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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and December 31, 2020:


	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Interest rate swap contracts	Other current assets	$	5	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		14		Other liabilities	—		—

Forward-starting interest rate swaps	Other assets	20		5		Other liabilities	21		—
Foreign currency contracts	Other current assets	22		7		Other accruals	6		93

Commodity contracts	Other current assets	2		3		Other accruals	—		—
Total designated		$	49	$	29		$	27	$	93







Other financial instruments
Marketable securities	Other current assets	34		37
Total other financial instruments		$	34	$	37

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, 2021		December 31, 2020
Long-term debt:
Carrying amount of hedged item	$	405	$	413
Cumulative hedging adjustment included in the carrying amount	$	5	$	14

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the notional values as of:


	December 31, 2021
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	566	$	—	$	400	$	—	$	—	$	966
Cash Flow Hedges	873		—		—		700		24		1,597
Net Investment Hedges	173		4,600		—		—		—		4,773


	December 31, 2020
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	589	$	—	$	400	$	—	$	—	$	989
Cash Flow Hedges	854		—		—		300		17		1,171
Net Investment Hedges	528		4,523		—		—		—		5,051

Derivative Instruments, Gain (Loss)

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


	Twelve Months Ended December 31,
	2021						2020
	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	$	—	$	—	$	8	$	—	$	—	$	(10)
Hedged items	—		—		(8)		—		—		10
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		6		—		—		29		—
Hedged items	—		(6)		—		—		(29)		—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	(12)		—		—		1		—		—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	5		—		—		(1)		—		—
Total gain (loss) on hedges recognized in income	$	(7)	$	—	$	—	$	—	$	—	$	—

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) on hedges included in OCI:


	Twelve Months Ended
	December 31,
	2021		2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	$	16	$	(11)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI	(6)		5
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	3		3
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	30		(52)
Gain (loss) on hedged items	(30)		52
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	370		(356)
Gain (loss) on hedged items	(370)		356
Total unrealized gain (loss) on hedges recognized in OCI	$	13	$	(3)