Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments at the dates indicated (in millions):

		Fair Value of Derivatives
		Assets (Liabilities)
	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	3	$	1
Foreign currency contracts	Other accrued liabilities	(11)		(19)
Fair Value Hedges
Interest rate swaps	Other assets	5		7
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	7		10
Cross-currency swaps	Other noncurrent liabilities	(63)		(102)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	13		10
Foreign currency contracts	Other accrued liabilities	(5)		(17)
Total		$	(51)	$	(110)

Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges

The following table presents gain and (loss) activity (on a pre-tax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):

		Three Months  Ended March 31, 2021				Three Months  Ended March 31, 2020
		Gain/(Loss)				Gain/(Loss)
	Location of gain/(loss) recognized in income	Recognized in OCI (effective portion)		Reclassified from AOCL to Income		Recognized in OCI (effective portion)		Reclassified from AOCL to Income
Interest rate swaps	Interest expense, net	$	—	$	(2)	$	—	$	(2)
Foreign currency contracts	Net sales and cost of products sold	3		(2)		35		1
Cross-currency swaps	Other (income) expense, net	36		—		21		—
Total		$	39	$	(4)	$	56	$	(1)