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Derivatives (Tables)

6 Months Ended

Jun. 30, 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						June 30, 2024						December 31, 2023
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts			Prepaid expenses and other current assets						$	3					$	1
Foreign currency contracts			Other accrued liabilities						(2)						(13)
Fair Value Hedges
Interest rate swaps			Other accrued liabilities						(16)						(15)
Interest rate swaps			Other noncurrent liabilities						(23)						(4)
Net Investment Hedges
Cross-currency swaps			Prepaid expenses and other current assets						32						22
Cross-currency swaps			Other assets						25						15
Cross-currency swaps			Other noncurrent liabilities						(73)						(119)
Derivatives not designated as effective hedges:
Foreign currency contracts			Prepaid expenses and other current assets						11						7
Foreign currency contracts			Other accrued liabilities						(2)						(14)
Total									$	(45)					$	(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 June 30, 2024												Three Months  Ended June 30, 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						$	—					$	(2)					$	—					$	(1)
Foreign currency contracts			Net sales and cost of products sold						5						(3)						(9)						—
Cross-currency swaps			Other expense, net						18						—						(49)						—
Total									$	23					$	(5)					$	(58)					$	(1)
									Six Months  Ended June 30, 2024												Six Months  Ended June 30, 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						$	—					$	(3)					$	—					$	(2)
Foreign currency contracts			Net sales and cost of products sold						10						(6)						(14)						10
Cross-currency swaps			Other expense, net						66						—						(70)						—
Total									$	76					$	(9)					$	(84)					$	8

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

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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

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