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Derivatives and Foreign Currency Operations (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, (in millions):
|  |  | 2023 |  | 2022
| Balance Sheet Location |  | Assets (Liabilities)
Derivatives designated as effective hedges: |  |  |  |  |
Cash Flow Hedges |  |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | $ | 1 |  |  | $ | 5 |
Foreign currency contracts | Other accrued liabilities |  | (13) |  |  | (9) |
Fair Value Hedges |  |  |  |  |
Interest rate swaps | Other accrued liabilities |  | (15) |  |  | (14) |
Interest rate swaps | Other noncurrent liabilities |  | (4) |  |  | (16) |
Net Investment Hedges |  |  |  |  |
Cross-currency swaps | Prepaid expenses and other current assets |  | 22 |  |  | 28 |
Cross-currency swaps | Other assets |  | 15 |  |  | 45 |
Cross-currency swaps | Other noncurrent liabilities |  | (119) |  |  | (75) |
Derivatives not designated as effective hedges: |  |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | 7 |  |  | 19 |
Foreign currency contracts | Other accrued liabilities |  | (14) |  |  | (10) |
Total |  |  | $ | (120) |  |  | $ | (27) |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following table presents pretax gain and (loss) activity for 2023, 2022 and 2021 related to derivative financial instruments designated as effective hedges:
| 2023 |  | 2022 |  | 2021
| Gain (Loss) |  | Gain (Loss) |  | Gain (Loss)
(in millions) | Recognized in OCL (1) |  | Reclassified from AOCL to Income |  | Recognized in OCL (1) |  | Reclassified from AOCL to Income |  | Recognized in OCL (1) |  | Reclassified from AOCL to Income
Interest rate swaps (2) | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | (6) |  |  | $ | — |  |  | $ | (6) |
Foreign currency contracts (3) | (21) |  |  | — |  |  | 24 |  |  | 27 |  |  | 14 |  |  | (17) |
Cross-currency swaps (4) | (80) |  |  | — |  |  | 21 |  |  | — |  |  | 69 |  |  | — |
Total | $ | (101) |  |  | $ | (5) |  |  | $ | 45 |  |  | $ | 21 |  |  | $ | 83 |  |  | $ | (23) |
(1)Represents effective portion recognized in Other Comprehensive Loss (“OCL”). (2)Portion reclassified from AOCL to income recognized in interest expense, net. (3)Portion reclassified from AOCL to income recognized in net sales and cost of products sold. (4)Portion reclassified from AOCL to income recognized in other (income) expense, net.

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