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Derivative and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments | The following table sets forth the impact on earnings from derivatives not designated as hedges.
|  | Pre-tax amount of gain/ |  |
|  | (loss) recognized in |  |
|  | income on derivative |  |
|  | Three Months Ended |  |
|  | March 31, |  | Affected line item in the
Derivatives not designated as hedges |  | 2020 |  | 2019 |  | Statement of Operations
Foreign exchange |  | $ | (1 | ) |  | $ | (1 | ) |  | Net sales
Foreign exchange |  | 1 |  |  | 1 |  |  | Cost of products sold
Foreign exchange |  | 6 |  |  | (15 | ) |  | Foreign exchange
|  | $ | 6 |  |  | $ | (15 | ) |  |
Schedule of Derivative Instruments Included in Earnings | Fair Value Hedge Carrying Amoun
Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments | The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.
|  | Amount of gain/(loss) |  |
|  | recognized in OCI |  |
|  | Three Months Ended |  |
|  | March 31, |  |
Derivatives in cash flow hedges |  | 2020 |  | 2019 |  |
Foreign exchange |  | $ | 1 |  |  | $ | (4 | ) |  |
Interest Rate |  | (1 | ) |  | — |  |  |
Commodities |  | (39 | ) |  | 10 |  |  |
|  | $ | (39 | ) |  | $ | 6 |  |  |
|  | Amount of gain/ |  |
|  | (loss) reclassified from |  |
|  | AOCI into income |  |
|  | Three Months Ended |  |
|  | March 31, |  | Affected line items in the
Derivatives in cash flow hedges |  | 2020 |  | 2019 |  | Statement of Operations
Foreign exchange |  | $ | (1 | ) |  | $ | (1 | ) |  | Net sales
Commodities |  | 3 |  |  | 3 |  |  | Net sales
Foreign exchange |  | (1 | ) |  | — |  |  | Cost of products sold
Commodities |  | (10 | ) |  | (10 | ) |  | Cost of products sold
|  | (9 | ) |  | (8 | ) |  | Income before taxes
|  | 2 |  |  | 2 |  |  | Provision for income taxes
Total reclassified |  | $ | (7 | ) |  | $ | (6 | ) |  | Net income
The following tables set forth the impact on OCI from changes in the fair value of derivative instruments designated as net investment hedges.
|  | Amount of gain/(loss)
|  | recognized in OCI
|  | Three months ended
|  | March 31,
Derivatives designated as net investment hedges |  | 2020 |  | 2019
Foreign exchange |  | $ | 61 |  |  | $ | 26 |
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
|  | Balance Sheet classification |  | March 31, 2020 |  | December 31, 2019 |  | Balance Sheet classification |  | March 31, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts cash flow |  | Other current assets |  | $ | 10 |  |  | $ | 10 |  |  | Accrued liabilities |  | $ | 11 |  |  | $ | 15 |
|  | Other non-current assets |  | 1 |  |  | 1 |  |  | Other non-current liabilities |  | — |  |  | 1 |
Foreign exchange contracts fair value |  | Other current assets |  | 15 |  |  | 1 |  |  | Accrued liabilities |  | 2 |  |  | 3 |
Commodities contracts cash flow |  | Other current assets |  | 17 |  |  | 11 |  |  | Accrued liabilities |  | 67 |  |  | 21 |
|  | Other non-current assets |  | 1 |  |  | — |  |  | Other non-current liabilities |  | 4 |  |  | — |
Interest rate contracts cash flow |  | Other non-current assets |  | — |  |  | — |  |  | Other non-current liabilities |  | 3 |  |  | 1 |
Net investment hedge |  | Other non-current assets |  | 128 |  |  | 51 |  |  | Other non-current liabilities |  | — |  |  | 2 |
|  | $ | 172 |  |  | $ | 74 |  |  |  |  | $ | 87 |  |  | $ | 43 |
|  | Balance Sheet classification |  | March 31, 2020 |  | December 31, 2019 |  | Balance Sheet classification |  | March 31, 2020 |  | December 31, 2019
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 26 |  |  | $ | 7 |  |  | Accrued liabilities |  | $ | 15 |  |  | $ | 5 |
|  | Other non-current assets |  | 2 |  |  | 2 |  |  | Other non-current liabilities |  | 1 |  |  | 1 |
|  | $ | 28 |  |  | $ | 9 |  |  |  |  | $ | 16 |  |  | $ | 6 |
Total derivatives |  |  |  | $ | 200 |  |  | $ | 83 |  |  |  |  | $ | 103 |  |  | $ | 49 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
| Gross amounts recognized in the Balance Sheet | Gross amounts not offset in the Balance Sheet | Net amount
Balance at March 31, 2020 |  |  |
Derivative assets | $200 | $21 | $179
Derivative liabilities | 103 | 21 | 82
Balance at December 31, 2019 |  |  |
Derivative assets | 83 | 16 | 67
Derivative liabilities | 49 | 16 | 33
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 were:
| March 31, 2020 |  | December 31, 2019
Derivatives designated as cash flow hedges: |  |  |
Foreign exchange | $ | 807 |  |  | $ | 1,030 |
Commodities | 356 |  |  | 334 |
Interest rate | 200 |  |  | 200 |
Derivatives designated as fair value hedges: |  |  |
Foreign exchange | 158 |  |  | 142 |
Derivatives designated as net investment hedges: |  |  |
Foreign exchange | 1,075 |  |  | 1,075 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 921 |  |  | 1,017 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: 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=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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