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DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table indicates the amount of gains and (losses) that have been recognized in the statements of consolidated income for fair value and cash flow hedges, as well as the associated gain or (loss) for the underlying hedged item for fair value hedges for the three and nine months ended September 30, 2021 and 2020 (in millions):
|  | Three Months Ended September 30,
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |  | 2021 |  | 2020
| Revenue |  | Interest Expense |  | Investment Income and Other |  | Revenue |  | Interest Expense |  | Investment Income and Other
Gain or (loss) on fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
Derivatives designated as hedging instruments |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (13) |  |  | — |
Gain or (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income |  | — |  |  | (3) |  |  | — |  |  | — |  |  | (3) |  |  | — |
Foreign Currency Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income |  | 22 |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | — |
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded |  | $ | 22 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 38 |  |  | $ | (3) |  |  | $ | — |
|  | Nine Months Ended September 30,
|  | 2021 |  | 2020
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |  | Revenue |  | Interest Expense |  | Investment Income and Other |  | Revenue |  | Interest Expense |  | Investment Income and Other
Gain or (loss) on fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |
Derivatives designated as hedging instruments |  | — |  |  | (14) |  |  | — |  |  | — |  |  | 21 |  |  | — |
Gain or (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income |  | — |  |  | (8) |  |  | — |  |  | — |  |  | (9) |  |  | — |
Foreign Currency Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income |  | 44 |  |  | — |  |  | — |  |  | 173 |  |  | — |  |  | — |
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded |  | $ | 44 |  |  | $ | (8) |  |  | $ | — |  |  | $ | 173 |  |  | $ | (9) |  |  | $ | — |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2021 and December 31, 2020, the notional amounts of our outstanding derivative positions were as follows (in millions):
| September 30, 2021 |  | December 31, 2020
Currency hedges: |  |  |  |  |
Euro | EUR | 4,130 |  |  | EUR | 4,197 |
British Pound Sterling | GBP | 1,391 |  |  | GBP | 1,400 |
Canadian Dollar | CAD | 1,623 |  |  | CAD | 1,576 |
Hong Kong Dollar | HKD | 4,103 |  |  | HKD | 3,717 |
Interest rate hedges: |  |  |  |  |
Fixed to Floating Interest Rate Swaps | USD | 1,000 |  |  | USD | 3,250 |
Floating to Fixed Interest Rate Swaps | USD | 28 |  |  | USD | 778 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|  |  |  | Fair Value Hierarchy Level |  | Gross Amounts Presented in Consolidated Balance Sheets |  | Net Amounts if Right of Offset had been Applied
Asset Derivatives |  | Balance Sheet Location |  |  | September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | Level 2 |  | $ | 94 |  |  | $ | 56 |  |  | $ | 76 |  |  | $ | 45 |
Interest rate contracts |  | Other current assets |  | Level 2 |  | — |  |  | 2 |  |  | — |  |  | 2 |
Foreign currency exchange contracts |  | Other non-current assets |  | Level 2 |  | 102 |  |  | 35 |  |  | 66 |  |  | 4 |
Interest rate contracts |  | Other non-current assets |  | Level 2 |  | 17 |  |  | 29 |  |  | 15 |  |  | 26 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | Level 2 |  | 1 |  |  | 4 |  |  | 1 |  |  | 4 |
Total Asset Derivatives |  |  |  |  |  | $ | 214 |  |  | $ | 126 |  |  | $ | 158 |  |  | $ | 81 |
|  |  |  | Fair Value Hierarchy Level |  | Gross Amounts Presented in Consolidated Balance Sheets |  | Net Amounts if Right of Offset had been Applied
Liability Derivatives |  | Balance Sheet Location |  |  | September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current liabilities |  | Level 2 |  | $ | 19 |  |  | $ | 34 |  |  | $ | 1 |  |  | $ | 23 |
