Note 15. Commitments and Contingencies 2014, to mitigate the risk associated with another intercompany loan, we also executed a currency swap involving the exchange  of U.S. dollars and Indian rupees.  Cash flow hedges  — With respect to contracts designated as cash flow hedges, changes in fair value during the period in which  the contracts remain outstanding are reported in OCI to the extent such contracts remain ef fective and the associated forecasted  transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation  between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange  rates. Changes in fair value of those contracts that are not designated as cash flow hedges are reported in income in the period  in which the changes occur. Forward contracts associated with product-related transactions are marked to market in cost of  sales while other contracts are marked to market through other income, net. Amounts to be reclassified to earnings  — Deferred gains or losses, which are reported in  AOCI, are reclassified to earnings in  the same periods in which the underlying transactions af fect earnings. Amounts expected to be reclassified to earnings assume  no change in the current hedge relationships or to  December 31, 2014 market rates. Deferred losses of  $10 at December 31,  2014 are expected to be reclassified to earnings during the next twelve months.Amounts deferred were not significant at  December 31, 2013. See Note 8 for additional details. Asbestos personal injury liabilities  — As part of our reorganization in 2008, assets and liabilities associated with personal  injury asbestos claims were retained in Dana Corporation which was then mer ged into Dana Companies, LLC (DCLLC), a  consolidated wholly-owned limited liability company . The assets of DCLLC include insurance rights relating to coverage  against these liabilities, marketable securities and other assets which are considered suf ficient to satisfy its liabilities. DCLLC  had approximately 25,000 active pending asbestos personal injury liability claims at both December 31, 2014 and December  31, 2013. DCLLC had accrued $81 for indemnity and defense costs for settled, pending and future claims at December 31,  2014, compared to $88 at December 31, 2013. A fifteen-year time horizon was used to estimate the value of this liability . At December 31, 2014, DCLLC had recorded $52 as an asset for probable recovery from insurers for the pending and  projected asbestos personal injury liability claims, compared to  $55 recorded at December 31, 2013. The recorded asset  represents our assessment of the capacity of our current insurance agreements to provide for the payment of anticipated defense  and indemnity costs for pending claims and projected future demands.  The recognition of these recoveries is based on our  assessment of our right to recover under the respective contracts and on the financial strength of the insurers. DCLLC has  coverage agreements in place with insurers confirming substantially all of the related coverage and payments are being  received on a timely basis. The financial strength of these insurers is reviewed at least annually with the assistance of a third  party. The recorded asset does not represent the limits of our insurance coverage, but rather the amount DCLLC would expect  to recover if the accrued indemnity and defense costs were paid in full. DCLLC continues to process asbestos personal injury claims in the normal course of business, is separately managed and  has an independent board member. The independent board member is required to approve certain transactions including  dividends or other transfers of  $1 or more of value to Dana. Dana Holding Corporation has no obligation to increase its  investment in or otherwise support DCLLC. In 2013, other income includes proceeds of $4 from the sale of our interest in claims pending in the liquidation  proceedings of an insurer and other asbestos-related recoveries of  $7.  Other product liabilities  — We had accrued $1 for non-asbestos product liability costs at  December 31, 2014 and 2013, with no  recovery expected from third parties at either date.  We estimate these liabilities based on assumptions about the value of the  claims and about the likelihood of recoveries against us derived from our historical experience and current information. Environmental liabilities  — Accrued environmental liabilities were $7 at December 31, 2014 and $9 at December 31, 2013. We  consider the most probable method of remediation, current laws and regulations and existing technology in determining the fair  value of our environmental liabilities. Other accounts receivable included a related recoverable from an insurer of  $1 at both  dates. Guarantee of lease obligations  — In connection with the divestiture of our Structural Products business in 2010, leases  covering three U.S. facilities were assigned to a U.S. af filiate of Metalsa. Under the terms of the sale agreement, we will  guarantee the affiliate’s performance under the leases, which run through June 2025, including approximately  $6 of annual  payments. In the event of a required payment by Dana as guarantor , we are entitled to pursue full recovery from Metalsa of the  amounts paid under the guarantee and to take possession of the leased property . 76