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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 as of December 31, 2020 and December 31, 2019:

			Assets																		Liabilities
			Account						Fair Value												Account						Fair Value
Designated derivative instruments									December 31, 2020						December 31, 2019												December 31, 2020						December 31, 2019
Interest rate swap contracts			Other assets						14						4						Other liabilities						—						—
Forward-starting interest rate swaps			Other assets						5						—						Other liabilities						—						—
Foreign currency contracts			Other current assets						7						6						Other accruals						93						15
Foreign currency contracts			Other assets						—						—						Other liabilities						—						14
Commodity contracts			Other current assets						3						—						Other accruals						—						—
Total designated									$	29					$	10											$	93					$	29
Other financial instruments
Marketable securities			Other current assets						37						23
Total other financial instruments									$	37					$	23

Activity related to fair value hedges

The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:

			December 31, 2020						December 31, 2019
Long-term debt:
Carrying amount of hedged item			$	413					$	403
Cumulative hedging adjustment included in the carrying amount			$	14					$	4

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the notional values as of:

			December 31, 2020
			Foreign Currency Contracts						Foreign Currency Debt						Interest Rate Swaps						Forward-Starting Interest Rate Swaps						Commodity Contracts						Total
Fair Value Hedges			$	589					$	—					$	400					$	—					$	—					$	989
Cash Flow Hedges			854						—						—						300						17						1,171
Net Investment Hedges			528						4,523						—						—						—						5,051

			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

Derivative Instruments, Gain (Loss)

The following table presents the location and amount of gains (losses) on hedges recognized on the Company’s Consolidated Statements of Income:

			Twelve Months Ended December 31,
			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			$	—					$	—					$	(10)					$	—					$	—					$	(11)
Hedged items			—						—						10						—						—						11
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			1						—						—						5						—						—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI			(1)						—						—						1						—						—
Total gain (loss) on hedges recognized in income			$	—					$	—					$	—					$	6					$	—					$	—

Schedule Of Cash Flow And Net Investment Hedges Included In Accumulated Other Comprehensive Income (Loss)

The following table presents the location and amount of unrealized gains (losses) on hedges included in OCI:

			Twelve Months Ended
			December 31,
			2020						2019
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			$	(11)					$	(9)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI			5						—
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			3						—
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments			(52)						4
Gain (loss) on hedged items			52						(4)
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments			(356)						12
Gain (loss) on hedged items			356						(12)
Total unrealized gain (loss) on hedges recognized in OCI			$	(3)					$	(9)

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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.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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