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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets

The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31:

 

      Location    2016      2015  

Cash flow hedge contracts

   Other current assets    $ 0      $ 10  

Fair value hedge contracts

   Other current assets        214        113  
   Other noncurrent assets      2        0  
   Other current liabilities      940        258  
   Other noncurrent liabilities      35        49  

Fair value hedged item

   Receivables      121        27  
   Other current assets      808        255  
   Other noncurrent assets      45        39  
   Other current liabilities      233        116  
     Other noncurrent liabilities      5        0  
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss)

The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. All amounts are after-tax.

 

For the Year Ended December 31, 2016   

Comprehensive

Income (Loss)

Beginning of
the Year

   

Plus

Recognized as

Comprehensive
Income (Loss)

   

Less

Gain (Loss)

Reclassified from

Accumulated Other

Comprehensive

Loss

   

Comprehensive

Income (Loss)

End of
the Year

 

Foreign currency sales contracts – cash flow hedges

   $ 4     $ 0     $ 4     $ 0  

Foreign currency purchase contracts

     241       0       25       216  

Future contracts – copper and aluminum

     (200     398       (137     335  
     $       45     $     398     $     (108   $     551  
For the Year Ended December 31, 2015                             

Foreign currency sales contracts – cash flow hedges

   $ 0     $ 14     $ 10     $ 4  

Foreign currency purchase contracts

     258       0       17       241  

Future contracts – copper and aluminum

     (173     (489     (462     (200
     $ 85     $ (475   $ (435   $ 45  
For the Year Ended December 31, 2014                             

Foreign currency sales contracts – cash flow hedges

   $ 0     $ (21   $ (21   $ 0  

Foreign currency purchase contracts

     275       0       17       258  

Future contracts – copper and aluminum

     38       (302     (91     (173
     $ 313     $ (323   $ (95   $ 85  
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings

The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax.

 

     Location of
Gain (Loss)
in Statements
   Estimated to be
Reclassified in
the Next
     Year Ended December 31,  
      of Operations    12 Months      2016     2015     2014  

Foreign currency sales contracts – cash flow hedges

   Net sales    $ 0      $ 6     $ 17     $ (33

Foreign currency purchase contracts

   Depreciation and amortization      27        27       27       27  

Futures contracts – copper and aluminum

   Costs of products sold (excluding depreciation and amortization)        398          (220       (751       (146 )