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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Classification and Fair Value of Derivative Instruments | While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts in our Condensed Consolidated Balance Sheets on a gross basis. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:
|  | September 30, 2023
|  | 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 |  | $ | 57 |  |  | Other current liabilities |  | $ | 7 |
Foreign currency exchange contracts |  | Other long-term assets |  | 10 |  |  | Other long-term obligations |  | — |
Total derivatives designated as hedges |  |  |  | 67 |  |  |  |  | 7 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | — |  |  | Other current liabilities |  | 1 |
Total derivatives not designated as hedges |  |  |  | — |  |  |  |  | 1 |
Total derivatives presented gross on the Condensed Consolidated Balance Sheets |  |  |  | $ | 67 |  |  |  |  | $ | 8 |
Gross amounts not offset on the Condensed Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | (8) |  |  |  |  | (8) |
Cash collateral received / pledged |  |  |  | — |  |  |  |  | — |
Net amount (legal offset) |  |  |  | $ | 59 |  |  |  |  | $ | — |
|  | December 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 |  | $ | 59 |  |  | Other current liabilities |  | $ | 26 |
Foreign currency exchange contracts |  | Other long-term assets |  | 1 |  |  | Other long-term obligations |  | 9 |
Total derivatives designated as hedges |  |  |  | 59 |  |  |  |  | 35 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Prepaid and other current assets |  | 1 |  |  | Other current liabilities |  | 7 |
Total derivatives not designated as hedges |  |  |  | 1 |  |  |  |  | 7 |
Total derivatives presented gross on the Condensed Consolidated Balance Sheets |  |  |  | $ | 60 |  |  |  |  | $ | 42 |
Gross amounts not offset on the Condensed Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | (36) |  |  |  |  | (36) |
Cash collateral received / pledged |  |  |  | — |  |  |  |  | — |
Net amount (legal offset) |  |  |  | $ | 25 |  |  |  |  | $ | 7 |
Summary of Effect of Foreign Currency Exchange Contracts | The following table summarizes the effect of our derivative contracts on our Condensed Consolidated Financial Statements:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Net gain recognized in Accumulated other comprehensive income |  | $ | 75 |  |  | $ | 162 |  |  | $ | 74 |  |  | $ | 292 |
Net gain reclassified from Accumulated other comprehensive income into Product sales |  | $ | 16 |  |  | $ | 48 |  |  | $ | 50 |  |  | $ | 115 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Net gain (loss) recognized in Other income (expense), net |  | $ | (4) |  |  | $ | 6 |  |  | $ | 46 |  |  | $ | 70 |

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