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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Pretax effects of derivative instruments on consolidated statements of operations
The following are the pretax effects of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2014 and 2013.
 
 
 
 
 
 
 
 
 
 
 
Amount of Gain or (Loss)
Recognized in
Other Comprehensive Income on Derivatives (Effective Portion)
 
Location of Gain or (Loss)
 Reclassified from
AOCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from
AOCI into Income
(Effective Portion)
(millions)
2014
 
2013
 
 
 
2014
 
2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(1
)
 
$
(2
)
 
Cost of products sold
 
$
1

 
$

Foreign exchange contracts
(2
)
 
1

 
Cost of products sold
 

 
1

Total
$
(3
)
 
$
(1
)
 
 
 
$
1

 
$
1

 
 
 
 
 
 
 
 
 
Location of Gain or (Loss)
 Recognized in Income
on Derivatives
 
Amount of Gain or (Loss) Recognized in Income
on Derivatives
(millions)
 
 
 
2014
 
2013
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
Commodity contracts
 
Cost of products sold
 
$

 
$
(2
)
Total
 
 
 
$

 
$
(2
)

The following are the pretax effects of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2014 and 2013.
 
Amount of Gain or (Loss)
Recognized in
Other Comprehensive Income on Derivatives (Effective Portion)
 
Location of Gain or (Loss)
 Reclassified from
AOCI into Income
(Effective Portion)
 
Amount of Gain or (Loss) Reclassified from
AOCI into Income
(Effective Portion)
(millions)
2014
 
2013
 
 
 
2014
 
2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
Commodity contracts
$
2

 
$

 
Cost of products sold
 
$
2

 
$
(1
)
Foreign exchange contracts

 
3

 
Cost of products sold
 
1

 
1

Total
$
2

 
$
3

 
 
 
$
3

 
$


 
 
Location of Gain or (Loss)
 Recognized in Income
on Derivatives
 
Amount of Gain or (Loss) Recognized in Income
on Derivatives
(millions)
 
 
 
2014
 
2013
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
Commodity contracts
 
Cost of products sold
 
$
1

 
$
1

Total
 
 
 
$
1

 
$
1

Fair values of derivative instruments on the consolidated balance sheets
The following are the fair values of derivative instruments and the location on our consolidated balance sheets as of June 30, 2014 and December 31, 2013.
 
Balance Sheet
Location
Fair Value
 
Balance Sheet
Location
Fair Value
 
 
(millions)
 
6/30/14
 
12/31/13
 
 
6/30/14
 
12/31/13
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
Commodity contracts
Other current assets
$
4

 
$
2

 
Accrued expenses
$
1

 
$

Commodity contracts
Other assets

 

 
Other liabilities
2

 

Foreign exchange contracts
Other current assets
1

 
1

 
Accrued expenses
1

 

   Foreign exchange contracts
Other assets

 

 
Other liabilities
1

 

Total derivatives in cash flow hedging relationships
 
$
5

 
$
3

 
 
$
5

 
$

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
Commodity contracts
Other current assets
$
1

 
$
2

 
Accrued expenses
$

 
$

Total derivatives not designated as hedging instruments
 
$
1

 
$
2

 
 
$

 
$

 
 
 
 
 
 
 
 
 
 
Total derivatives
Total assets
$
6

 
$
5

 
Total liabilities
$
5

 
$