Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value of Derivative Instruments and Other Financial 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 Condensed Consolidated Balance Sheets at March 31, 2023 and December 31, 2022:


	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022




Foreign currency contracts	Other current assets	$	19	$	19	Other accruals	$	18	$	15

Commodity contracts	Other current assets	—		4		Other accruals	—		—
Total designated		$	19	$	23		$	18	$	15

Other financial instruments
Marketable securities	Other current assets	$	276	$	175
Total other financial instruments		$	276	$	175

Schedule of Notional Values

The following tables present the notional values as of:


	March 31, 2023
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,101	$	—	$	—	$	1,101
Cash Flow Hedges	875		—		49		924
Net Investment Hedges	262		3,979		—		4,241


	December 31, 2022
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	609	$	—	$	—	$	609
Cash Flow Hedges	840		—		26		866
Net Investment Hedges	138		4,797		—		4,935

Schedule of Gains (Losses) Recognized in Statements of Income

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


	Three Months Ended March 31,
	2023						2022
	Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net		Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net
Interest rate swaps designated as fair value hedges:
Derivative instrument	$	—	$	—	$	—	$	—	$	—	$	4
Hedged items	—		—		—		—		—		(4)
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		5		—		—		2		—
Hedged items	—		(5)		—		—		(2)		—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	4		—		—		2		—		—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	3		—		—		3		—		—
Forward-starting interest rate swaps designated as cash flow hedges:
Amount reclassified from OCI	—		—		2		—		—		—
Total gain (loss) on hedges recognized in income	$	7	$	—	$	2	$	5	$	—	$	—

Schedule of Gains (Losses) Included in Other Comprehensive Income

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


	Three Months Ended
	March 31,
	2023		2022
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	$	(1)	$	(6)

Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI	19		57

Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	(1)		7
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	(8)		(6)
Gain (loss) on hedged items	8		6
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	(73)		64
Gain (loss) on hedged items	73		(64)
Total unrealized gain (loss) on hedges recognized in OCI	$	17	$	58