Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Volume of Activity — The following table presents the Company's significant outstanding notional (in millions) by type of derivative as of December 31, 2016, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range:

Derivatives	Current Notional Translated to USD		Latest Maturity
Interest Rate (LIBOR and EURIBOR)	$	3,581	2034
Cross Currency Swaps (Chilean Unidad de Fomento and Chilean Peso)	374		2029
Foreign Currency:
Argentine Peso	171		2026
Chilean Unidad de Fomento	151		2019
Euro	226		2019
Others, primarily with weighted average remaining maturities of a year or less	749		2018

Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company's derivative instruments as of the periods indicated (in millions):

Fair Value	December 31, 2016						December 31, 2015
Assets	Designated		Not Designated		Total		Designated		Not Designated		Total
Interest rate derivatives	$	18	$	—	$	18	$	—	$	—	$	—
Cross currency derivatives	4		—		4		—		—		—
Foreign currency derivatives	9		300		309		8		319		327
Commodity derivatives	20		25		45		30		18		48
Total assets	$	51	$	325	$	376	$	38	$	337	$	375
Liabilities
Interest rate derivatives	$	295	$	5	$	300	$	358	$	—	$	358
Cross currency derivatives	18		—		18		43		—		43
Foreign currency derivatives	19		45		64		35		21		56
Commodity derivatives	26		16		42		12		21		33
Total liabilities	$	358	$	66	$	424	$	448	$	42	$	490

	December 31, 2016				December 31, 2015
Fair Value	Assets		Liabilities		Assets		Liabilities
Current	$	99	$	155	$	86	$	144
Noncurrent	277		269		289		346
Total	$	376	$	424	$	375	$	490
Credit Risk-Related Contingent Features (1)					December 31, 2016		December 31, 2015
Present value of liabilities subject to collateralization					$	41	$	58
Cash collateral held by third parties or in escrow					18		38

_____________________________

⁽¹⁾ Based on the credit rating of certain subsidiaries

Earnings and other Comprehensive (Loss) Income — The following table presents (in millions) the pretax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated:

Cash flow hedges	Years Ended December 31,
	2016			2015			2014
Effective portion gain (losses) recognized in AOCL
Interest rate derivatives	$	(35	)	$	(103	)	$	(421	)
Cross-currency derivatives	21			(20		)	(25		)
Foreign currency derivatives	(4		)	10			(28		)
Commodity derivatives	30			40			44
Total	$	12		$	(73	)	$	(430	)
Effective portion gain (losses) reclassified from AOCL into earnings
Interest rate derivatives	$	(101	)	$	(116	)	$	(144	)
Cross-currency derivatives	8			(24		)	(23		)
Foreign currency deriviatives	(8		)	32			14
Commodity derivatives	56			31			28
Total	$	(45	)	$	(77	)	$	(125	)
Gain (losses) recognized in earnings related to
Ineffective portion of cash flow hedges	$	(1	)	$	(6	)	$	(4	)
Not designated as hedging instruments:
Foreign currency derivatives	19			211			144
Commodity derivatives and Other	(16		)	(29		)	58
Total	$	2		$	176		$	198

The AOCL expected to decrease pretax income from continuing operations, primarily due to interest rate derivatives, for the twelve months ended December 31, 2017 is $90 million.