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Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of derivative instruments | The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets at September 30, 2020 and December 31, 2019:
| Assets |  | Liabilities
| Account |  | Fair Value |  | Account |  | Fair Value
Designated derivative instruments |  |  | September 30, 2020 |  | December 31, 2019 |  |  |  | September 30, 2020 |  | December 31, 2019
Interest rate swap contracts | Other current assets |  | $ | — |  |  | $ | — |  |  | Other accruals |  | $ | — |  |  | $ | — |
Interest rate swap contracts | Other assets |  | 15 |  |  | 4 |  |  | Other liabilities |  | — |  |  | — |
Forward-starting interest rate swaps | Other current assets |  | — |  |  | — |  |  | Other accruals |  | — |  |  | — |
Forward-starting interest rate swaps | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 4 |  |  | — |
Foreign currency contracts | Other current assets |  | 14 |  |  | 6 |  |  | Other accruals |  | 28 |  |  | 15 |
Foreign currency contracts | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 29 |  |  | 14 |
Commodity contracts | Other current assets |  | 1 |  |  | — |  |  | Other accruals |  | — |  |  | — |
Total designated |  | $ | 30 |  |  | $ | 10 |  |  |  |  | $ | 61 |  |  | $ | 29 |
Other financial instruments |  |  |  |  |  |  |  |  |  |  |
Marketable securities | Other current assets |  | $ | 80 |  |  | $ | 23 |  |  |  |  |  |  |
Total other financial instruments |  |  | $ | 80 |  |  | $ | 23 |  |  |  |  |  |  |
Schedule of hedged item and cumulative adjustment to carrying amount | The following amounts were recorded on the Condensed Consolidated Balance Sheet related to the cumulative basis adjustment for fair value hedges as of:
| September 30, 2020 |  | December 31, 2019
Long-term debt: |  |  |
Carrying amount of hedged item | $ | 414 |  |  | $ | 403 |
Cumulative hedging adjustment included in the carrying amount | 15 |  |  | 4 |
Schedule of notional values | The following tables present the notional values as of:
| September 30, 2020
| Foreign Currency Contracts |  | Foreign Currency Debt |  | Interest Rate Swaps |  | Forward-Starting Interest Rate Swaps |  | Commodity Contracts |  | Total
Fair Value Hedges | $ | 586 |  |  | $ | — |  |  | $ | 400 |  |  | $ | — |  |  | $ | — |  |  | $ | 986 |
Cash Flow Hedges | 797 |  |  | — |  |  | — |  |  | 300 |  |  | 16 |  |  | 1,113 |
Net Investment Hedges | 585 |  |  | 3,487 |  |  | — |  |  | — |  |  | — |  |  | 4,072 |
| December 31, 2019
| Foreign Currency Contracts |  | Foreign Currency Debt |  | Interest Rate Swaps |  | Forward-Starting Interest Rate Swaps |  | Commodity Contracts |  | Total
Fair Value Hedges | $ | 388 |  |  | $ | — |  |  | $ | 400 |  |  | $ | — |  |  | $ | — |  |  | $ | 788 |
Cash Flow Hedges | 761 |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | 781 |
Net Investment Hedges | 478 |  |  | 3,856 |  |  | — |  |  | — |  |  | — |  |  | 4,334 |
Schedule of gains (losses) recognized in Statements of Income | The following tables present the location and amount of gains (losses) recognized on the Company’s Condensed Consolidated Statements of Income:
| Three Months Ended September 30,
| 2020 |  | 2019
| Cost of sales |  | Selling, general and administrative expenses |  | Interest (income) expense, net |  | Cost of sales |  | Selling, general and administrative expenses |  | Interest (income) expense, net
Gain (loss) on hedges recognized in income: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Derivative instrument | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Hedged items | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 2 |
Foreign currency contracts designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Derivative instrument | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |
Hedged items | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from OCI | (1) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Commodity contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from OCI | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total gain (loss) on hedges recognized in income | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
| Nine Months Ended September 30,
| 2020 |  | 2019
| Cost of sales |  | Selling, general and administrative expenses |  | Interest (income) expense, net |  | Cost of sales |  | Selling, general and administrative expenses |  | Interest (income) expense, net
Gain (loss) on hedges recognized in income: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Derivative instrument | $ | — |  |  | $ | — |  |  | $ | (11) |  |  | $ | — |  |  | $ | — |  |  | $ | (15) |
Hedged items | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 15 |
Foreign currency contracts designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Derivative instrument | — |  |  | 29 |  |  | — |  |  | — |  |  | 10 |  |  | — |
Hedged items | — |  |  | (29) |  |  | — |  |  | — |  |  | (10) |  |  | — |
Foreign currency contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from OCI | 6 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Commodity contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from OCI | (2) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total gain (loss) on hedges recognized in income | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Schedule of gains (losses) included in Other Comprehensive Income | The following table presents the location and amount of unrealized gains (losses) included in OCI:
| Three Months Ended
September 30,
2020 |  | 2019
Foreign currency contracts designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | $ | (7) |  |  | $ | 7 |
Forward-starting interest rate swaps designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | 4 |  |  | — |
Commodity contracts designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | 2 |  |  | (1) |
Foreign currency contracts designated as net investment hedges: |  |  |
Gain (loss) on instruments | (21) |  |  | 23 |
Gain (loss) on hedged items | 21 |  |  | (23) |
Foreign currency debt designated as net investment hedges: |  |  |
Gain (loss) on instruments | (171) |  |  | 100 |
Gain (loss) on hedged items | 171 |  |  | (100) |
Total unrealized gain (loss) on hedges recognized in OCI | $ | (1) |  |  | $ | 6 |
| Nine Months Ended
September 30,
2020 |  | 2019
Foreign currency contracts designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | $ | 6 |  |  | $ | 2 |
Forward-starting interest rate swaps designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | (4) |  |  | — |
Commodity contracts designated as cash flow hedges: |  |  |
Gain (loss) recognized in OCI | — |  |  | 1 |
Foreign currency contracts designated as net investment hedges: |  |  |
Gain (loss) on instruments | (8) |  |  | 22 |
Gain (loss) on hedged items | 8 |  |  | (22) |
Foreign currency debt designated as net investment hedges: |  |  |
Gain (loss) on instruments | (174) |  |  | 105 |
Gain (loss) on hedged items | 174 |  |  | (105) |
Total unrealized gain (loss) on hedges recognized in OCI | $ | 2 |  |  | $ | 3 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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