Financial Instruments and Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summarization for Foreign Currency Forward Purchase and Sale Contracts

The following table summarizes by position the notional amounts for foreign currency forward contracts at September 30, 2021, all of which mature in the next twelve months:

	Notional Amount
Long positions	$	291
Short positions	$	(298)

Cash-Settled Awards

The share equivalents outstanding related to deferred compensation and cash-settled share-based awards are as follows:

	September 30, 2021	December 31, 2020
Restricted Stock Units (RSUs)	1,751,649	1,878,220
Performance Share Units (PSUs)	2,995,062	—
	4,746,711	1,878,220
Deferred compensation arrangements(a)	—	1,125,605

(a) As of September 30, 2021, there are no share equivalents outstanding that are based on the Company’s stock price. On a prospective basis, the alternative for employees to invest their deferred compensation into these arrangements no longer exists.

The following table reflects the number of cash-settled share-based units outstanding:

	September 30, 2021	December 31, 2020
RSUs	1,751,649	1,878,220
PSUs	2,995,062	—
	4,746,711	1,878,220

Carrying and Estimated Fair Value

The estimated fair value of these financial instruments is as follows:

	Balance sheet classification	September 30, 2021		December 31, 2020
Other financial instruments in asset positions(a)	Prepayments and other current assets	$	45	$	1

(a) There is a cash premium of $9 million and $7 million at September 30, 2021 and December 31, 2020 associated with one of these financial instruments, which is included in “Prepayments and other current assets” in the condensed consolidated balance sheets.

Schedule of Derivative Instruments

The following table represents the amount of gain (loss) recognized in accumulated other comprehensive income (loss) before any reclassifications into net income (loss) for derivative and non-derivative instruments designated as hedges:

	Three Months Ended    September 30,				Nine Months Ended    September 30,
	2021		2020		2021		2020
Commodity price hedge contracts designated as cash flow hedges	$	—	$	1	$	1	$	3
Foreign currency borrowings designated as a net investment hedge	$	—	$	(38)	$	11	$	(40)

Carrying and Estimated Fair Value of Debt Instruments

The estimated fair value of the Company’s outstanding debt is as follows:

		September 30, 2021				December 31, 2020
	Fair value hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current maturities):
Term loans and senior notes	Level 2	$	5,030	$	5,169	$	5,153	$	5,138