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Derivative and Other Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact on Accumulated Other Comprehensive Income and Earnings from Changes in Fair Value
The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges.
 Amount of gain / (loss) recognized in AOCI
Derivatives designated as cash flow hedges20202019
Foreign exchange$— $(8)
Interest rate(1)(1)
Commodities10 (13)
$9 $(22)
Amount of loss reclassified from AOCI into income
Derivatives designated as cash flow hedges20202019Affected line item in the
Statement of Operations
Foreign exchange$(4)$(4)Net sales
Commodities18 14 Net sales
Foreign exchange(2)(1)Cost of products sold
Commodities(60)(52)Cost of products sold
(48)(43)Income before taxes
13 11 Provision for income taxes
$(35)$(32)Net Income
Impact on Earnings from Derivatives Not Designated as Hedges
The following table sets forth the impact on earnings from derivatives not designated as hedges.
Pre-tax amount of gain / (loss) recognized in earnings
Derivatives not designated as hedges20202019Affected line item in the Statement of Operations
Foreign exchange$— $(3)Net sales
Foreign exchange— 3 Cost of products sold
Foreign exchange30 (26)Foreign exchange
$30 $(26)
Schedule of Impact on Other Comprehensive Income from Changes in Fair Value
The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges.

Amount of (loss) / gain recognized in AOCI
Derivatives designated as net investment hedges20202019
Foreign exchange$(48)$26 
Fair Value of Financial Assets and Liabilities on Recurring Basis
The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.
Balance Sheet classificationDecember 31,
2020		December 31, 2019Balance Sheet classificationDecember 31,
2020		December 31, 2019
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowOther current assets$9 $10 Accrued liabilities$8 $15 
Other non-current assets— 1 Other non-current liabilities1 1 
Foreign exchange contracts fair valueOther current assets2 1 Accrued liabilities6 3 
Commodities contracts cash flowOther current assets45 11 Accrued liabilities11 21 
Other non-current assets4 — Other non-current liabilities— — 
Interest rate contracts cash flowOther non-current assets— — Other non-current liabilities2 1 
Net investment hedgeOther non-current assets7 51 Other non-current liabilities20 2 
$67 $74 $48 $43 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets$9 $7 Accrued liabilities$4 $5 
Other non-current assets— 2 Other non-current liabilities— 1 
$9 $9 $4 $6 
Total derivatives$76 $83 $52 $49 


Fair Value Hedge Carrying Amounts

Carrying amount of the hedged assets and liabilities
Line item in the Balance Sheet in which the hedged item is includedDecember 31, 2020December 31, 2019
Receivables, net11 12 
Accrued liabilities100 83 
Offsetting Assets 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 SheetGross amounts not offset in the Balance SheetNet amount
Balance at December 31, 2020
Derivative assets$76 $11 $65 
Derivative liabilities52 11 41 
Balance at December 31, 2019
Derivative assets$83 $16 $67 
Derivative liabilities49 16 33 
Offsetting 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 SheetGross amounts not offset in the Balance SheetNet amount
Balance at December 31, 2020
Derivative assets$76 $11 $65 
Derivative liabilities52 11 41 
Balance at December 31, 2019
Derivative assets$83 $16 $67 
Derivative liabilities49 16 33 
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets
The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were:
December 31, 2020December 31, 2019
Derivatives designated as cash flow hedges:
Foreign exchange$1,127 $1,030 
Commodities248 334 
Interest rate200 200 
Derivatives designated as fair value hedges:
Foreign exchange183 142 
Derivatives designated as net investment hedges:
Foreign exchange1,075 1,075 
Derivatives not designated as hedges:
Foreign exchange722 1,017