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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of foreign exchange derivative contracts outstanding At September 30, 2021 and December 31, 2020, the following foreign currency derivative contracts were outstanding:
Foreign currency derivatives (in millions)*
Functional CurrencyTraded CurrencyNotional in traded currency
September 30, 2021		Notional in traded currency
December 31, 2020		Ending Duration
British poundEuro80 97 Dec - 22
Chinese renminbiUS dollar51 113 Dec - 22
Chinese renminbiEuro14 — Dec - 21
EuroPolish zloty199 147 Dec - 22
EuroUS dollar49 41 Dec - 22
Korean wonUS dollar12 19 Dec - 21
US dollarBritish pound10 — Dec - 22
US dollarEuro113 55 Nov - 21
US dollarKorean won75,014 15,000 Dec - 22
US dollarSingapore dollar37 47 Dec - 22
US dollarThailand baht1,720 — May - 22
US dollarMexican peso1,251 1,178 Dec - 22
*Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. dollar equivalent as of September 30, 2021 and December 31, 2020.
Schedule of foreign exchange contracts, statement of financial position At September 30, 2021 and December 31, 2020, the following cross-currency swap contracts were outstanding:
Cross-currency swaps
(millions of dollars)September 30, 2021December 31, 2020Ending duration
US dollar to Euro:
Fixed receiving notional$500 $500 Mar - 25
Fixed paying notional€450 €450 Mar - 25
US dollar to Euro:
Fixed receiving notional$1,100 $1,100 Jul - 27
Fixed paying notional€976 €976 Jul - 27
US dollar to Japanese yen:
Fixed receiving notional$100 $100 Feb - 23
Fixed paying notional¥10,978 ¥10,978 Feb - 23
Schedule of derivatives instruments in statements of financial position
At September 30, 2021 and December 31, 2020, the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to or receivable from counterparties under ASC Topic 815:
(in millions)AssetsLiabilities
Derivatives designated as hedging instruments Under 815:LocationSeptember 30, 2021December 31, 2020LocationSeptember 30, 2021December 31, 2020
Foreign currencyPrepayments and other current assets$5 $1 Other current liabilities$8 $4 
Foreign currencyOther non-current assets$— $— Other non-current liabilities$1 $1 
Net investment hedgesOther non-current assets$6 $— Other non-current liabilities$77 $161 
Derivatives not designated as hedging instruments:
Foreign currencyPrepayments and other current assets$8 $4 Other current liabilities$— $1 
Foreign currencyOther non-current assets$2 $— Other non-current liabilities$— $— 
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The table below shows deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less for designated net investment hedges. The amount expected to be reclassified to income in one year or less assumes no change in the current relationship of the hedged item at September 30, 2021 market rates.
(in millions)Deferred gain (loss) in AOCI atGain (loss) expected to be reclassified to income in one year or less
Contract TypeSeptember 30, 2021December 31, 2020
Net investment hedges:
    Foreign currency$(7)$(1)$— 
    Cross-currency swaps(71)(161)— 
    Foreign currency-denominated debt46 (68)— 
Total$(32)$(230)$— 
Gains and (losses) on derivative instruments designated as net investment hedges were recognized in other comprehensive income (loss) during the periods presented below.
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Net investment hedges2021202020212020
Foreign currency$— $— $(6)$1 
Cross-currency swaps$43 $(89)$90 $(71)
Foreign currency-denominated debt$27 $(24)$64 $(26)
Schedule of derivative instruments
Derivative instruments designated as hedging instruments as defined by ASC Topic 815 held during the period resulted in the following gains and losses recorded in income:
Three Months Ended September 30, 2021
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded$3,416 $2,766 $343 $(73)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$(2)
Gain (loss) reclassified from AOCI to income$— $(1)$— 
Nine Months Ended September 30, 2021
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded11,183 8,953 1,084 $(95)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$(5)
Gain (loss) reclassified from AOCI to income$— $(2)$— 
Three Months Ended September 30, 2020
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded$2,534 $2,017 $204 $57 
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$1 
Gain (loss) reclassified from AOCI to income$— $— $— 
Nine Months Ended September 30, 2020
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded$6,239 $5,101 $601 $(3)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$(1)
Gain (loss) reclassified from AOCI to income$— $— $(1)
Schedule of derivative instruments, gain (loss)
Derivatives designated as net investment hedge instruments, as defined by ASC Topic 815, held during the period resulted in the following gains recorded in Interest expense on components excluded from the assessment of effectiveness:
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Net investment hedges2021202020212020
Cross-currency swaps$6 $6 $16 $13 
Schedule of derivatives not designated as hedging instruments
Derivatives not designated as hedging instruments are used to hedge remeasurement exposures of monetary assets and liabilities denominated in currencies other than the operating units' functional currency. These derivatives resulted in the following gains recorded in income:
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Contract TypeLocation2021202020212020
Foreign CurrencySelling, general and administrative expenses$6 $(1)$11 $2