Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	10	$	12
Foreign currency contracts	Other accrued liabilities	(6)		(2)
Fair Value Hedges
Interest rate swaps	Other assets	—		3
Interest rate swaps	Other accrued liabilities	(1)		—
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	15		18
Cross-currency swaps	Other noncurrent liabilities	(34)		(41)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	16		7
Foreign currency contracts	Other accrued liabilities	(21)		(14)
Total		$	(21)	$	(17)

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 pretax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):

		Three Months  Ended March 31, 2022				Three Months  Ended March 31, 2021
		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	(1)		1		3		(2)
Cross-currency swaps	Other income, net	4		—		36		—
Total		$	3	$	(1)	$	39	$	(4)