Financial Instruments and Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021, all of which mature in the next twelve months:

	Notional Amount
Long positions	$	401
Short positions	$	396

Cash-Settled Awards

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

	December 31
	2021	2020
Restricted Stock Units (RSUs)	1,451,422	1,878,220
Performance Share Units (PSUs)	2,951,316	—
	4,402,738	1,878,220
Deferred compensation arrangements (a)	—	1,125,605

(a) At December 31, 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:

	December 31
	2021	2020
RSUs	1,451,422	1,878,220
PSUs	2,951,316	—
	4,402,738	1,878,220

Carrying and Estimated Fair Value

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

		December 31
	Balance sheet classification	2021		2020
Other financial instruments in asset positions(a)	Prepayments and other current assets	$	35	$	1

(a) There was a cash premium of $7 million at December 31, 2020 associated with these financial instruments, which is included in “Prepayments and other current assets” in the consolidated balance sheets, and none at December 31, 2021.

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) of derivative and non-derivative instruments designated as hedges:

	Year Ended December 31
	2021		2020		2019
Commodity price hedge contracts designated as cash flow hedges	$	6	$	4	$	1
Foreign currency borrowings designated as net investment hedges	$	—	$	(74)	$	20

Carrying and Estimated Fair Value of Debt Instruments

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

		December 31, 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	$	4,998	$	5,060	$	5,153	$	5,138