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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Derivatives
Notional Amounts
Successor
(In millions)
March 31, 2018
December 31, 2017
Derivatives designated as hedging instruments:
 
 
Commodity contracts
$
264

$
587

Derivatives not designated as hedging instruments:




Foreign currency contracts
9,959

10,454

Commodity contracts
34

6
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
 
Successor
Predecessor
(In millions)
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
Beginning balance
$
(2
)
$
7

Additions and revaluations of derivatives designated as cash flow hedges
12

2

Clearance of hedge results to earnings
(1
)
(5
)
Ending balance
$
9

$
4
Fair Value of Derivatives Instruments
 
 
Successor
 
 
March 31, 2018
(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
$
33

$
(24
)
$
9

Total asset derivatives
 
$
33

$
(24
)
$
9

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
70

$
(20
)
$
50

Total liability derivatives
 
$
70

$
(20
)
$
50

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.

 
 
Successor
 
 
December 31, 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
$
46

$
(37
)
$
9

Total asset derivatives
 
$
46

$
(37
)
$
9

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
79

$
(32
)
$
47

Total liability derivatives
 
$
79

$
(32
)
$
47

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.

Effect of Derivative Instruments
 
Amount of Gain Recognized in OCI1 (Effective Portion) - Pre-Tax
 
Successor
Predecessor
(In millions)
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
Derivatives designated as hedging instruments:
 
 
Cash flow hedges:




Commodity contracts
$
16

$
4

Total derivatives designated as hedging instruments
$
16

$
4

Total derivatives
$
16

$
4

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

 
Amount of Gain (Loss) Recognized in Income - Pre-Tax1
 
Successor
Predecessor
(In millions)
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
Derivatives designated as hedging instruments:
 
 
Cash flow hedges:




Commodity contracts2
$
1

$
8

Total derivatives designated as hedging instruments
$
1

$
8

Derivatives not designated as hedging instruments:
 
 
Foreign currency contracts3
(181
)
(85
)
Commodity contracts2
(3
)
4

Total derivatives not designated as hedging instruments
(184
)
(81
)
Total derivatives
$
(183
)
$
(73
)
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. 
Gain recognized in sundry income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 8 for additional information.