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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivatives Outstanding | The following table is a summary of the fair value of derivatives outstanding at March 31, 2021 and December 31, 2020:
| Fair Value
| March 31, 2021 |  | December 31, 2020
| Assets(a) |  | Accrued Liabilities |  | Assets(a) |  | Accrued Liabilities
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |
Currency Contracts | $ | 32 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |
Interest Rate Swaps | $ | — |  |  | $ | 43 |  |  | $ | — |  |  | $ | 57 |
Total Hedges | $ | 32 |  |  | $ | 43 |  |  | $ | 58 |  |  | $ | 57 |
Derivatives Not Designated as Cash Flow Hedges |  |  |  |  |  |  |
Currency Contracts | $ | 10 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Total Derivatives | $ | 42 |  |  | $ | 43 |  |  | $ | 65 |  |  | $ | 57 |
(a) At March 31, 2021 and December 31, 2020, current assets of $42 million and $65 million, respectively, are recorded in prepaid and other current assets on the Condensed Consolidated Balance Sheets.
Schedule of Derivatives Instruments Impact on Statement of Operation | The following table summarizes the impact of the Company's derivatives on the unaudited Condensed Consolidated Statement of Income:
| Amount of Pre-Tax Gain (Loss) Recognized in Earnings |  | Amount of Pre-Tax Gain (Loss) Recognized in Earnings
| Revenue |  | Cost of Goods Sold |  | Other Income (Expense), net |  | Revenue |  | Cost of Goods Sold |  | Other Income (Expense), net
| Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
Derivatives Not Designated as Hedging Instruments
Currency Contracts | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (16) |
Derivatives Designated as Hedging Instruments
Currency Contracts | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | — |
Total Derivatives | $ | — |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | (16) |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 + Details
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