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Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments at the dates indicated (in millions):

			September 30, 2020												December 31, 2019
			Fair Value of Derivatives												Fair Value of Derivatives
			Asset (a)						Liability (a)						Asset (a)						Liability (a)
Derivatives designated as effective hedges:
Cash flow hedges:
Foreign currency contracts			$	5					$	2					$	1					$	13
Fair value hedges:
Interest rate swaps			7						—						2						1
Net investment hedges:
Cross-currency swaps			—						43						—						—
Derivatives not designated as effective hedges:
Foreign currency contracts			12						3						10						4
Total			$	24					$	48					$	13					$	18
(a) Consolidated balance sheet location:
Asset: Prepaid expenses and other, and other noncurrent assets
Liability: Other accrued liabilities, and current and noncurrent liabilities

Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges

The following tables present gain and loss activity (on a pretax basis) for the three months ended September 30, 2020 and 2019 related to derivative financial instruments designated or previously designated, as effective hedges (in millions):

									Three Months Ended September 30, 2020												Three Months Ended September 30, 2019
									Gain/(Loss)												Gain/(Loss)
			Location of gain/(loss) recognized in income						Recognized in OCI (effective portion)						Reclassified from AOCL to Income						Recognized in OCI (effective portion)						Reclassified from AOCL to Income
Interest rate swaps			Interest expense, net						$	—					$	(2)					$	—					$	(4)
Foreign currency contracts			Net sales and cost of products sold						(3)						8						6						4
Commodity contracts			Cost of products sold						—						—						—						—
Cross-currency swaps			Other expense, net						(47)						—						—						—
Total									$	(50)					$	6					$	6					$	—
									Nine Months Ended September 30, 2020												Nine Months Ended September 30, 2019
									Gain/(Loss)												Gain/(Loss)
			Location of gain/(loss) recognized in income						Recognized in OCI (effective portion)						Reclassified from AOCL to Income						Recognized in OCI (effective portion)						Reclassified from AOCL to Income
Interest rate swaps			Interest expense, net						$	—					$	(5)					$	—					$	(7)
Foreign currency contracts			Net sales and cost of products sold						27						10						1						12
Commodity contracts			Cost of products sold						—						—						—						—
Cross-currency swaps			Other expense, net						(43)						—						—						—
Total									$	(16)					$	5					$	1					$	5

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- References

No definition available.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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=109980867&loc=SL5624163-113959

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