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Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments Recorded in Balance Sheet

The following table summarizes the fair values of derivative instruments recorded in our Consolidated Balance Sheet (in millions):

 

          December 31,  

Derivatives Designated as Hedging Instruments

  

Balance Sheet Location

   2014      2013  

Foreign currency derivatives

   Long-term other assets    $ 28       $ 2   
     

 

 

    

 

 

 

Total derivative assets

      $ 28       $ 2   
     

 

 

    

 

 

 

Electricity commodity derivatives(a)

   Current accrued liabilities    $ —         $ 3   

Interest rate derivatives

   Current accrued liabilities      —           28   
     

 

 

    

 

 

 

Total derivative liabilities

      $ —         $ 31   
     

 

 

    

 

 

 

 

(a) Our electricity commodity derivatives were associated with our Wheelabrator business and were divested in conjunction with the sale of that business in December 2014.
Impact of Periodic Settlements of Active Swap Agreements and Impact of Terminated Swap Agreements on Results of Operations

 The following table summarizes these impacts on our results of operations (in millions):

 

     Years Ended December 31,  

Decrease to Interest Expense Due to Hedge Accounting for Interest Rate Swaps

     2014          2013          2012    

Periodic settlements of active swap agreements

   $ —         $ —         $ 8   

Terminated swap agreements

     14         20         22   
  

 

 

    

 

 

    

 

 

 
   $ 14       $ 20       $ 30