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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, All Other Investments [Abstract]  
Notional Amounts of Derivatives
Notional Amounts
December 31, 2018
December 31, 2017
(In millions)
Derivatives designated as hedging instruments:
 
 
Commodity contracts
$
525

$
587

Derivatives not designated as hedging instruments:




Foreign currency contracts
2,057

3,922

Commodity contracts
9

6
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
 
Successor
Predecessor
(In millions)
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
For the Year Ended December 31, 2016
Beginning balance
$
(2
)
$
—

$
7

$
(24
)
Additions and revaluations of derivatives designated as cash flow hedges
(19
)
(2
)
3

20

Clearance of hedge results to earnings
(5
)
—

(13
)
11

Ending balance
$
(26
)
$
(2
)
$
(3
)
$
7
Fair Value of Derivatives Instruments
 
 
December 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
$
72

$
(35
)
$
37

Total asset derivatives
 
$
72

$
(35
)
$
37

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
21

$
(15
)
$
6

Total liability derivatives
 
$
21

$
(15
)
$
6



 
 
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. The company held cash collateral of $20 million and $5 million as of December 31, 2018 and 2017, respectively.
Effect of Derivative Instruments
 
Amount of Gain (Loss) Recognized in OCI1- Pre Tax
 
Successor
Predecessor
(In millions)
Year Ended December 31, 2018
For the Period
September 1 through December 31, 2017
For the Period
January 1 through August 31, 2017
Year Ended December 31, 2016
Derivatives designated as hedging instruments:
 
 
 
 
Cash flow hedges:








Commodity contracts
$
(24
)
$
3

$
5

$
32

Total derivatives designated as hedging instruments
$
(24
)
$
3

$
5

$
32

Total derivatives
$
(24
)
$
3

$
5

$
32

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

 
Amount of Gain (Loss) Recognized in Income - Pre Tax1
 
Successor
Predecessor
(In millions)
Year Ended December 31, 2018
For the Period
September 1 through December 31, 2017
For the Period
January 1 through August 31, 2017
Year Ended December 31, 2016
Derivatives designated as hedging instruments:
 
 
 
 
Cash flow hedges:








Commodity contracts2
$
6

$
—

$
21

$
(18
)
Total derivatives designated as hedging instruments
$
6

$
—

$
21

$
(18
)
Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts4
94

91

(431
)
(304
)
Foreign currency contracts3
—

—

—

(12
)
Commodity contracts2
5

—

2

(11
)
Total derivatives not designated as hedging instruments
99

91

(429
)
(327
)
Total derivatives
$
105

$
91

$
(408
)
$
(345
)
1.
For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income 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. See Note 8 for additional information.