XML 168 R36.htm IDEA: XBRL DOCUMENT v3.22.4
Fair Value Measurements and Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Derivative Instruments
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, 2022 and December 31, 2021:

 AssetsLiabilities
 AccountFair ValueAccountFair Value
Designated derivative instruments
 December 31, 2022December 31, 2021 December 31, 2022December 31, 2021
Interest rate swap contractsOther current assets$— $Other accruals$— $— 
Forward-starting interest rate swapsOther assets— 20 Other liabilities— 21 
Foreign currency contractsOther current assets19 22 Other accruals15 
Commodity contractsOther current assetsOther accruals— — 
Total designated $23 $49  $15 $27 
Other financial instruments      
Marketable securitiesOther current assets175 34    
Total other financial instruments $175 $34    
Schedule of Activity Related to Fair Value Hedges The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:
December 31, 2022December 31, 2021
Long-term debt:  
Carrying amount of hedged item$— $405 
Cumulative hedging adjustment included in the carrying amount$— $
Schedule of Notional Amounts of Outstanding Derivative Positions
The following tables present the notional values as of:
 December 31, 2022
 Foreign
Currency
Contracts
Foreign Currency DebtInterest Rate SwapsForward-Starting Interest Rate SwapsCommodity Contracts 
Total
Fair Value Hedges $609 $— $— $— $— $609 
Cash Flow Hedges 840 — — — 26 866 
Net Investment Hedges138 4,797 — — — 4,935 

 December 31, 2021
 Foreign
Currency
Contracts
Foreign Currency DebtInterest Rate SwapsForward-Starting Interest Rate SwapsCommodity Contracts 
Total
Fair Value Hedges $566 $— $400 $— $— $966 
Cash Flow Hedges 873 — — 700 24 1,597 
Net Investment Hedges173 4,600 — — — 4,773 
Schedule of Derivative Instruments, Gain (Loss) The following table presents the location and amount of gains (losses) on hedges recognized on the Company’s Consolidated Statements of Income:
Twelve Months Ended December 31,
 20222021
Cost of sales Selling, general and administrative expensesInterest (income) expense, netCost of salesSelling, general and administrative expensesInterest (income) expense, net
Gain (loss) on hedges recognized in income:
Interest rate swaps designated as fair value hedges:
Derivative instrument$— $— $(5)$— $— $
Hedged items— — — — (8)
Foreign currency contracts designated as fair value hedges:
Derivative instrument— 44 — — — 
Hedged items— (44)— — (6)— 
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI13 — — (12)— — 
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI— — — — 
Forward-starting interest rate swaps designated as cash flow hedges:
Amount reclassified from OCI— — — — — 
Total gain (loss) on hedges recognized in income$18 $— $$(7)$— $— 
Schedule Of Cash Flow And Net Investment Hedges Included In Accumulated Other Comprehensive Income (Loss) The following table presents the location and amount of gains (losses) on hedges included in OCI:
 Twelve Months Ended
December 31,
20222021
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI$$16 
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI82 (6)
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments(5)30 
Gain (loss) on hedged items(30)
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments218 370 
Gain (loss) on hedged items(218)(370)
Total gain (loss) on hedges recognized in OCI$100 $13