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Derivative and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 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 OCIAmount of gain/(loss) recognized in OCI
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2022202120222021
Foreign exchange$1 $2 $(4)$1 
Interest Rate— — — 2 
Commodities(24)21 (40)76 
$(23)$23 $(44)$79 
Amount of gain/(loss) reclassified from AOCI into incomeAmount of gain/(loss) reclassified from AOCI into income
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2022202120222021Affected line items in the Statement of Operations
Foreign exchange$(1)$2 $(7)$1 Net sales
Commodities6 $(15)(8)(35)Net sales
Foreign exchange2 — 1 — Cost of products sold, excluding depreciation and amortization
Commodities(9)45 39 100 Cost of products sold, excluding depreciation and amortization
(2)32 25 66 Income from continuing operations before taxes and equity in net earnings of affiliates
1 (7)(6)(16)Provision for income taxes
(1)25 19 50 Net income from continuing operations
Commodities— 4 — 5 Net loss from discontinued operations
Total reclassified$(1)$29 $19 $55 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 derivativePre-tax amounts of gain/(loss) recognized in income on derivative
Three Months Ended September 30,Nine Months Ended September 30,
Derivatives not designated as hedges2022202120222021Affected line item in the Statement of Operations
Foreign exchange$— $— $(3)$(1)Net sales
Foreign exchange5 — 9 — Cost of products sold
Foreign exchange(12)(7)(26)(18)Foreign exchange
$(7)$(7)$(20)$(19)
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 AOCIAmount of gain / (loss) recognized in AOCI
Three Months ended September 30,Nine months ended September 30,
Derivatives designated as net investment hedges2022202120222021
Foreign exchange$36 $16 $75 $42 
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 September 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 classificationSeptember 30, 2022December 31, 2021Balance Sheet classificationSeptember 30, 2022December 31, 2021
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowPrepaid expenses and other current assets$8 $3 Accrued liabilities$3 $10 
Foreign exchange contracts fair valuePrepaid expenses and other current assets6 1 Accrued liabilities4 2 
Commodities contracts cash flowPrepaid expenses and other current assets16 53 Accrued liabilities54 17 
Other non-current assets2 2 Other non-current liabilities5 1 
Net investment hedgeOther non-current assets147 49 Other non-current liabilities— — 
$179 $108 $66 $30 
Derivatives not designated as hedging instruments
Foreign exchange contractsPrepaid expenses and other current assets$17 $3 Accrued liabilities$22 $3 
$17 $3 $22 $3 
Total derivatives$196 $111 $88 $33 
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount
Carrying amount of the hedged assets / liabilities
September 30,
2022		December 31,
2021
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents$26 $38 
Receivables, net15 21 
Accounts payable122 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 SheetGross amounts not offset in the Balance SheetNet amount
Balance at September 30, 2022
Derivative assets$196$18$178
Derivative liabilities881870
Balance at December 31, 2021
Derivative assets1111992
Derivative liabilities331914
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 September 30, 2022 and December 31, 2021 were:

September 30, 2022December 31, 2021
Derivatives designated as cash flow hedges:
Foreign exchange$219 $241 
Commodities311 261 
Derivatives designated as fair value hedges:
Foreign exchange222 229 
Derivatives designated as net investment hedges:
Foreign exchange875 875 
Derivatives not designated as hedges:
Foreign exchange567 617