Derivatives (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2023		December 31, 2022
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	4	$	5
Foreign currency contracts	Other accrued liabilities	(6)		(9)
Fair Value Hedges
Interest rate swaps	Other accrued liabilities	(23)		(14)
Interest rate swaps	Other noncurrent liabilities	(31)		(16)
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	26		28
Cross-currency swaps	Other assets	50		45
Cross-currency swaps	Other noncurrent liabilities	(62)		(75)
Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	19		19
Foreign currency contracts	Other accrued liabilities	(6)		(10)
Total		$	(29)	$	(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 September 30, 2023				Three Months  Ended September 30, 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	$	—	$	(2)	$	—	$	(2)
Foreign currency contracts	Net sales and cost of products sold	6		(3)		20		9
Cross-currency swaps	Other (income) expense, net	86		—		108		—
Total		$	92	$	(5)	$	128	$	7
		Nine Months  Ended September 30, 2023				Nine Months  Ended September 30, 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	$	—	$	(4)	$	—	$	(5)
Foreign currency contracts	Net sales and cost of products sold	(8)		7		39		15
Cross-currency swaps	Other (income) expense, net	16		—		190		—
Total		$	8	$	3	$	229	$	10