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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

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, including the potential effect of offsetting:

						September 30, 2024
(in millions)						Prepaid and other current assets						Other long-term assets						Total Derivative Assets						Other current liabilities						Other long-term obligations						Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges						$	4					$	—					$	4					$	34					$	6					$	40
Foreign currency exchange contracts not designated as hedges						3						—						3						9						—						9
Total derivatives presented gross on the Condensed Consolidated Balance Sheets																		$	7																	$	49
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments																		$	(7)																	$	(7)
Cash collateral received / pledged																		—																		—
Net amount (legal offset)																		$	—																	$	42

						December 31, 2023
(in millions)						Prepaid and other current assets						Other long-term assets						Total Derivative Assets						Other current liabilities						Other long-term obligations						Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges						$	6					$	—					$	6					$	38					$	7					$	45
Foreign currency exchange contracts not designated as hedges						1						—						1						15						—						15
Total derivatives presented gross on the Condensed Consolidated Balance Sheets																		$	7																	$	59
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments																		$	(7)																	$	(7)
Cash collateral received / pledged																		—																		—
Net amount (legal offset)																		$	—																	$	52

Summary of Effect of Derivative 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)						2024						2023						2024						2023
Derivatives designated as hedges:
Net (loss) gain recognized in Accumulated other comprehensive income						$	(70)					$	75					$	23					$	74
Net gain reclassified from Accumulated other comprehensive income into Product sales						$	14					$	16					$	19					$	50
Derivatives not designated as hedges:
Net (loss) gain recognized in Other (income) expense, net						$	(2)					$	(4)					$	51					$	46

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- References

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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