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Derivative and Other Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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 |  | Amount of gain/(loss) recognized in OCI |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
Derivatives in cash flow hedges |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Foreign exchange |  | $ | 2 |  |  | $ | (2) |  |  | $ | 1 |  |  | $ | 1 |  |  |
Interest Rate |  | — |  |  | — |  |  | 2 |  |  | (1) |  |  |
Commodities |  | 21 |  |  | 16 |  |  | 76 |  |  | (21) |  |  |
|  | $ | 23 |  |  | $ | 14 |  |  | $ | 79 |  |  | $ | (21) |  |  |
|  | Amount of gain/(loss) reclassified from AOCI into income |  | Amount of gain/(loss) reclassified from AOCI into income |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
Derivatives in cash flow hedges |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | Affected line items in the Statement of Operations
Foreign exchange |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | (2) |  |  | Net sales
Commodities |  | (15) |  |  | $ | 7 |  |  | (35) |  |  | 17 |  |  | Net sales
Foreign exchange |  | — |  |  | — |  |  | — |  |  | — |  |  | Cost of products sold
Commodities |  | 45 |  |  | (21) |  |  | 100 |  |  | (61) |  |  | Cost of products sold
|  | 32 |  |  | (14) |  |  | 66 |  |  | (46) |  |  | Income from continuing operations before taxes
|  | (7) |  |  | 3 |  |  | (16) |  |  | 12 |  |  | Provision for income taxes
|  | 25 |  |  | (11) |  |  | 50 |  |  | (34) |  |  | Net income from continuing operations
Foreign exchange |  | — |  |  | — |  |  | — |  |  | (1) |  |  | Net (loss) / income from discontinued operations
Commodities |  | 4 |  |  | — |  |  | 5 |  |  | — |  |  | Net (loss) / income from discontinued operations
Total reclassified |  | $ | 29 |  |  | $ | (11) |  |  | $ | 55 |  |  | $ | (35) |  |  | Net income
The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.
|  | Amount of gain / (loss) recognized in AOCI |  | Amount of gain / (loss) recognized in AOCI |  |
|  | Three months ended September 30, |  | Nine months ended September 30, |  |
Derivatives designated as net investment hedges |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Foreign exchange |  | $ | 16 |  |  | $ | (43) |  |  | $ | 42 |  |  | $ | (4) |  |  |
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 amounts of gain/(loss) recognized in income on derivative |  | Pre-tax amounts of gain/(loss) recognized in income on derivative |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
Derivatives not designated as hedges |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | Affected line item in the Statement of Operations
Foreign exchange |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | Net sales
Foreign exchange |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | Cost of products sold
Foreign exchange |  | (7) |  |  | 13 |  |  | (18) |  |  | 19 |  |  | Foreign exchange
Foreign exchange |  | — |  |  | — |  |  | — |  |  | 1 |  |  | Net (loss) / income from discontinued operations
|  | $ | (7) |  |  | $ | 12 |  |  | $ | (19) |  |  | $ | 19 |  |  |
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 September 30, 2021 and December 31, 2020, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
|  | Balance Sheet classification |  | September 30, 2021 |  | December 31, 2020 |  | Balance Sheet classification |  | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts cash flow |  | Other current assets |  | $ | 7 |  |  | $ | 5 |  |  | Accrued liabilities |  | $ | 5 |  |  | $ | 5 |
|  | Current assets held for sale |  | — |  |  | 4 |  |  | Current liabilities held for sale |  | — |  |  | 3 |
|  | Other non-current assets |  | — |  |  | — |  |  | Other non-current liabilities |  | — |  |  | 1 |
Foreign exchange contracts fair value |  | Other current assets |  | 6 |  |  | 2 |  |  | Accrued liabilities |  | 3 |  |  | 6 |
Commodities contracts cash flow |  | Other current assets |  | 85 |  |  | 43 |  |  | Accrued liabilities |  | 30 |  |  | 11 |
|  | Current assets held for sale |  | — |  |  | 2 |  |  | Current liabilities held for sale |  | — |  |  | — |
|  | Other non-current assets |  | 6 |  |  | 4 |  |  | Other non-current liabilities |  | 2 |  |  | — |
Interest rate contracts cash flow |  | Other non-current assets |  | — |  |  | — |  |  | Other non-current liabilities |  | — |  |  | 2 |
Net investment hedge |  | Other non-current assets |  | 41 |  |  | 7 |  |  | Other non-current liabilities |  | — |  |  | 20 |
|  | $ | 145 |  |  | $ | 67 |  |  |  |  | $ | 40 |  |  | $ | 48 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 2 |  |  | $ | 9 |  |  | Accrued liabilities |  | $ | 6 |  |  | $ | 4 |
|  | $ | 2 |  |  | $ | 9 |  |  |  |  | $ | 6 |  |  | $ | 4 |
Total derivatives |  |  |  | $ | 147 |  |  | $ | 76 |  |  |  |  | $ | 46 |  |  | $ | 52 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount | Fair Value Hedge Carrying Amounts
| Carrying amount of the hedged assets / liabilities |  |
| September 30, 2021 |  | December 31, 2020 |  |  |  |
Line item in the Balance Sheet in which the hedged item is included |  |  |
Cash and cash equivalents | $ | 25 |  |  | $ | 22 |  |  |  |  |
Receivables, net | 15 |  |  | 11 |  |  |  |  |
Accounts payable | 108 |  |  | 100 |  |  |  |  |
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 September 30, 2021 |  |  |
Derivative assets | $144 | $32 | $112
Derivative liabilities | 64 | 32 | 32
Balance at December 31, 2020 |  |  |
Derivative assets | 76 | 11 | 65
Derivative liabilities | 52 | 11 | 41
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 September 30, 2021 and December 31, 2020 were:
| September 30, 2021 |  | December 31, 2020
Derivatives designated as cash flow hedges: |  |  |
Foreign exchange | $ | 409 |  |  | $ | 1,127 |
Commodities | 150 |  |  | 248 |
Interest rate | — |  |  | 200 |
Derivatives designated as fair value hedges: |  |  |
Foreign exchange | 211 |  |  | 183 |
Derivatives designated as net investment hedges: |  |  |
Foreign exchange | 875 |  |  | 1,075 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 617 |  |  | 722 |

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