Derivatives (Tables)

9 Months Ended

Sep. 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	September 30, 2022		December 31, 2021
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	20	$	12
Foreign currency contracts	Other accrued liabilities	(2)		(2)
Fair Value Hedges
Interest rate swaps	Other assets	—		3
Interest rate swaps	Other accrued liabilities	(11)		—
Interest rate swaps	Other noncurrent liabilities	(23)		—
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	37		18
Cross-currency swaps	Other assets	130		—
Cross-currency swaps	Other noncurrent liabilities	—		(41)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	50		7
Foreign currency contracts	Other accrued liabilities	(28)		(14)
Total		$	173	$	(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 September 30, 2022				Three Months  Ended September 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	$	—	$	(2)	$	—	$	(1)
Foreign currency contracts	Net sales and cost of products sold	20		9		11		(7)
Cross-currency swaps	Other (income) expense, net	108		—		25		—
Total		$	128	$	7	$	36	$	(8)
		Nine Months  Ended September 30, 2022				Nine Months  Ended September 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	$	—	$	(5)	$	—	$	(4)
Foreign currency contracts	Net sales and cost of products sold	39		15		11		(15)
Cross-currency swaps	Other (income) expense, net	190		—		53		—
Total		$	229	$	10	$	64	$	(19)