v3.24.1.u1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
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 LocationMarch 31, 2024December 31, 2023
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contractsPrepaid expenses and other current assets$2 $1 
Foreign currency contractsOther accrued liabilities(8)(13)
Fair Value Hedges
Interest rate swapsOther accrued liabilities(19)(15)
Interest rate swapsOther noncurrent liabilities(18)(4)
Net Investment Hedges
Cross-currency swapsPrepaid expenses and other current assets30 22 
Cross-currency swapsOther assets20 15 
Cross-currency swapsOther noncurrent liabilities(83)(119)
Derivatives not designated as effective hedges:
Foreign currency contractsPrepaid expenses and other current assets5 7 
Foreign currency contractsOther accrued liabilities(10)(14)
Total$(81)$(120)
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, 2024		Three Months
 Ended
March 31, 2023
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 sold5 (3)(5)10 
Cross-currency swaps
Other expense, net48 — (21)— 
Total$53 $(4)$(26)$9