XML 60 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Financial Instruments [Table Text Block]
The notional amounts of qualifying and non-qualifying instruments used in hedging transactions were as follows: 
In millions
December 31, 2016
December 31, 2015
Derivatives in Cash Flow Hedging Relationships:
 
 
Foreign exchange contracts (a)
275

290

Derivatives in Fair Value Hedging Relationships:
 
 
Interest rate contracts

17

Derivatives Not Designated as Hedging Instruments:
 
 
Electricity contract
6

16

Foreign exchange contracts
24

35

Interest rate contracts

38


(a)
These contracts had maturities of two years or less as of December 31, 2016.
Gains Or Losses Recognized In Accumulated Other Comprehensive Income (AOCI), Net of Tax, Related to Derivative Instruments [Table Text Block]
The following table shows gains or losses recognized in AOCI, net of tax, related to derivative instruments:
  
Gain (Loss)
Recognized in AOCI on Derivatives
(Effective Portion)
In millions
2016
2015
2014
Foreign exchange contracts
$
4

$
(3
)
$
10

Interest rate contracts
(10
)


Total
$
(6
)
$
(3
)
$
10

Gains And Losses Recognized in Consolidated Statement of Operations On Qualifying And Non-Qualiifying Financial Instruments [Table Text Block]
The amounts of gains and losses recognized in the consolidated statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: 
  
Gain (Loss)
Reclassified from
AOCI
into Income
(Effective Portion)
 
Location of Gain
(Loss)
Reclassified
from AOCI
into Income
(Effective Portion)
In millions
2016
2015
2014
 
  
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
Foreign exchange contracts
$
7

$
(12
)
$
4

  
Cost of products sold
Total
$
7

$
(12
)
$
4

 
 
 
  
Gain (Loss)
Recognized
in Income
 
 
Location of Gain (Loss)
in Consolidated Statement of
Operations
In millions
2016
 
 
2015
 
 
2014
 
 
  
Derivatives in Fair Value Hedging Relationships:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$

 
 
$
3

  
 
$
1

 
 
Interest expense, net
Debt

  
 
(3
)
 
 
(1
)
  
 
Interest expense, net
Total
$

  
 
$

  
 
$

  
 
 
Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
Electricity Contracts
$

 
 
$
(7
)
 
 
$
(2
)
 
 
Cost of products sold
Foreign exchange contracts

 
 
(4
)

 
(1
)
 
 
Cost of products sold
Interest rate contracts
5

(a)
 
13

(b)
 
12

(c)
 
Interest expense, net
Total
$
5

 
 
$
2

  
 
$
9

 
 
 


(a)
Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges.
(b)
Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges.
(c)
Excluding gain of $7 million, net related to debt issuance and debt reduction recorded to Restructuring and other charges.

Schedule of Interest Rate Derivative Activity [Table Text Block]
The following activity is related to fully effective interest rate swaps designated as fair value hedges:
  
 
 
2016
 
 
 
 
 
2015
 
 
 
In millions
Issued
 
Terminated
 
Undesignated

Issued

Terminated
 
Undesignated
 
Second Quarter
$


$

  
$


$


$
175


$
38


First Quarter


55

  







  
Total
$

  
$
55

  
$

 
$

 
$
175

  
$
38

  


Note: There was no activity in the third and fourth quarters in either 2016 or 2015.
Impact Of Derivative Instruments In Consolidated Balance Sheet [Table Text Block]
The following table provides a summary of the impact of our derivative instruments in the consolidated balance sheet:

Fair Value Measurements
Level 2 – Significant Other Observable Inputs
 
  
Assets
 
Liabilities
 
In millions
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
 
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign exchange contracts – cash flow
$
3

(a)
$
5

(a)
$
4

(b)
$
1

(b)
Total derivatives designated as hedging instruments
$
3

  
$
5

  
$
4

  
$
1

  
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Electricity contract
$


$


$
2

(b)
$
7

(c)
Total derivatives not designated as hedging instruments
$

  
$

  
$
2

  
$
7

  
Total derivatives
$
3

  
$
5

  
$
6

  
$
8

  

(a)
Included in Other current assets in the accompanying consolidated balance sheet.
(b)
Included in Other accrued liabilities in the accompanying consolidated balance sheet.
(c)
Includes $4 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying consolidated balance sheet.