Derivative and Other Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

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 of derivative instruments.

	Amount of gain/(loss) recognized in OCI				Amount of gain/(loss) recognized in OCI
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in cash flow hedges	2022		2021		2022		2021
Foreign exchange	$	—	$	—	$	(5)	$	(1)
Interest Rate	—		1		—		2
Commodities	(66)		30		(16)		55
	$	(66)	$	31	$	(21)	$	56
	Amount of gain/(loss) reclassified from AOCI into income				Amount of gain/(loss) reclassified from AOCI into income
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in cash flow hedges	2022		2021		2022		2021		Affected line items in the Statement of Operations
Foreign exchange	$	(1)	$	—	$	(6)	$	(1)	Net sales
Commodities	(3)		$	(16)	(14)		(20)		Net sales
Foreign exchange	—		—		(1)		—		Cost of products sold, excluding depreciation and amortization
Commodities	22		36		48		55		Cost of products sold, excluding depreciation and amortization
	18		20		27		34		Income from continuing operations before taxes and equity in net earnings of affiliates
	(4)		(5)		(7)		(9)		Provision for income taxes
	14		15		20		25		Net income from continuing operations
Foreign exchange	—		(1)		—		—		Net income / (loss) from discontinued operations
Commodities	—		1		—		1		Net income / (loss) from discontinued operations
Total reclassified	$	14	$	15	$	20	$	26	Net income

Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments

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

	Pre-tax amounts of gain/(loss) recognized in income on derivative				Pre-tax amounts of gain/(loss) recognized in income on derivative
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedges	2022		2021		2022		2021		Affected line item in the Statement of Operations
Foreign exchange	$	1	$	—	$	(3)	$	(1)	Net sales
Foreign exchange	3		(1)		4		—		Cost of products sold
Foreign exchange	(4)		2		(14)		(11)		Foreign exchange
	$	—	$	1	$	(13)	$	(12)

Schedule of Derivative Instruments Included in Earnings

The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.

	Amount of gain / (loss) recognized in AOCI				Amount of gain / (loss) recognized in AOCI
	Three Months ended June 30,				Six months ended June 30,
Derivatives designated as net investment hedges	2022		2021		2022		2021
Foreign exchange	$	37	$	4	$	39	$	26

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

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 June 30, 2022 and December 31, 2021, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.

	Balance Sheet classification	June 30, 2022		December 31, 2021		Balance Sheet classification	June 30, 2022		December 31, 2021
Derivatives designated as hedging instruments
Foreign exchange contracts cash flow	Prepaid expenses and other current assets	$	4	$	3	Accrued liabilities	$	2	$	10
Foreign exchange contracts fair value	Prepaid expenses and other current assets	7		1		Accrued liabilities	4		2
Commodities contracts cash flow	Prepaid expenses and other current assets	24		53		Accrued liabilities	38		17
	Other non-current assets	2		2		Other non-current liabilities	7		1
Net investment hedge	Other non-current assets	99		49		Other non-current liabilities	—		—
		$	136	$	108		$	51	$	30
Derivatives not designated as hedging instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	10	$	3	Accrued liabilities	$	13	$	3
		$	10	$	3		$	13	$	3
Total derivatives		$	146	$	111		$	64	$	33

Schedule of Derivative Instruments Fair Value Hedge Carrying Amount

	Carrying amount of the hedged assets / liabilities
	June 30, 2022		December 31, 2021
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents	$	38	$	38
Receivables, net	11		21
Accounts payable	115		116

Schedule of Offsetting Derivative Assets and 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 June 30, 2022
Derivative assets	$146	$20	$126
Derivative liabilities	64	20	44
Balance at December 31, 2021
Derivative assets	111	19	92
Derivative liabilities	33	19	14

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at June 30, 2022 and December 31, 2021 were:

	June 30, 2022		December 31, 2021
Derivatives designated as cash flow hedges:
Foreign exchange	$	231	$	241
Commodities	328		261
Derivatives designated as fair value hedges:
Foreign exchange	234		229
Derivatives designated as net investment hedges:
Foreign exchange	875		875
Derivatives not designated as hedges:
Foreign exchange	590		617