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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
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 |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as effective hedges: |  |  |  |
Cash Flow Hedges |  |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | $ | 2 |  |  | $ | 1 |
Foreign currency contracts | Other accrued liabilities |  | (8) |  |  | (13) |
Fair Value Hedges |  |  |  |  |
Interest rate swaps | Other accrued liabilities |  | (19) |  |  | (15) |
Interest rate swaps | Other noncurrent liabilities |  | (18) |  |  | (4) |
Net Investment Hedges |  |  |  |  |
Cross-currency swaps | Prepaid expenses and other current assets |  | 30 |  |  | 22 |
Cross-currency swaps | Other assets |  | 20 |  |  | 15 |
Cross-currency swaps | Other noncurrent liabilities |  | (83) |  |  | (119) |
Derivatives not designated as effective hedges: |  |  |  |
Foreign currency contracts | Prepaid expenses and other current assets |  | 5 |  |  | 7 |
Foreign currency contracts | Other accrued liabilities |  | (10) |  |  | (14) |
Total |  |  | $ | (81) |  |  | $ | (120) |
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 March 31, 2024 |  | Three Months Ended March 31, 2023
|  |  | 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 |  | 5 |  |  | (3) |  |  | (5) |  |  | 10 |
Cross-currency swaps | Other expense, net |  | 48 |  |  | — |  |  | (21) |  |  | — |
Total |  |  | $ | 53 |  |  | $ | (4) |  |  | $ | (26) |  |  | $ | 9 |

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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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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