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Derivative and Other Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
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 |  | Amount of gain/(loss) recognized in OCI |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives in cash flow hedges |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Foreign exchange |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  |
Commodities |  | 10 |  |  | (17) |  |  | 2 |  |  | (16) |  |  |
|  | $ | 10 |  |  | $ | (16) |  |  | $ | 3 |  |  | $ | (13) |  |  |
|  | Amount of gain/(loss) reclassified from AOCI into income |  | Amount of gain/(loss) reclassified from AOCI into income |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives in cash flow hedges |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | Affected line items in the Statement of Operations
Commodities |  | $ | (14) |  |  | $ | 6 |  |  | $ | (18) |  |  | $ | 4 |  |  | Net sales
Foreign exchange |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | Cost of products sold, excluding depreciation and amortization
Commodities |  | 8 |  |  | (11) |  |  | 9 |  |  | (14) |  |  | Cost of products sold, excluding depreciation and amortization
|  | (6) |  |  | (4) |  |  | (9) |  |  | (8) |  |  | Income before taxes and equity in net earnings of affiliates
|  | 2 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | Provision for income taxes
|  | $ | (4) |  |  | $ | (3) |  |  | $ | (6) |  |  | $ | (6) |  |  | 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 |  | Pre-tax amounts of gain/(loss) recognized in income on derivative |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives not designated as hedges |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | Affected line item in the Statement of Operations
Foreign exchange |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | (3) |  |  | Cost of products sold, excluding depreciation and amortization
Foreign exchange |  | 2 |  |  | — |  |  | 4 |  |  | 4 |  |  | Foreign exchange
|  | $ | 2 |  |  | $ | (2) |  |  | $ | 4 |  |  | $ | 1 |  |  |
Schedule of Derivative Instruments Included in Earnings | 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 gain / (loss) recognized in AOCI |  | Amount of gain / (loss) recognized in AOCI |  |
|  | Three Months ended June 30, |  | Six months ended June 30, |  |
Derivatives designated as net investment hedges |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Foreign exchange |  | $ | — |  |  | $ | (14) |  |  | $ | 12 |  |  | $ | (19) |  |  |
Schedule of 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 June 30, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
|  | Balance Sheet classification |  | June 30, 2024 |  | December 31, 2023 |  | Balance Sheet classification |  | June 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts cash flow |  | Prepaid expenses and other current assets |  | $ | 2 |  |  | $ | 1 |  |  | Accrued liabilities |  | $ | 3 |  |  | $ | 2 |
Foreign exchange contracts fair value |  | Prepaid expenses and other current assets |  | 4 |  |  | — |  |  | Accrued liabilities |  | — |  |  | 2 |
Commodities contracts cash flow |  | Prepaid expenses and other current assets |  | 14 |  |  | 13 |  |  | Accrued liabilities |  | 8 |  |  | 13 |
Net investment hedge |  | Other non-current assets |  | 63 |  |  | 47 |  |  | Other non-current liabilities |  | — |  |  | — |
|  | $ | 83 |  |  | $ | 61 |  |  |  |  | $ | 11 |  |  | $ | 17 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | $ | 16 |  |  | $ | 3 |  |  | Accrued liabilities |  | $ | 6 |  |  | $ | 3 |
Total derivatives |  |  |  | $ | 99 |  |  | $ | 64 |  |  |  |  | $ | 17 |  |  | $ | 20 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount |
| Carrying amount of the hedged assets / liabilities |  |
| June 30, 2024 |  | December 31, 2023 |  |  |  |
Line item in the Balance Sheet in which the hedged item is included |  |  |
Cash and cash equivalents | $ | 1 |  |  | $ | 2 |  |  |  |  |
Receivables, net | 10 |  |  | 12 |  |  |  |  |
Accounts payable | 65 |  |  | 120 |  |  |  |  |
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 June 30, 2024 |  |  |
Derivative assets | $99 | $6 | $93
Derivative liabilities | 17 | 6 | 11
Balance at December 31, 2023 |  |  |
Derivative assets | $64 | $7 | $57
Derivative liabilities | 20 | 7 | 13
Schedule of 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 June 30, 2024 and December 31, 2023 were:
| June 30, 2024 |  | December 31, 2023
Derivatives designated as cash flow hedges: |  |  |
Foreign exchange | $ | 268 |  |  | $ | 75 |
Commodities | 43 |  |  | 160 |
Derivatives designated as fair value hedges: |  |  |
Foreign exchange | 122 |  |  | 202 |
Derivatives designated as net investment hedges: |  |  |
Foreign exchange | 875 |  |  | 875 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 326 |  |  | 302 |

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