Foreign currency exchange contracts |  | Other non-current liabilities |  | Level 2 |  | 36 |  |  | 142 |  |  | — |  |  | 111 |
Interest rate contracts |  | Other non-current liabilities |  | Level 2 |  | 11 |  |  | 13 |  |  | 9 |  |  | 10 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current liabilities |  | Level 2 |  | — |  |  | 2 |  |  | — |  |  | 2 |
Interest rate contracts |  | Other current liabilities |  | Level 2 |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total Liability Derivatives |  |  |  |  |  | $ | 66 |  |  | $ | 192 |  |  | $ | 10 |  |  | $ | 147 |
The following table indicates the amounts that were recorded in the consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of September 30, 2021 and December 31, 2020 (in millions):
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included |  | Carrying Amount of Hedged Liabilities |  | Cumulative Amount of Fair Value Hedge Adjustments |  | Carrying Amount of Hedged Liabilities |  | Cumulative Amount of Fair Value Hedge Adjustments
| September 30, 2021 |  | September 30, 2021 |  | December 31, 2020 |  | December 31, 2020
Long-term debt and finance leases |  | $ | 1,296 |  |  | $ | 22 |  |  | $ | 2,816 |  |  | $ | 42 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table indicates the amount of gains and (losses) that have been recognized in AOCI for the three and nine months ended September 30, 2021 and 2020 for those derivatives designated as cash flow hedges (in millions):
Three Months Ended September 30: |  |  |  |  |  |  |  |  |  |
Derivative Instruments in Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  |  |  |  |  |
| 2021 |  | 2020 |  |  |  |  |  |
Interest rate contracts |  | $ | 1 |  |  | $ | (3) |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 165 |  |  | (218) |  |  |  |  |  |  |
Total |  | $ | 166 |  |  | $ | (221) |  |  |  |  |  |  |
Nine Months Ended September 30: |  |  |  |  |  |  |  |  |  |
Derivative Instruments in Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  |  |  |  |  |
| 2021 |  | 2020 |  |  |  |  |  |
Interest rate contracts |  | $ | 1 |  |  | $ | (6) |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 271 |  |  | 49 |  |  |  |  |  |  |
Total |  | $ | 272 |  |  | $ | 43 |  |  |  |  |  |  |
The following table indicates the amount of gains and (losses) that have been recognized in AOCI within foreign currency translation adjustment for the three and nine months ended September 30, 2021 and 2020 for those instruments designated as net investment hedges (in millions):
Three Months Ended September 30: |  |  |  |
Non-derivative Instruments in Net Investment Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Debt
| 2021 |  | 2020
Foreign denominated debt |  | $ | 90 |  |  | $ | (139) |
Total |  | $ | 90 |  |  | $ | (139) |
Nine Months Ended September 30: |  |  |  |
Non-derivative Instruments in Net Investment Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Debt
| 2021 |  | 2020
Foreign denominated debt |  | $ | 167 |  |  | $ | (92) |
Total |  | $ | 167 |  |  | $ | (92) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of these interest rate swaps and foreign currency exchange forward contracts not designated as hedges for the three and nine months ended September 30, 2021 and 2020 (in millions):
Derivative Instruments Not Designated in Hedging Relationships |  | Location of Gain (Loss) Recognized in Income |  | Amount of Gain (Loss) Recognized in Income
|  | 2021 |  | 2020
Three Months Ended September 30: |  |  |  |  |  |
Interest rate swap contracts |  | Interest expense |  | $ | — |  |  | $ | (2) |
Foreign currency exchange contracts |  | Investment income and other |  | (21) |  |  | 34 |
Total |  |  |  | $ | (21) |  |  | $ | 32 |
Nine Months Ended September 30: |  |  |  |  |  |
Interest rate swap contracts |  | Interest expense |  | $ | — |  |  | $ | (6) |
Foreign currency exchange contracts |  | Investment income and other |  | (24) |  |  | (15) |
Total |  |  |  | $ | (24) |  |  | $ | (21) |

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