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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gains and Losses on Derivative Instruments

The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended June 30, 2020 and 2019.

			Gain (loss) recognized in OCI																		Location of gain (loss) in income statement			Gain (loss) reclassified from AOCI into income
(in millions)			2020						2019									2020									2019
Cash flow hedges
Interest rate contracts			$	9					$	(23)					Interest expense, net			$	—					$	—
Foreign exchange contracts			(7)						9						Cost of sales			5						1
Net investment hedges			(50)						(36)						Other (income) expense, net			—						—
Total			$	(48)					$	(50)								$	5					$	1

			Location of gain (loss) in income statement			Gain (loss) recognized in income
															As Restated
(in millions)									2020						2019
Undesignated derivative instruments
Foreign exchange contracts			Other (income) expense, net			$	13					$	(4)

The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the six months ended June 30, 2020 and 2019.

			Gain (loss) recognized in OCI									Location of gain (loss) in income statement			Gain (loss) reclassified from AOCI into income
(in millions)			2020			2019									2020			2019
Cash flow hedges
Interest rate contracts			$	(175)		$	(34)		Interest expense, net			$	—		$	—
Foreign exchange contracts			7			—			Cost of sales			4			1
Net investment hedges			(1)			(22)			Other income, net			—			—
Total			$	(169)		$	(56)					$	4		$	1

			Location of gain (loss) in income statement			Gain (loss) recognized in income
												As Restated
(in millions)									2020			2019
Undesignated derivative instruments
Foreign exchange contracts			Other income, net			$	15		$	(12)

Classification and Fair Values of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of June 30, 2020.

			Derivatives in asset positions												Derivatives in liability positions
(in millions)			Balance sheet location			Fair value						Balance sheet location			Fair value
Derivative instruments designated as hedges
Interest rate contracts			Other non-current assets			$	—					Other non-current liabilities			$	217
Foreign exchange contracts			Prepaid expenses and other current assets			13						Accounts payable and accrued liabilities			1
Total derivative instruments designated as hedges						13									218
Undesignated derivative instruments
Foreign exchange contracts			Prepaid expenses and other current assets			8						Accounts payable and accrued liabilities			—
Total derivative instruments						$	21								$	218

The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2019.

			Derivatives in asset positions												Derivatives in liability positions
(in millions)			Balance sheet location			Fair value						Balance sheet location			Fair value
Derivative instruments designated as hedges
Interest rate contracts			Other non-current assets			$	10					Other non-current liabilities			$	52
Foreign exchange contracts			Prepaid expenses and other current assets			10						Accounts payable and accrued liabilities			—
Total derivative instruments designated as hedges						20									52
Undesignated derivative instruments
Foreign exchange contracts			Prepaid expenses and other current assets			1						Accounts payable and accrued liabilities			2
Total derivative instruments						$	21								$	54

Derivative Positions Presented On Net Basis

The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of offset by counterparty.

			June 30, 2020												December 31, 2019
(in millions)			Asset			Liability						Asset			Liability
Gross amounts recognized in the consolidated balance sheet			$	21		$	218					$	21		$	54
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet			(10)			(10)						(11)			(11)
Total			$	11		$	208					$	10		$	43

Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges

The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges:

			Carrying amount of hedged item												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (a)
(in millions)			Balance as of June 30, 2020			Balance as of December 31, 2019						Balance as of June 30, 2020			Balance as of December 31, 2019
Long-term debt			$	102		$	103					$	5		$	6

(a) These fair value hedges were terminated prior to December 31, 2019.

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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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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-Name Accounting Standards Codification
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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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