Derivatives (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2022		December 31, 2021
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	14	$	12
Foreign currency contracts	Other accrued liabilities	(2)		(2)
Fair Value Hedges
Interest rate swaps	Other assets	—		3
Interest rate swaps	Other accrued liabilities	(2)		—
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	17		18
Cross-currency swaps	Other assets	42		—
Cross-currency swaps	Other noncurrent liabilities	—		(41)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	21		7
Foreign currency contracts	Other accrued liabilities	(26)		(14)
Total		$	64	$	(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 June 30, 2022				Three Months  Ended June 30, 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	$	—	$	(1)	$	—	$	(1)
Foreign currency contracts	Net sales and cost of products sold	20		5		(3)		(6)
Cross-currency swaps	Other (income) expense, net	78		—		(8)		—
Total		$	98	$	4	$	(11)	$	(7)
		Six Months  Ended June 30, 2022				Six Months  Ended June 30, 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	$	—	$	(3)	$	—	$	(3)
Foreign currency contracts	Net sales and cost of products sold	19		6		—		(8)
Cross-currency swaps	Other (income) expense, net	82		—		28		—
Total		$	101	$	3	$	28	$	(11)