Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	3	$	5
Foreign currency contracts	Other accrued liabilities	(10)		(9)
Fair Value Hedges
Interest rate swaps	Other assets	6		—
Interest rate swaps	Other accrued liabilities	(16)		(14)
Interest rate swaps	Other noncurrent liabilities	(2)		(16)
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	22		28
Cross-currency swaps	Other assets	41		45
Cross-currency swaps	Other noncurrent liabilities	(85)		(75)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	13		19
Foreign currency contracts	Other accrued liabilities	(8)		(10)
Total		$	(36)	$	(27)

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, 2023				Three Months  Ended March 31, 2022
		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)	$	—	$	(2)
Foreign currency contracts	Net sales and cost of products sold	(5)		10		(1)		1
Cross-currency swaps	Other (income) expense, net	(21)		—		4		—
Total		$	(26)	$	9	$	3	$	(1)