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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 |  | December 31, 2022
Derivatives designated as effective hedges: |  |  |  |
Cash Flow Hedges |  |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | $ | 2 |  |  | $ | 5 |
Foreign currency contracts | Other accrued liabilities |  | (16) |  |  | (9) |
Fair Value Hedges |  |  |  |  |
Interest rate swaps | Other accrued liabilities |  | (18) |  |  | (14) |
Interest rate swaps | Other noncurrent liabilities |  | (18) |  |  | (16) |
Net Investment Hedges |  |  |  |  |
Cross-currency swaps | Prepaid expenses and other current assets |  | 23 |  |  | 28 |
Cross-currency swaps | Other assets |  | 26 |  |  | 45 |
Cross-currency swaps | Other noncurrent liabilities |  | (121) |  |  | (75) |
Derivatives not designated as effective hedges: |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | 7 |  |  | 19 |
Foreign currency contracts | Other accrued liabilities |  | (9) |  |  | (10) |
Total |  |  | $ | (124) |  |  | $ | (27) |
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, 2023 |  | Three Months Ended June 30, 2022
|  |  | 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 |  | (9) |  |  | — |  |  | 20 |  |  | 5 |
Cross-currency swaps | Other (income) expense, net |  | (49) |  |  | — |  |  | 78 |  |  | — |
Total |  |  | $ | (58) |  |  | $ | (1) |  |  | $ | 98 |  |  | $ | 4 |
|  |  | Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
|  |  | 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) |  |  | $ | — |  |  | $ | (3) |
Foreign currency contracts | Net sales and cost of products sold |  | (14) |  |  | 10 |  |  | 19 |  |  | 6 |
Cross-currency swaps | Other (income) expense, net |  | (70) |  |  | — |  |  | 82 |  |  | — |
Total |  |  | $ | (84) |  |  | $ | 8 |  |  | $ | 101 |  |  | $ | 3 |

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