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FINANCIAL INSTRUMENTS, DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Activity Relating to Securitization Arrangement

The following is a summary of the activity relating to the arrangement.

as of and for the years ended December 31 (in millions)						2021			2020			2019
Sold receivables at beginning of year						$	96		$	79		$	69
Proceeds from sales of receivables						339			348			292
Cash collections (remitted to the owners of the receivables)						(346)			(335)			(282)
Effect of foreign exchange rate changes						(8)			4			—
Sold receivables at end of year						$	81		$	96		$	79

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 consolidated financial statements for the years ended December 31, 2021, 2020, and 2019.

(in millions)			Gain (loss) recognized in OCI									Location of gain (loss) in income statement			Gain (loss) reclassified from AOCI into income
			2021			2020			2019						2021			2020			2019
Cash flow hedges
Interest rate contracts			$	—		$	(131)		$	(37)		Interest expense, net			$	(6)		$	(1)		$	—
Foreign exchange contracts			5			(21)			(9)			Cost of sales			(23)			(5)			4
Net investment hedges			200			(224)			12			Other expense, net			—			—			—
Total			$	205		$	(376)		$	(34)					$	(29)		$	(6)		$	4

			Location of gain (loss) in income statement						Gain (loss) recognized in income
(in millions)									2021			2020			2019
Undesignated derivative instruments
Foreign exchange contracts			Other expense, net						$	(36)		$	49		$	17

Net of Tax Activity in Accumulated Other Comprehensive Income Related to Cash Flow Hedges

The following table summarizes net-of-tax activity in AOCI, a component of stockholders’ equity, related to our cash flow hedges.

as of and for the year ended December 31 (in millions)			2021			2020			2019
Accumulated other comprehensive income (loss) balance at beginning of year			$	(153)		$	(41)		$	(1)
Adoption of new accounting standard			—			—			(1)
(Loss) gain in fair value of derivatives during the year			4			(117)			(36)
Amount reclassified to earnings during the year			23			5			(3)
Accumulated other comprehensive income (loss) balance at end of year			$	(126)		$	(153)		$	(41)

Classification and Fair Value Amounts of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments reported in the consolidated balance sheet as of December 31, 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			$	6					Accrued expenses and other current liabilities			$	3
Total derivative instruments designated as hedges						6									3
Undesignated derivative instruments
Foreign exchange contracts			Prepaid expenses and other current assets			2						Accrued expenses and other current liabilities			2
Total derivative instruments						$	8								$	5

The following table summarizes the classification and fair values of derivative instruments reported in the 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.

			December 31, 2021									December 31, 2020
(in millions)			Asset			Liability						Asset			Liability
Gross amounts recognized in the consolidated balance sheets			$	8		$	5					$	11		$	19
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheets			(2)			(2)						(6)			(6)
Total			$	6		$	3					$	5		$	13

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the amounts recorded on the consolidated balance sheets 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 December 31, 2021			Balance as of December 31, 2020						Balance as of December 31, 2021			Balance as of December 31, 2020
Long-term debt			$	101		$	102					$	4		$	5

(a) These fair value hedges were terminated in 2018 and earlier periods.

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