Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018:



	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		December 31, 2019		December 31, 2018			December 31, 2019		December 31, 2018
Interest rate swap contracts	Other current assets	$	—	$	—	Other accruals	$	—	$	1
Interest rate swap contracts	Other assets	4		—		Other liabilities	—		8
Foreign currency contracts	Other current assets	6		20		Other accruals	15		8
Foreign currency contracts	Other assets	—		—		Other liabilities	14		21
Commodity contracts	Other current assets	—		—		Other accruals	—		—
Total designated		$	10	$	20		$	29	$	38

Other financial instruments
Marketable securities	Other current assets	23		10
Total other financial instruments		$	23	$	10

Activity related to fair value hedges

The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:



	December 31, 2019		December 31, 2018
Long-term debt:
Carrying amount of hedged item	$	403	$	888
Cumulative hedging adjustment included in the carrying amount	$	4	$	(10	)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the notional values as of:



	December 31, 2019
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	388	$	—	$	400	$	—	$	788
Cash Flow Hedges	$	761	$	—	$	—	$	20	$	781
Net Investment Hedges	$	478	$	3,856	$	—	$	—	$	4,334



	December 31, 2018
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	327	$	—	$	900	$	—	$	1,227
Cash Flow Hedges	$	782	$	—	$	—	$	14	$	796
Net Investment Hedges	$	482	$	1,396	$	—	$	—	$	1,878

Derivative Instruments, Gain (Loss)

The following table presents the location and amount of gains (losses) recognized on the Company’s Consolidated Statements of Income:



	Twelve Months Ended December 31,
	2019								2018
	Cost of sales		Selling, general and administrative expenses			Interest (income) expense, net			Cost of sales			Selling, general and administrative expenses			Interest (income) expense, net
Gain (loss) on hedges recognized in income:
Interest rate swaps designated as fair value hedges:
Derivative instrument	$	—	$	—		$	(11	)	$	—		$	—		$	(2	)
Hedged items	—		—			11			—			—			2
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		10			—			—			(1		)	—
Hedged items	—		(10		)	—			—			1			—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	5		—			—			(4		)	—			—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	1		—			—			1			—			—
Total gain (loss) on hedges recognized in income	$	6	$	—		$	—		$	(3	)	$	—		$	—

Schedule Of Cash Flow And Net Investment Hedges Included In Accumulated Other Comprehensive Income (Loss)

The following table presents the location and amount of unrealized gains (losses) included in OCI:



	Twelve Months Ended
	December 31,
	2019			2018
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	(9		)	10
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	—			—
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	4			33
Gain (loss) on hedged items	(4		)	(33		)
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	12			93
Gain (loss) on hedged items	(12		)	(93		)
Total unrealized gain (loss) on hedges recognized in OCI	$	(9	)	$	10