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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Exchange Derivative Contracts Outstanding | The following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:
Foreign currency derivatives (in millions)1
Functional currency |  | Traded currency |  | Notional in traded currency December 31, 2023 |  | Notional in traded currency December 31, 2022 |  | Ending duration
British Pound |  | Euro |  | 83 |  |  | 10 |  |  | Dec-25
Chinese Renminbi |  | U.S. Dollar |  | 209 |  |  | 276 |  |  | Nov-25
Euro |  | British Pound |  | 15 |  |  | 9 |  |  | Jan-24
Euro |  | Hungarian Forint |  | 8,233 |  |  | — |  |  | Dec-25
Euro |  | Polish Zloty |  | 573 |  |  | 440 |  |  | Dec-25
Euro |  | U.S. Dollar |  | 152 |  |  | 120 |  |  | Dec-25
Euro |  | Swiss Franc |  | 24 |  |  | — |  |  | Dec-25
Thailand Baht |  | U.S. Dollar |  | 30 |  |  | — |  |  | Dec-24
U.S. Dollar |  | Chinese Renminbi |  | 582 |  |  | 1,402 |  |  | Jun-24
U.S. Dollar |  | Euro |  | 9 |  |  | 45 |  |  | Jan-24
U.S. Dollar |  | Korean Won |  | 34,209 |  |  | 51,786 |  |  | Nov-24
U.S. Dollar |  | Mexican Peso |  | 3,280 |  |  | 2,474 |  |  | Dec-25
U.S. Dollar |  | Thai Baht |  | 2,100 |  |  | — |  |  | Jun-24
_____________________________ 1 Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. Dollar equivalent as of December 31, 2023 or 2022.
Schedule of Foreign Exchange Contracts, Statement of Financial Position | At December 31, 2023 and 2022, the following cross-currency swap contracts were outstanding:
| Cross-currency swaps
(in millions) | December 31, 2023 |  | December 31, 2022 |  | Ending duration
U.S. Dollar to Euro: |  |  |  |  |
Fixed receiving notional | $ | 1,100 |  |  | $ | 1,100 |  |  | Jul-27
Fixed paying notional | € | 976 |  |  | € | 976 |  |  | Jul-27
U.S. Dollar to Euro: |  |  |  |  |
Fixed receiving notional | $ | 500 |  |  | $ | 500 |  |  | Mar-25
Fixed paying notional | € | 450 |  |  | € | 450 |  |  | Mar-25
U.S. Dollar to Japanese Yen: |  |  |  |  |
Fixed receiving notional | $ | 100 |  |  | $ | 100 |  |  | Feb-29
Fixed paying notional | ¥ | 12,724 |  |  | ¥ | 12,724 |  |  | Feb-29
Schedule of Derivative Instruments in Statement of Financial Position | At December 31, 2023 and 2022, the following amounts were recorded in the Consolidated Balance Sheets as being payable to or receivable from counterparties under ASC Topic 815, “Derivatives and Hedging”:
(in millions) |  | Assets |  | Liabilities
Derivatives designated as hedging instruments Under Topic 815: |  | Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022 |  | Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022
Foreign currency |  | Prepayments and other current assets |  | $ | 30 |  |  | $ | 9 |  |  | Other current liabilities |  | $ | 2 |  |  | $ | 8 |
Foreign currency |  | Other non-current assets |  | $ | 1 |  |  | $ | — |  |  | Other non-current liabilities |  | $ | — |  |  | $ | 1 |
Net investment hedges |  | Other non-current assets |  | $ | 14 |  |  | $ | 68 |  |  | Other non-current liabilities |  | $ | 2 |  |  | $ | 1 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency |  | Prepayments and other current assets |  | $ | 2 |  |  | $ | 3 |  |  | Other current liabilities |  | $ | 1 |  |  | $ | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
(in millions) |  | Deferred gain (loss) in AOCI at |  | Gain (loss) expected to be reclassified to income in one year or less
Contract Type |  | December 31, 2023 |  | December 31, 2022 |
Net investment hedges: |  |  |  |  |  |
Foreign currency |  | $ | — |  |  | $ | (4) |  |  | $ | — |
Cross-currency swaps |  | 12 |  |  | 67 |  |  | — |
Foreign currency-denominated debt |  | 100 |  |  | 133 |  |  | — |
Total |  | $ | 112 |  |  | $ | 196 |  |  | $ | — |
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) |  | Year Ended December 31,
Net investment hedges |  | 2023 |  | 2022 |  | 2021
Foreign currency |  | $ | — |  |  | $ | 6 |  |  | $ | (9) |
Cross-currency swaps |  | $ | (55) |  |  | $ | 129 |  |  | $ | 115 |
Foreign currency-denominated debt |  | $ | (33) |  |  | $ | 67 |  |  | $ | 84 |
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:
|  | Year ended December 31, 2023
(in millions) |  | Net sales |  | Cost of sales |  | Selling, general and administrative expenses |  | Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded |  | $ | 14,198 |  |  | $ | 11,630 |  |  | $ | 1,316 |  |  | $ | 48 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income |  |  |  |  |  |  |  | $ | 25 |
|  | Year ended December 31, 2022
(in millions) |  | Net sales |  | Cost of sales |  | Selling, general and administrative expenses |  | Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded |  | $ | 12,635 |  |  | $ | 10,266 |  |  | $ | 1,290 |  |  | $ | (325) |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income |  |  |  |  |  |  |  | $ | 4 |
|  | Year ended December 31, 2021
(in millions) |  | Net sales |  | Cost of sales |  | Selling, general and administrative expenses |  | Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded |  | $ | 11,803 |  |  | $ | 9,630 |  |  | $ | 1,085 |  |  | $ | 100 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income |  |  |  |  |  |  |  | $ | (4) |
Gain (loss) reclassified from AOCI to income |  | $ | 1 |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | — |
Schedule of Derivative Instruments, Gains | 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) |  | Year Ended December 31,
Net investment hedges |  | 2023 |  | 2022 |  | 2021
Cross-currency swaps |  | $ | 25 |  |  | $ | 26 |  |  | $ | 22 |
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 earnings, in the Consolidated Statement of Operations:
(in millions) |  |  |  | Year Ended December 31,
Contract Type |  | Location |  | 2023 |  | 2022 |  | 2021
Foreign Currency |  | Selling, general and administrative expenses |  | $ | 19 |  |  | $ | 23 |  |  | $ | 9 |

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