)	$	8		$	(3	)	$	8

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

		Successor
		September 30, 2017
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1			Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	88	$	(75	)	$	13
Total asset derivatives		$	88	$	(75	)	$	13
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	107	$	(75	)	$	32
Total liability derivatives		$	107	$	(75	)	$	32

^1.  Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. The company held cash collateral of $0 million as of September 30, 2017.

		Predecessor
(In millions)	Balance Sheet Location	December 31, 2016
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts1	Accounts and notes receivable - net	$	182
Total asset derivatives2		$	182
Cash collateral1	Accrued and other current liabilities	$	52
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	121
Total liability derivatives2		$	121

^1.  Cash collateral held as of December 31, 2016 is related to foreign currency derivatives not designated as hedging instruments.

^2.  The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 million at December 31, 2016.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

	Amount of Gain (Loss) Recognized in OCI1 (Effective Portion)
	Successor		Predecessor
(In millions)	For the Period September 1 - September 30, 2017		For the Period July 1 - August 31, 2017		Three Months Ended September 30, 2016			For the Period Jan. 1 - August 31, 2017		Nine Months Ended September 30, 2016
Derivatives designated as hedging instruments:
Cash flow hedges:
Commodity contracts	$	—	$	1	$	(3	)	$	5	$	34
Total derivatives	$	—	$	1	$	(3	)	$	5	$	34

1. OCI is defined as other comprehensive income (loss).

	Amount of Gain (Loss) Recognized in Income1
	Successor		Predecessor
(In millions)	For the Period September 1 - September 30, 2017		For the Period July 1 - August 31, 2017			Three Months Ended September 30, 2016			For the Period Jan. 1 - August 31, 2017			Nine Months Ended September 30, 2016
Derivatives designated as hedging instruments:
Cash flow hedges:
Commodity contracts2	$	—	$	—		$	—		$	21		$	(18	)
Derivatives not designated as hedging instruments:
Foreign currency contracts4	112		(260		)	(82		)	(431		)	(397		)
Foreign currency contracts3	—		—			—			—			(15		)
Commodity contracts2	—		2			(1		)	2			(11		)
Total derivatives	$	112	$	(258	)	$	(83	)	$	(408	)	$	(441	)

1. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. There was no material ineffectiveness with regard to the company's cash flow hedges during the period.

2. Recorded in cost of goods sold

3. Recorded in net sales.

4. Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $65 million for the periods July 1 through August 31, 2017 and $6 million for the three months ended September 30, 2016, and $37 million for the period January 1 through August 31, 2017 and $185 million for the nine months ended September 30, 2016. See Note 6 for additional information.