Derivative and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments

The following tables set forth financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges.

	Amount of gain/(loss) recognized in OCI
Derivatives designated as net investment hedges	2019		2018
Foreign exchange	$	26	$	11

The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges.

	Amount of gain/(loss)
	recognized in AOCI
Derivatives designated as cash flow hedges	2019			2018
Foreign exchange	$	(8	)	$	(3	)
Interest rate	(1		)	—
Commodities	(13		)	(32		)
	$	(22	)	$	(35	)
	Amount of gain/
	(loss) reclassified from
	AOCI into income
Derivatives designated as cash flow hedges	2019			2018			Affected line item in the
							Statement of Operations
Foreign exchange	$	(4	)	$	(11	)	Net sales
Commodities	14			(5		)	Net sales
Foreign exchange	(1		)	6			Cost of products sold
Commodities	(52		)	31			Cost of products sold
	(43		)	21			Income before taxes
	11			(6		)	Provision for income taxes
	$	(32	)	$	15		Net Income

Schedule of Impact on Earnings from Derivatives Not Designated as Hedges

The following table sets forth the impact on earnings from derivatives not designated as hedges.

	Pre-tax amount of gain/(loss) recognized in earnings
Derivatives not designated as hedges	2019			2018			Affected line item in the Statement of Operations
Foreign exchange	$	(3	)	$	4		Net sales
Foreign exchange	3			(6		)	Cost of products sold
Foreign exchange	(26		)	(26		)	Foreign exchange
	$	(26	)	$	(28	)

Fair Value of Financial Assets and Liabilities on Recurring Basis

The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.

	Balance Sheet classification	December 31, 2019		December 31, 2018		Balance Sheet classification	December 31, 2019		December 31, 2018
Derivatives designated as hedging instruments
Foreign exchange contracts cash flow	Other current assets	$	10	$	6	Accrued liabilities	$	15	$	5
	Other non-current assets	1		3		Other non-current liabilities	1		1
Foreign exchange contracts fair value	Other current assets	1		1		Accrued liabilities	3		1
Commodities contracts cash flow	Other current assets	11		16		Accrued liabilities	21		42
	Other non-current assets	—		2		Other non-current liabilities	—		6
Interest rate contracts cash flow	Other non-current assets	—		—		Other non-current liabilities	1		—
Net investment hedge	Other non-current assets	51		15		Other non-current liabilities	2		—
		$	74	$	43		$	43	$	55
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets	$	7	$	4	Accrued liabilities	$	5	$	4
	Other non-current assets	2		—		Other non-current liabilities	1		—
		$	9	$	4		$	6	$	4
Total derivatives		$	83	$	47		$	49	$	59

Schedule of Fair Value Hedge Carrying Amounts

Fair Value Hedge Carrying Amounts

	Carrying amount of the hedged assets/(liabilities)
Line item in the Balance Sheet in which the hedged item is included	December 31, 2019		December 31, 2018
Receivables, net	12		15
Accrued liabilities	(83	)	(13	)

Offsetting Assets

In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.

	Gross amounts recognized in the Balance Sheet		Gross amounts not offset in the Balance Sheet		Net amount
Balance at December 31, 2019
Derivative assets	$	83	$	16	$	67
Derivative liabilities	49		16		33
Balance at December 31, 2018
Derivative assets	$	47	$	19	$	28
Derivative liabilities	59		19		40

Offsetting Liabilities

In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.

	Gross amounts recognized in the Balance Sheet		Gross amounts not offset in the Balance Sheet		Net amount
Balance at December 31, 2019
Derivative assets	$	83	$	16	$	67
Derivative liabilities	49		16		33
Balance at December 31, 2018
Derivative assets	$	47	$	19	$	28
Derivative liabilities	59		19		40

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were:

	December 31, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Foreign exchange	$	1,030	$	820
Commodities	334		428
Interest rate	200		—
Derivatives designated as fair value hedges:
Foreign exchange	142		74
Derivatives designated as net investment hedges:
Foreign exchange	1,075		875
Derivatives not designated as hedges:
Foreign exchange	1,017		796