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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Classification and Fair Value of Derivative Instruments | The following table summarizes the classification and fair values of derivative instruments on our Condensed Consolidated Balance Sheets:
|  | September 30, 2021
|  | Derivative Assets |  | Derivative Liabilities
(in millions) |  | Classification |  | Fair Value |  | Classification |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | $ | 50 |  |  | Accrued and other current liabilities |  | $ | (8) |
Foreign currency exchange contracts |  | Other long-term assets |  | 5 |  |  | Other long-term obligations |  | — |
Total derivatives designated as hedges |  |  |  | 55 |  |  |  |  | (8) |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | — |  |  | Accrued and other current liabilities |  | — |
Total derivatives not designated as hedges |  |  |  | — |  |  |  |  | — |
Total derivatives |  |  |  | $ | 55 |  |  |  |  | $ | (8) |
|  | December 31, 2020
|  | Derivative Assets |  | Derivative Liabilities
(in millions) |  | Classification |  | Fair Value |  | Classification |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | $ | — |  |  | Accrued and other current liabilities |  | $ | (113) |
Foreign currency exchange contracts |  | Other long-term assets |  | — |  |  | Other long-term obligations |  | (7) |
Total derivatives designated as hedges |  |  |  | — |  |  |  |  | (120) |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | 12 |  |  | Accrued and other current liabilities |  | (1) |
Total derivatives not designated as hedges |  |  |  | 12 |  |  |  |  | (1) |
Total derivatives |  |  |  | $ | 12 |  |  |  |  | $ | (121) |
Summary of Effect of Foreign Currency Exchange Contracts | The following table summarizes the effect of our foreign currency exchange contracts on our Condensed Consolidated Financial Statements:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Gains (losses) recognized in AOCI |  | $ | 42 |  |  | $ | (52) |  |  | $ | 104 |  |  | $ | (28) |
Gains (losses) reclassified from AOCI into product sales |  | $ | (21) |  |  | $ | 12 |  |  | $ | (69) |  |  | $ | 57 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Gains (losses) recognized in Other income (expense), net |  | $ | 5 |  |  | $ | (13) |  |  | $ | 24 |  |  | $ | (10) |
Summary of Potential Effect of Offsetting Derivatives | The following table summarizes the potential effect of offsetting our foreign currency exchange contracts on our Condensed Consolidated Balance Sheets:
|  |  |  |  |  |  |  | Gross Amounts Not Offset on our Condensed Consolidated Balance Sheets |  |
(in millions) |  | Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset on our Condensed Consolidated Balance Sheets |  | Amounts of Assets/Liabilities Presented on our Condensed Consolidated Balance Sheets |  | Derivative Financial Instruments |  | Cash Collateral Received/ Pledged |  | Net Amount (Legal Offset)
As of September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 55 |  |  | $ | — |  |  | $ | 55 |  |  | $ | (7) |  |  | $ | — |  |  | $ | 48 |
Derivative liabilities |  | $ | (8) |  |  | $ | — |  |  | $ | (8) |  |  | $ | 7 |  |  | $ | — |  |  | $ | (1) |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | (12) |  |  | $ | — |  |  | $ | — |
Derivative liabilities |  | $ | (121) |  |  | $ | — |  |  | $ | (121) |  |  | $ | 12 |  |  | $ | — |  |  | $ | (109) |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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