Financial Instruments and Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summarization for Foreign Currency Forward Purchase and Sale Contracts

The following table summarizes by position the notional amounts for foreign currency forward contracts at June 30, 2021, all of which mature in the next twelve months:

	Notional Amount
Long positions	$	277
Short positions	$	(282)

Cash-Settled Awards

As of June 30, 2021 and December 31, 2020, the share equivalents outstanding related to cash-settled share-based awards are as follows:

	June 30, 2021	December 31, 2020
Restricted Stock Units (RSUs)	1,758,443	1,878,220
Performance Share Units (PSUs)	2,990,493	—
	4,748,936	1,878,220
Deferred compensation arrangements	1,584,039	1,125,605

The following table reflects the outstanding cash-settled share-based awards as of June 30, 2021, and December 31, 2020:

	June 30, 2021	December 31, 2020
RSUs	1,758,443	1,878,220
PSUs	2,990,493	—
	4,748,936	1,878,220

Carrying and Estimated Fair Value

The estimated fair value of these financial instruments at June 30, 2021 and December 31, 2020 is as follows:

	Balance sheet classification	June 30, 2021		December 31, 2020
Other financial instruments in asset positions	Prepayments and other current assets	$	29	$	1
Other financial instruments in liability positions (a)	Accrued expenses and other current liabilities	$	3	$	—

(a) There is cash collateral of $15 million and $7 million at June 30, 2021 and December 31, 2020 associated with this instrument, which is included in “Prepayments and other current assets” in the condensed consolidated balance sheets.

Schedule of Derivative Instruments

The following table represents the amount of gain (loss) recognized in accumulated other comprehensive income (loss) before any reclassifications into net income (loss) for derivative and non-derivative instruments designated as hedges for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Commodity price hedge contracts designated as cash flow hedges	$	(1)	$	5	$	1	$	2
Foreign currency borrowings designated as a net investment hedge	$	—	$	(16)	$	11	$	(2)

Carrying and Estimated Fair Value of Debt Instruments

The estimated fair value of the Company’s outstanding debt is as follows:

		June 30, 2021				December 31, 2020
	Fair value hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current maturities):
Term loans and senior notes	Level 2	$	5,061	$	5,213	$	5,153	$	5,138