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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2021
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 September 30, 2021 and 2020.
| Gain (loss) recognized in OCI |  | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 31 |  |  | Interest expense, net | $ | (1) |  |  | $ | — |
Foreign exchange contracts | 6 |  |  | (6) |  |  | Cost of sales | (5) |  |  | (2) |
Net investment hedges | 60 |  |  | (103) |  |  | Other expense, net | — |  |  | — |
Total | $ | 66 |  |  | $ | (78) |  |  |  | $ | (6) |  |  | $ | (2) |
| Location of gain (loss) in income statement | Gain (loss) recognized in income
(in millions) | 2021 |  | 2020
Undesignated derivative instruments |  |  |  |
Foreign exchange contracts | Other expense, net | $ | (7) |  |  | $ | 7 |
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 nine months ended September 30, 2021 and 2020.
| Gain (loss) recognized in OCI | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income
(in millions) | 2021 | 2020 | 2021 | 2020
Cash flow hedges |  |  |  |  |
Interest rate contracts | $ | — |  | $ | (144) |  | Interest expense, net | $ | (4) |  | $ | — |
Foreign exchange contracts | 7 |  | 1 |  | Cost of sales | (23) |  | 2 |
Net investment hedges | 143 |  | (104) |  | Other expense, net | — |  | — |
Total | $ | 150 |  | $ | (247) |  |  | $ | (27) |  | $ | 2 |
| Location of gain (loss) in income statement | Gain (loss) recognized in income
(in millions) | 2021 | 2020
Undesignated derivative instruments |  |  |
Foreign exchange contracts | Other expense, net | $ | (26) |  | $ | 22 |
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 September 30, 2021.
| 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 |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 7 |  |  | Accrued expenses and other current liabilities | $ | 2 |
Total derivative instruments designated as hedges |  | 7 |  |  |  | 2 |
Undesignated derivative instruments |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | 2 |  |  | Accrued expenses and other current liabilities | 6 |
Total derivative instruments |  | $ | 9 |  |  |  | $ | 8 |
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 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 |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | $ | — |  |  | Accrued expenses and other current liabilities | $ | 17 |
Total derivative instruments designated as hedges |  | — |  |  |  | 17 |
Undesignated derivative instruments |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | 11 |  |  | Accrued expenses and other current liabilities | 2 |
Total derivative instruments |  | $ | 11 |  |  |  | $ | 19 |
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.
| September 30, 2021 |  | December 31, 2020
(in millions) | Asset | Liability |  | Asset | Liability
Gross amounts recognized in the consolidated balance sheet | $ | 9 |  | $ | 8 |  |  | $ | 11 |  | $ | 19 |
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet | (2) |  | (2) |  |  | (6) |  | (6) |
Total | $ | 7 |  | $ | 6 |  |  | $ | 5 |  | $ | 13 |
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 September 30, 2021 | Balance as of December 31, 2020 |  | Balance as of September 30, 2021 | Balance as of December 31, 2020
Long-term debt | $ | 102 |  | $ | 102 |  |  | $ | 4 |  | $ | 5 |
(a) These fair value hedges were terminated in 2018 and earlier periods.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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