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DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of June 30, 2022 and December 31, 2021, the notional amounts of our outstanding derivative positions were as follows (in millions):
 June 30, 2022December 31, 2021
Currency hedges:
EuroEUR4,279 4,257 
British Pound SterlingGBP1,421 1,402 
Canadian DollarCAD1,655 1,633 
Hong Kong DollarHKD4,327 4,033 
Interest rate hedges:
Fixed to Floating Interest Rate SwapsUSD1,000 1,000 
Floating to Fixed Interest Rate SwapsUSD28 28 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table indicates the location in the consolidated balance sheets where our derivative assets and liabilities have been recognized, the fair value hierarchy level applicable to each derivative type and the related fair values of those derivatives.
We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded in the consolidated balance sheets. The columns labeled Net Amounts if Right of Offset had been Applied indicate the potential net fair value positions by type of contract and location in the consolidated balance sheets had we elected to apply the right of offset as of June 30, 2022 and December 31, 2021 (in millions):
Fair Value Hierarchy LevelGross Amounts Presented in Consolidated Balance SheetsNet Amounts if Right of
Offset had been Applied
Asset DerivativesBalance Sheet LocationJune 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021
Derivatives designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 2$214 $100 $207 $82 
Interest rate contractsOther current assetsLevel 2— 11 — 11 
Foreign currency exchange contractsOther non-current assetsLevel 2328 123 320 90 
Derivatives not designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 22 2 2 2 
Total Asset Derivatives$544 $236 $529 $185 
Fair Value Hierarchy LevelGross Amounts Presented in
Consolidated Balance Sheets		Net Amounts if Right of
Offset had been Applied
Liability DerivativesBalance Sheet LocationJune 30,
2022		December 31,
2021		June 30,
2022		December 31,
2021
Derivatives designated as hedges:
Foreign currency exchange contractsOther current liabilitiesLevel 2$7 $19 $— $1 
Interest rate contractsOther current liabilitiesLevel 21 — 1 — 
Foreign currency exchange contractsOther non-current liabilitiesLevel 28 33 — — 
Interest rate contractsOther non-current liabilitiesLevel 26 10 6 10 
Total Liability Derivatives$22 $62 $7 $11 
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 June 30, 2022 and December 31, 2021 (in millions):
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is IncludedCarrying Amount
of Hedged Liabilities		Cumulative Amount
of Fair Value Hedge
Adjustments		Carrying Amount
of Hedged Liabilities		Cumulative Amount
 of Fair Value Hedge
Adjustments
June 30, 2022June 30, 2022December 31, 2021December 31, 2021
Current maturities of long-term debt, commercial paper and finance leases$999 $(1)$1,010 $11 
Long-term debt and finance leases$280 $5 $280 $5 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
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 six months ended June 30, 2022 and 2021 (in millions):


Three Months Ended June 30,
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships20222021
RevenueInterest ExpenseInvestment Income and OtherRevenueInterest ExpenseInvestment Income and Other
Gain or (loss) on fair value hedging relationships:
Interest Contracts:
Hedged items$— $3 $— $— $4 $— 
Derivatives designated as hedging instruments— (3)— — (4)— 
Gain or (loss) on cash flow hedging relationships:
Interest Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income— (2)— — (3)— 
Foreign Currency Exchange Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income67 — 7 — 
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$67 $(2)$— $7 $(3)$— 
Six Months Ended June 30,


20222021
Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging RelationshipsRevenueInterest ExpenseInvestment Income and OtherRevenueInterest ExpenseInvestment Income and Other
Gain or (loss) on fair value hedging relationships:
Interest Contracts:
Hedged items$— $11 $— $— $10 $— 
Derivatives designated as hedging instruments— (11)— — (10)— 
Gain or (loss) on cash flow hedging relationships:
Interest Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income— (5)— — (5)— 
Foreign Currency Exchange Contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income108 — — 22 — — 
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$108 $(5)$— $22 $(5)$— 
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 six months ended June 30, 2022 and 2021 for those derivatives designated as cash flow hedges (in millions):
Three Months Ended June 30:
Derivative Instruments in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Derivatives
20222021
Interest rate contracts$1 $(3)
Foreign currency exchange contracts371 (54)
Total$372 $(57)
Six Months Ended June 30:
Derivative Instruments in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Derivatives
20222021
Interest rate contracts$4 $— 
Foreign currency exchange contracts463 106 
Total$467 $106 
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 six months ended June 30, 2022 and 2021 for those instruments designated as net investment hedges (in millions):
Three Months Ended June 30:
Non-derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Debt
20222021
Foreign denominated debt$181 $(47)
Total$181 $(47)
Six Months Ended June 30:
Non-derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain (Loss) Recognized in AOCI on Debt
20222021
Foreign denominated debt$227 $77 
Total$227 $77 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of foreign currency exchange forward contracts not designated as hedges for the three and six months ended June 30, 2022 and 2021 (in millions):
Derivative Instruments Not Designated in
Hedging Relationships		Location of Gain (Loss)
Recognized in Income		Amount of Gain (Loss) Recognized in Income
20222021
Three Months Ended June 30:
Foreign currency exchange contractsInvestment income and other$(58)$3 
Total$(58)$3 
Six Months Ended June 30:
Foreign currency exchange contractsInvestment income and other$(86)$(3)
Total $(86)$(3)