Item 7A. Quantitative and Qualitative Disclosures about Market Risk We are exposed to fluctuations in foreign currency exchange rates, commodity prices for products we use in our  manufacturing and interest rates.  To reduce our exposure to these risks, we maintain risk management controls to monitor these  risks and take appropriate actions to attempt to mitigate such forms of market risks. Foreign currency exchange rate risk  — The majority of our foreign currency exposures are associated with intercompany and  third party sales and purchase transactions and with cross-currency intercompany loans.We use forward contracts to manage  our foreign currency exchange rate risk associated with a portion of our forecasted foreign currency-denominated sales and  purchase transactions and with certain foreign currency-denominated assets and liabilities.  We also use currency swaps to  manage foreign currency exchange rate risk associated with certain intercompany loans. Foreign currency exposures are  reviewed monthly and natural of fsets are considered prior to entering into derivative instruments. Changes in the fair value of derivative instruments treated as cash flow hedges are reported in OCI. Deferred gains and  losses are reclassified to earnings in the same period in which the underlying transactions af fect earnings. Changes in the fair  value of derivative instruments not treated as cash flow hedges are recognized in earnings in the period in which those changes  occur. Changes in the fair value of derivative instruments associated with product-related transactions are recorded in cost of  sales, while those associated with non-product transactions are recorded in other income, net. See Note 14 to our consolidated  financial statements in Item 8. The following table summarizes the sensitivity of the fair value of our derivative instruments, including forward contracts  and currency swaps, at December 31, 2014 to a 10% change in foreign exchange rates (versus the currencies presented). Except for a small portion of our short U.S. dollar positions associated with recorded intercompany loans, our financial  instruments at December 31, 2014 are primarily associated with our forecasted foreign currency-denominated sales and  purchase transactions. Having terminated or canceled a significant portion of our foreign currency-denominated intercompany  loans and the associated currency swaps during 2014, we have less overall exchange rate risk at December 31, 2014 compared  to December 31, 2013. Commodity price risk  — We do not utilize derivative contracts to manage commodity price risk. Our overall strategy is to pass  through commodity risk to our customers in our pricing agreements.  A substantial portion of our customer agreements include  contractual provisions for the pass-through of commodity price movements. In instances where the risk is not covered  contractually, we have generally been able to adjust customer pricing to recover commodity cost increases. Interest rate risk  — Our long-term debt portfolio consists mostly of fixed-rate instruments. Currently , we do not hold any  derivative contracts that hedge our interest exposures but may consider such strategies in the future. 10%  Increase in Rates Gain (Loss) 10%  Decrease in Rates Gain (Loss) Foreign currency rate sensitivity: Forward contracts and currency swaps Long U.S. dollars $ (16 ) $ 16 Short U.S. dollars $ 5 $ (5 ) Long euros (short other than U.S. dollar) $ (3 ) $ 3 Short euros (long other than U.S. dollar) $ 5 $ (5 ) Other, net $ (1 ) $ 1 37