Derivative and Other Financial Instruments (Tables)

9 Months Ended

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