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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Pretax effects of derivative instruments on consolidated statements of operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FINANCIAL STATEMENT INFORMATION
The following are the pretax effects of derivative instruments on the consolidated statements of income for the three months ended March 31, 2016 and 2015.
 
 
 
 
 
 
 
 
 
 
 
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)
2016
 
2015
 
 
 
2016
 
2015
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(5
)
 
$
(5
)
 
Cost of products sold
 
$
(5
)
 
$
(3
)
Foreign exchange contracts
(6
)
 
5

 
Cost of products sold
 
2

 
1

Total
$
(11
)
 
$
—

 
 
 
$
(3
)
 
$
(2
)
 
 
 
 
 
 
 
 
 
Location of Gain or (Loss)
 Recognized in Income
on Derivatives
 
Amount of Gain or (Loss) Recognized in Income
on Derivatives
(millions)
 
 
 
2016
 
2015
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
Commodity contracts
 
Cost of products sold
 
$
(1
)
 
$
(1
)
Total
 
 
 
$
(1
)
 
$
(1
)
Fair values of derivative instruments and the location on the consolidated balance sheets
he following are the fair values of derivative instruments and the location on our accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015.
 
Balance Sheet
Location
Fair Value
 
Balance Sheet
Location
Fair Value
 
 
(millions)
 
3/31/16
 
12/31/15
 
 
3/31/16
 
12/31/15
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
Commodity contracts
Other current assets
$
1

 
$
1

 
Accrued expenses
$
15

 
$
15

Commodity contracts
Other assets
—

 
—

 
Other liabilities
4

 
5

Foreign exchange contracts
Other current assets
2

 
8

 
Accrued expenses
1

 
—

   Foreign exchange contracts
Other assets
—

 
—

 
Other liabilities
2

 
—

Total derivatives in cash flow hedging relationships
 
$
3

 
$
9

 
 
$
22

 
$
20

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

 
$
—

 
Accrued expenses
$
2

 
$
2

Total derivatives not designated as hedging instruments
 
$
—

 
$
—

 
 
$
2

 
$
2

Total derivatives
Total assets
$
3

 
$
9

 
Total liabilities
$
24

 
$
22