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Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020:

			Assets																		Liabilities
			Account						Fair Value												Account						Fair Value
Designated derivative instruments									September 30, 2021						December 31, 2020												September 30, 2021						December 31, 2020
Interest rate swap contracts			Other assets						$	8					$	14					Other liabilities						$	—					$	—
Forward-starting interest rate swaps			Other assets						24						5						Other liabilities						9						—
Foreign currency contracts			Other current assets						22						7						Other accruals						37						93
Commodity contracts			Other current assets						—						3						Other accruals						—						—
Total designated									$	54					$	29											$	46					$	93
Other financial instruments
Marketable securities			Other current assets						$	100					$	37
Total other financial instruments									$	100					$	37

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, 2021						December 31, 2020
Long-term debt:
Carrying amount of hedged item			$	407					$	413
Cumulative hedging adjustment included in the carrying amount			8						14

Schedule of notional values

The following tables present the notional values as of:

			September 30, 2021
			Foreign Currency Contracts						Foreign Currency Debt						Interest Rate Swaps						Forward-Starting Interest Rate Swaps						Commodity Contracts						Total
Fair Value Hedges			$	600					$	—					$	400					$	—					$	—					$	1,000
Cash Flow Hedges			778						—						—						700						18						1,496
Net Investment Hedges			692						4,403						—						—						—						5,095

			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

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,
			2021																		2020
			Cost of sales						Selling, general and administrative expenses						Interest (income) expense, net						Cost of sales						Selling, general and administrative expenses						Interest (income) expense, net
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			—						1						—						—						(10)						—
Hedged items			—						(1)						—						—						10						—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI			(2)						—						—						(1)						—						—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI			—						—						—						(1)						—						—
Total gain (loss) on hedges recognized in income			$	(2)					$	—					$	—					$	(2)					$	—					$	—

			Nine Months ended September 30,
			2021																		2020
			Cost of sales						Selling, general and administrative expenses						Interest (income) expense, net						Cost of sales						Selling, general and administrative expenses						Interest (income) expense, net
Interest rate swaps designated as fair value hedges:
Derivative instrument			$	—					$	—					$	6					$	—					$	—					$	(11)
Hedged items			—						—						(6)						—						—						11
Foreign currency contracts designated as fair value hedges:
Derivative instrument			—						(4)						—						—						29						—
Hedged items			—						4						—						—						(29)						—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI			(14)						—						—						6						—						—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI			5						—						—						(2)						—						—
Total gain (loss) on hedges recognized in income			$	(9)					$	—					$	—					$	4					$	—					$	—

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,
			2021						2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			$	8					$	(7)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI			12						4
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			(2)						2
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments			19						(21)
Gain (loss) on hedged items			(19)						21
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments			112						(171)
Gain (loss) on hedged items			(112)						171
Total unrealized gain (loss) on hedges recognized in OCI			$	18					$	(1)

			Nine Months Ended
			September 30,
			2021						2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			$	12					$	6
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI			10						(4)
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI			—						—
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments			23						(8)
Gain (loss) on hedged items			(23)						8
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments			261						(174)
Gain (loss) on hedged items			(261)						174
Total unrealized gain (loss) on hedges recognized in OCI			$	22					$	2

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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