Derivative and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Impact on Accumulated Other Comprehensive Income and Earnings from Changes in Fair Value

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

	Amount of gain / (loss) recognized in AOCI
Derivatives in cash flow hedges	2021		2020
Foreign exchange	$	(5)	$	—
Interest rate	2		(1)
Commodities	74		10
	$	71	$	9
	Amount of gain / (loss) reclassified from AOCI into income
Derivatives in cash flow hedges	2021		2020		Affected line item in the Statement of Operations
Foreign exchange	$	(4)	$	(3)	Net sales
Commodities	(54)		18		Net sales
Foreign exchange	2		(2)		Cost of products sold
Commodities	147		(59)		Cost of products sold
	91		(46)		(Loss) / income from continuing operations before taxes and equity in net earnings of affiliates
	(23)		13		(Benefit from) / provision for income taxes
	68		(33)		Net (loss) / income from continuing operations
Foreign exchange	—		(1)		Net (loss) / income from discontinued operations
Commodities	5		(1)		Net (loss) / income from discontinued operations
Total reclassified	$	73	$	(35)	Net (loss) / income

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	2021		2020		Affected line item in the Statement of Operations
Foreign exchange	$	(3)	$	—	Net sales
Foreign exchange	(1)		(1)		Cost of products sold
Foreign exchange	(29)		30		Foreign exchange
Foreign exchange	—		1		Net (loss) / income from discontinued operations
	$	(33)	$	30

Schedule of Impact on Other Comprehensive Income from Changes in Fair Value

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

	Amount of (loss) / gain recognized in AOCI
Derivatives designated as net investment hedges	2021		2020
Foreign exchange	$	47	$	(48)

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 as of December 31, 2021 and December 31, 2020, respectively. The fair value of these financial instruments were reported under Level 2 of the fair value hierarchy.

	Balance Sheet classification	December 31, 2021		December 31, 2020		Balance Sheet classification	December 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts cash flow	Prepaid expenses and other current assets	$	3	$	5	Accrued liabilities	$	10	$	5
	Current assets held for sale	—		4		Current liabilities held for sale	—		3
	Other non-current assets	—		—		Other non-current liabilities	—		1
Foreign exchange contracts fair value	Prepaid expenses and other current assets	1		2		Accrued liabilities	2		6
Commodities contracts cash flow	Prepaid expenses and other current assets	53		43		Accrued liabilities	17		11
	Current assets held for sale	—		2		Current liabilities held for sale	—		—
	Other non-current assets	2		4		Other non-current liabilities	1		—
Interest rate contracts cash flow	Other non-current assets	—		—		Other non-current liabilities	—		2
Net investment hedge	Other non-current assets	49		7		Other non-current liabilities	—		20
		$	108	$	67		$	30	$	48
Derivatives not designated as hedging instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	3	$	9	Accrued liabilities	$	3	$	4
		$	3	$	9		$	3	$	4
Total derivatives		$	111	$	76		$	33	$	52

Fair Value Hedge Carrying Amounts

	Carrying amount of the hedged assets and liabilities
Line item in the Balance Sheet in which the hedged item is included	December 31, 2021	December 31, 2020
Cash and cash equivalents	38	22
Receivables, net	21	11
Accrued liabilities	116	100

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, 2021
Derivative assets	$	111	$	19	$	92
Derivative liabilities	33		19		14
Balance at December 31, 2020
Derivative assets	$	76	$	11	$	65
Derivative liabilities	52		11		41

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, 2021
Derivative assets	$	111	$	19	$	92
Derivative liabilities	33		19		14
Balance at December 31, 2020
Derivative assets	$	76	$	11	$	65
Derivative liabilities	52		11		41

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 at December 31, 2021 and December 31, 2020 were:

	December 31, 2021		December 31, 2020
Derivatives designated as cash flow hedges:
Foreign exchange	$	241	$	639
Commodities	261		231
Interest rate	—		200
Derivatives designated as fair value hedges:
Foreign exchange	229		183
Derivatives designated as net investment hedges:
Foreign exchange	875		1,075
Derivatives not designated as hedges:
Foreign exchange	617		722