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Derivative and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | 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 |  | 2022 |  | 2021 |  |  |  |  |  |
Foreign exchange |  | $ | (5) |  |  | $ | (1) |  |  |  |  |  |  |
Interest Rate |  | — |  |  | 1 |  |  |  |  |  |  |
Commodities |  | 50 |  |  | 25 |  |  |  |  |  |  |
|  | $ | 45 |  |  | $ | 25 |  |  |  |  |  |  |
|  | Amount of gain/(loss) reclassified from AOCI into income |  |  |  |
|  | Three Months Ended March 31, |  |  |  |
Derivatives in cash flow hedges |  | 2022 |  | 2021 |  |  |  |  |  | Affected line items in the Statement of Operations
Foreign exchange |  | $ | (5) |  |  | $ | (1) |  |  |  |  |  |  | Net sales
Commodities |  | (11) |  |  | $ | (4) |  |  |  |  |  |  | Net sales
Foreign exchange |  | (1) |  |  | — |  |  |  |  |  |  | Cost of products sold
Commodities |  | 26 |  |  | 19 |  |  |  |  |  |  | Cost of products sold
|  | 9 |  |  | 14 |  |  |  |  |  |  | Income from continuing operations before taxes
|  | (3) |  |  | (4) |  |  |  |  |  |  | Provision for income taxes
|  | 6 |  |  | 10 |  |  |  |  |  |  | Net income from continuing operations
Foreign exchange |  | — |  |  | 1 |  |  |  |  |  |  | Net income from discontinued operations
Total reclassified |  | $ | 6 |  |  | $ | 11 |  |  |  |  |  |  | Net income
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 |  |  |  |
|  | Three Months Ended March 31, |  |  |  |
Derivatives not designated as hedges |  | 2022 |  | 2021 |  |  |  |  |  | Affected line item in the Statement of Operations
Foreign exchange |  | $ | (4) |  |  | $ | (1) |  |  |  |  |  |  | Net sales
Foreign exchange |  | 1 |  |  | 1 |  |  |  |  |  |  | Cost of products sold
Foreign exchange |  | (10) |  |  | (13) |  |  |  |  |  |  | Foreign exchange
|  | $ | (13) |  |  | $ | (13) |  |  |  |  |  |  |
Schedule of Derivative Instruments Included in Earnings | 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 |  |  |  |
|  | Three Months Ended March 31, |  |  |  |
Derivatives designated as net investment hedges |  | 2022 |  | 2021 |  |  |  |  |  |
Foreign exchange |  | $ | 2 |  |  | $ | 22 |  |  |  |  |  |  |
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, 2022 and December 31, 2021, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
|  | Balance Sheet classification |  | March 31, 2022 |  | December 31, 2021 |  | Balance Sheet classification |  | March 31, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts cash flow |  | Prepaid expenses and other current assets |  | $ | 2 |  |  | $ | 3 |  |  | Accrued liabilities |  | $ | 3 |  |  | $ | 10 |
Foreign exchange contracts fair value |  | Prepaid expenses and other current assets |  | 1 |  |  | 1 |  |  | Accrued liabilities |  | 6 |  |  | 2 |
Commodities contracts cash flow |  | Prepaid expenses and other current assets |  | 107 |  |  | 53 |  |  | Accrued liabilities |  | 35 |  |  | 17 |
|  | Other non-current assets |  | 20 |  |  | 2 |  |  | Other non-current liabilities |  | 9 |  |  | 1 |
Net investment hedge |  | Other non-current assets |  | 51 |  |  | 49 |  |  | Other non-current liabilities |  | — |  |  | — |
|  | $ | 181 |  |  | $ | 108 |  |  |  |  | $ | 53 |  |  | $ | 30 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | $ | 4 |  |  | $ | 3 |  |  | Accrued liabilities |  | $ | 7 |  |  | $ | 3 |
|  | $ | 4 |  |  | $ | 3 |  |  |  |  | $ | 7 |  |  | $ | 3 |
Total derivatives |  |  |  | $ | 185 |  |  | $ | 111 |  |  |  |  | $ | 60 |  |  | $ | 33 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount |
| Carrying amount of the hedged assets / liabilities |  |
| March 31, 2022 |  | December 31, 2021 |  |  |  |
Line item in the Balance Sheet in which the hedged item is included |  |  |
Cash and cash equivalents | $ | 31 |  |  | $ | 38 |  |  |  |  |
Receivables, net | 16 |  |  | 21 |  |  |  |  |
Accounts payable | 90 |  |  | 116 |  |  |  |  |
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, 2022 |  |  |
Derivative assets | $185 | $44 | $141
Derivative liabilities | 60 | 44 | 16
Balance at December 31, 2021 |  |  |
Derivative assets | 111 | 19 | 92
Derivative liabilities | 33 | 19 | 14
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, 2022 and December 31, 2021 were:
| March 31, 2022 |  | December 31, 2021
Derivatives designated as cash flow hedges: |  |  |
Foreign exchange | $ | 231 |  |  | $ | 241 |
Commodities | 249 |  |  | 261 |
Derivatives designated as fair value hedges: |  |  |
Foreign exchange | 225 |  |  | 229 |
Derivatives designated as net investment hedges: |  |  |
Foreign exchange | 875 |  |  | 875 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 572 |  |  | 617 |

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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 Reference 9: 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=125515794&loc=SL5579240-113959 + Details
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