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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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 in our Condensed Consolidated Balance Sheets:

						March 31, 2022
						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						$	77					Accrued and other current liabilities						$	6
Foreign currency exchange contracts						Other long-term assets						3						Other long-term obligations						1
Total derivatives designated as hedges												81												7
Derivatives not designated as hedges:
Foreign currency exchange contracts						Prepaid and other current assets						3						Accrued and other current liabilities						5
Total derivatives not designated as hedges												3												5
Total derivatives												$	84											$	11

						December 31, 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						$	75					Accrued and other current liabilities						$	4
Foreign currency exchange contracts						Other long-term assets						5						Other long-term obligations						1
Total derivatives designated as hedges												80												5
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												$	80											$	5

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
						March 31,
(in millions)						2022						2021
Derivatives designated as hedges:
Gain recognized in AOCI						$	28					$	78
Gain (loss) reclassified from AOCI into Product sales						$	22					$	(25)
Derivatives not designated as hedges:
Gain recognized in Other income (expense), net						$	19					$	34

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 the Condensed Consolidated Balance Sheets
(in millions)						Gross Amounts of Assets/Liabilities Presented on the Condensed Consolidated Balance Sheets						Derivative Financial Instruments			Cash Collateral Received/Pledged						Net Amount (Legal Offset)
As of March 31, 2022
Derivative assets						$	84					$	(9)		$	—					$	75
Derivative liabilities						$	11					$	(9)		$	—					$	2
As of December 31, 2021
Derivative assets						$	80					$	(4)		$	—					$	76
Derivative liabilities						$	5					$	(4)		$	—					$	1

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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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