Financial Instruments and Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, all of which mature in the next twelve months:

	Notional Amount
Long positions	$	323
Short positions	$	(340)

Cash-Settled Awards

The share equivalents outstanding related to cash-settled share-based awards are as follows:

	September 30, 2022	December 31, 2021
Restricted Stock Units (RSUs)	1,188,372	1,451,422
Performance Share Units (PSUs)	4,376,689	2,951,316
	5,565,061	4,402,738

The following table reflects the number of cash-settled share-based units outstanding:

	September 30, 2022	December 31, 2021
RSUs	1,188,372	1,451,422
PSUs	4,376,689	2,951,316
	5,565,061	4,402,738

The following table reflects the cash-settled share-based liabilities:

	September 30, 2022		December 31, 2021
Cash-settled share-based RSU liability	$	15	$	6
Cash-settled share-based PSU liability	36		10
	$	51	$	16

Carrying and Estimated Fair Value

The estimated fair value of these financial instruments is as follows:

	Balance sheet classification	September 30, 2022		December 31, 2021
Other financial instruments in asset positions(a)(b)	Prepayments and other current assets	$	—	$	35
Other financial instruments in liability positions(b)	Accrued expenses and other current liabilities	$	2	$	—

(a) The financial instruments as of December 31, 2021 primarily used the Company’s stock price as an observable input (level 2) in determining fair value.

(b) There is a cash premium of $4 million at September 30, 2022 associated with one of these financial instruments, which is included in “Prepayments and other current assets” in the condensed consolidated balance sheets, and none at December 31, 2021.

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Commodity price hedge contracts designated as cash flow hedges	$	(6)	$	—	$	(13)	$	1
Foreign currency borrowings designated as a net investment hedge	$	—	$	—	$	—	$	11

Carrying and Estimated Fair Value of Debt Instruments

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

		September 30, 2022				December 31, 2021
	Fair value hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current maturities):
Term loans and senior notes	Level 2	$	4,873	$	4,888	$	4,998	$	5,060