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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2022
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):
|  |  | Fair Value of Derivatives
|  |  | Assets (Liabilities)
| Balance Sheet Location |  | June 30, 2022 |  | December 31, 2021
Derivatives designated as effective hedges: |  |  |  |
Cash Flow Hedges |  |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | $ | 14 |  |  | $ | 12 |
Foreign currency contracts | Other accrued liabilities |  | (2) |  |  | (2) |
Fair Value Hedges |  |  |  |  |
Interest rate swaps | Other assets |  | — |  |  | 3 |
Interest rate swaps | Other accrued liabilities |  | (2) |  |  | — |
Net Investment Hedges |  |  |  |  |
Cross-currency swaps | Prepaid expenses and other current assets |  | 17 |  |  | 18 |
Cross-currency swaps | Other assets |  | 42 |  |  | — |
Cross-currency swaps | Other noncurrent liabilities |  | — |  |  | (41) |
Derivatives not designated as effective hedges: |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | 21 |  |  | 7 |
Foreign currency contracts | Other accrued liabilities |  | (26) |  |  | (14) |
Total |  |  | $ | 64 |  |  | $ | (17) |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following table presents gain and (loss) activity (on a pretax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):
|  |  | Three Months Ended June 30, 2022 |  | Three Months Ended June 30, 2021
|  |  | 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 |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |
Foreign currency contracts | Net sales and cost of products sold |  | 20 |  |  | 5 |  |  | (3) |  |  | (6) |
Cross-currency swaps | Other (income) expense, net |  | 78 |  |  | — |  |  | (8) |  |  | — |
Total |  |  | $ | 98 |  |  | $ | 4 |  |  | $ | (11) |  |  | $ | (7) |
|  |  | Six Months Ended June 30, 2022 |  | Six Months Ended June 30, 2021
|  |  | 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 |  | $ | — |  |  | $ | (3) |  |  | $ | — |  |  | $ | (3) |
Foreign currency contracts | Net sales and cost of products sold |  | 19 |  |  | 6 |  |  | — |  |  | (8) |
Cross-currency swaps | Other (income) expense, net |  | 82 |  |  | — |  |  | 28 |  |  | — |
Total |  |  | $ | 101 |  |  | $ | 3 |  |  | $ | 28 |  |  | $ | (11) |

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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