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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 and 2022.
| Gain (loss) recognized in OCI |  | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | Interest expense, net | $ | (2) |  |  | $ | (2) |
Foreign exchange contracts | 10 |  |  | 19 |  |  | Cost of sales | 3 |  |  | 3 |
Net investment hedges | 10 |  |  | 143 |  |  | Other (income) expense, net | — |  |  | — |
Total | $ | 20 |  |  | $ | 162 |  |  |  | $ | 1 |  |  | $ | 1 |
| Location of gain (loss) in income statement | Gain (loss) recognized in income
(in millions) | 2023 |  | 2022
Undesignated derivative instruments |  |  |  |
Foreign exchange contracts | Other (income) expense, net | $ | (15) |  |  | $ | (26) |
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, 2023 and 2022.
| Gain (loss) recognized in OCI | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income
(in millions) | 2023 | 2022 | 2023 | 2022
Cash flow hedges |  |  |  |  |
Interest rate contracts | $ | — |  | $ | — |  | Interest expense, net | $ | (3) |  | $ | (3) |
Foreign exchange contracts | 10 |  | 16 |  | Cost of sales | 7 |  | 5 |
Net investment hedges | (38) |  | 185 |  | Other (income) expense, net | — |  | — |
Total | $ | (28) |  | $ | 201 |  |  | $ | 4 |  | $ | 2 |
| Location of gain (loss) in income statement | Gain (loss) recognized in income
(in millions) | 2023 | 2022
Undesignated derivative instruments |  |  |
Foreign exchange contracts | Other (income) expense, net | $ | (18) |  | $ | (23) |
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, 2023.
| 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 | $ | 11 |  |  | Accrued expenses and other current liabilities | $ | 4 |
Total derivative instruments designated as hedges |  | 11 |  |  |  | 4 |
Undesignated derivative instruments |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | 2 |  |  | Accrued expenses and other current liabilities | 2 |
Total derivative instruments |  | $ | 13 |  |  |  | $ | 6 |
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2022.
| 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 | $ | 8 |  |  | Accrued expenses and other current liabilities | $ | 5 |
Total derivative instruments designated as hedges |  | 8 |  |  |  | 5 |
Undesignated derivative instruments |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets | 6 |  |  | Accrued expenses and other current liabilities | 7 |
Total derivative instruments |  | $ | 14 |  |  |  | $ | 12 |
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, 2023 |  | December 31, 2022
(in millions) | Asset | Liability |  | Asset | Liability
Gross amounts recognized in the condensed consolidated balance sheets | $ | 13 |  | $ | 6 |  |  | $ | 14 |  | $ | 12 |
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet | (1) |  | (1) |  |  | (4) |  | (4) |
Total | $ | 12 |  | $ | 5 |  |  | $ | 10 |  | $ | 8 |
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, 2023 | Balance as of December 31, 2022 |  | Balance as of June 30, 2023 | Balance as of December 31, 2022
Long-term debt | $ | 101 |  | $ | 101 |  |  | $ | 4 |  | $ | 4 |
(a) These fair value hedges were terminated in 2018 and earlier periods.

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