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Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities At Fair Value

The following table sets forth the fair value of the Company’s derivative assets and liabilities at June 30, 2023 and December 31, 2022.

 

 

 

 

 

Fair Value Using Level 2 Inputs

 

 

 

Balance Sheet Location

 

June 30, 2023

 

 

December 31, 2022

 

Asset derivatives:

 

 

 

 

 

 

 

 

Foreign currency forward contracts
designated as a cash flow hedge

 

Accounts and notes receivable, net (Note 8)

 

 

 

 

2

 

Total asset derivatives

 

 

 

$

 

$

2

 

 

 

 

 

 

 

 

 

 

Liability derivatives:

 

 

 

 

 

 

 

 

Foreign currency forward contracts
not designated as a hedging instrument

 

Other accrued liabilities (Note 14)

 

$

 

$

1

 

Foreign currency forward contracts
designated as a cash flow hedge

 

Other accrued liabilities (Note 14)

 

 

3

 

 

 

4

 

Total liability derivatives

 

 

 

$

3

 

$

5

 

Schedule of Pre-tax Charge Fair Value of Financial Instruments

The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three and six months ended June 30, 2023 and 2022.

 

 

 

Gain (Loss) Recognized In

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

Cost of

 

 

Interest

 

 

Other Income

 

 

Comprehensive

 

Three Months Ended June 30,

 

Goods Sold

 

 

Expense, Net

 

 

(Expense), Net

 

 

Loss

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts not designated as a hedging instrument

 

$

 

 

$

 

 

$

(1

)

 

$

 

Foreign currency forward contracts designated as a cash flow hedge

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

Euro-denominated debt designated as a net investment hedge

 

 

 

 

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts not designated as a hedging instrument

 

$

 

 

$

 

 

$

5

 

 

$

 

Foreign currency forward contracts designated as a cash flow hedge

 

 

3

 

 

 

 

 

 

 

 

 

6

 

Interest rate swaps designated as a cash flow hedge

 

 

 

 

 

1

 

 

 

 

 

 

3

 

Euro-denominated debt designated as a net investment hedge

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Recognized In

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

Cost of

 

 

Interest

 

 

Other Income

 

 

Comprehensive

 

Six Months Ended June 30,

 

Goods Sold

 

 

Expense, Net

 

 

(Expense), Net

 

 

Loss

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts not designated as a hedging instrument

 

$

 

 

$

 

 

$

(7

)

 

$

 

Foreign currency forward contracts designated as a cash flow hedge

 

 

7

 

 

 

 

 

 

 

 

 

(3

)

Interest rate swaps designated as a cash flow hedge

 

 

 

 

 

4

 

 

 

 

 

 

 

Euro-denominated debt designated as a net investment hedge

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts not designated as a hedging instrument

 

$

 

 

$

 

 

$

(1

)

 

$

 

Foreign currency forward contracts designated as a cash flow hedge

 

 

6

 

 

 

 

 

 

 

 

 

11

 

Interest rate swaps designated as a cash flow hedge

 

 

 

 

 

 

 

 

 

 

 

7

 

Euro-denominated debt designated as a net investment hedge

 

 

 

 

 

 

 

 

 

 

 

58