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Derivative and Other Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30,Six Months Ended
June 30,
Derivatives in cash flow hedges2024202320242023
Foreign exchange$— $1 $1 $3 
Commodities10 (17)2 (16)
$10 $(16)$3 $(13)
Amount of gain/(loss) reclassified from AOCI into incomeAmount of gain/(loss) reclassified from AOCI into income
Three Months Ended June 30,Six Months Ended
June 30,
Derivatives in cash flow hedges2024202320242023Affected line items in the Statement of Operations
Commodities$(14)$6 $(18)$4 Net sales
Foreign exchange— 1 — 2 Cost of products sold, excluding depreciation and amortization
Commodities8 (11)9 (14)Cost of products sold, excluding depreciation and amortization
(6)(4)(9)(8)Income before taxes and equity in net earnings of affiliates
2 1 3 2 Provision for income taxes
$(4)$(3)$(6)$(6)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 June 30,Six Months Ended June 30,
Derivatives not designated as hedges2024202320242023Affected line item in the Statement of Operations
Foreign exchange$— $(2)$— $(3)Cost of products sold, excluding depreciation and amortization
Foreign exchange2 — 4 4 Foreign exchange
$2 $(2)$4 $1 
Schedule of Derivative Instruments Included in Earnings
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 gain / (loss) recognized in AOCIAmount of gain / (loss) recognized in AOCI
Three Months ended June 30,Six months ended June 30,
Derivatives designated as net investment hedges2024202320242023
Foreign exchange$— $(14)$12 $(19)
Schedule of 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, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
Balance Sheet classificationJune 30,
2024		December 31, 2023Balance Sheet classificationJune 30,
2024		December 31, 2023
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowPrepaid expenses and other current assets$2 $1 Accrued liabilities$3 $2 
Foreign exchange contracts fair valuePrepaid expenses and other current assets4 — Accrued liabilities— 2 
Commodities contracts cash flowPrepaid expenses and other current assets14 13 Accrued liabilities8 13 
Net investment hedgeOther non-current assets63 47 Other non-current liabilities— — 
$83 $61 $11 $17 
Derivatives not designated as hedging instruments
Foreign exchange contractsPrepaid expenses and other current assets$16 $3 Accrued liabilities$6 $3 
Total derivatives$99 $64 $17 $20 
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount
Carrying amount of the hedged assets / liabilities
June 30,
2024		December 31,
2023
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents$1 $2 
Receivables, net10 12 
Accounts payable65 120 
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 June 30, 2024
Derivative assets$99$6$93
Derivative liabilities17611
Balance at December 31, 2023
Derivative assets$64$7$57
Derivative liabilities20713
Schedule of 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, 2024 and December 31, 2023 were:
June 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Foreign exchange$268 $75 
Commodities43 160 
Derivatives designated as fair value hedges:
Foreign exchange122 202 
Derivatives designated as net investment hedges:
Foreign exchange875 875 
Derivatives not designated as hedges:
Foreign exchange326 302