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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 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 September 30, 2023 and 2022.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2023202220232022
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts9 26 Cost of sales3 6 
Net investment hedges48 126 Other (income) expense, net— — 
Total$57 $152 $2 $5 
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20232022
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net$2 $(11)

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, 2023 and 2022.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI
into income
(in millions)2023202220232022
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(4)$(4)
Foreign exchange contracts19 42 Cost of sales10 11 
Net investment hedges10 311 Other (income) expense, net— — 
Total$29 $353 $6 $7 
Location of gain (loss)
in income statement		Gain (loss) recognized in income
(in millions)20232022
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net$(16)$(34)
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, 2023.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$13 Accrued expenses and other current liabilities$1 
Total derivative instruments designated as hedges13 1 
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets8 Accrued expenses and other current liabilities2 
Total derivative instruments$21 $3 
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 positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$8 Accrued expenses and other current liabilities$5 
Total derivative instruments designated as hedges8 5 
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets6 Accrued expenses and other current liabilities7 
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.
September 30, 2023December 31, 2022
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$21 $3 $14 $12 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet(1)(1)(4)(4)
Total$20 $2 $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 itemCumulative amount of fair value hedging adjustment included
 in the carrying amount of the hedged item (a)
(in millions)Balance as of September 30, 2023Balance as of December 31, 2022Balance as of September 30, 2023Balance as of December 31, 2022
Long-term debt$100 $101 $3 $4 
(a) These fair value hedges were terminated in 2018 and earlier periods.