XML 59 R45.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Exchange Derivative Contracts Outstanding | At March 31, 2024 and December 31, 2023, the following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:
Foreign currency derivatives (in millions)*
Functional Currency |  | Traded Currency |  | Notional in traded currency March 31,2024 |  | Notional in traded currency December 31, 2023 |  | Ending Duration
British Pound |  | Euro |  | 86 |  |  | 83 |  |  | Mar - 26
Chinese Renminbi |  | U.S. Dollar |  | 260 |  |  | 209 |  |  | Dec - 25
Euro |  | British Pound |  | 34 |  |  | 15 |  |  | May - 24
Euro |  | Hungarian Forint |  | 9,028 |  |  | 8,233 |  |  | Mar - 26
Euro |  | Swiss Franc |  | 30 |  |  | 24 |  |  | Mar - 26
Euro |  | Polish Zloty |  | 629 |  |  | 573 |  |  | Mar - 26
Euro |  | U.S. Dollar |  | 230 |  |  | 152 |  |  | Mar - 26
Thai Baht |  | U.S. Dollar |  | 24 |  |  | 30 |  |  | Dec - 24
U.S. Dollar |  | Chinese Renminbi |  | 582 |  |  | 582 |  |  | Jun - 24
U.S. Dollar |  | Korean Won |  | 28,808 |  |  | 34,209 |  |  | Nov - 24
U.S. Dollar |  | Mexican Peso |  | 3,978 |  |  | 3,280 |  |  | Mar - 26
U.S. Dollar |  | Thai Baht |  | 2,100 |  |  | 2,100 |  |  | Jun - 24
*Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. Dollar equivalent as of March 31, 2024 and December 31, 2023.
Schedule of Foreign Exchange Contracts, Statement of Financial Position | At March 31, 2024 and December 31, 2023, the following cross-currency swap contracts were outstanding:
| Cross-currency swaps
(in millions) | March 31, 2024 |  | December 31, 2023 |  | 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 Derivatives Instruments in Statements of Financial Position | At March 31, 2024 and December 31, 2023, the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to or receivable from counterparties for derivative instruments under ASC Topic 815, “Derivatives and Hedging”:
(in millions) |  | Assets |  | Liabilities
Derivatives designated as hedging instruments Under 815: |  | Location |  | March 31, 2024 |  | December 31, 2023 |  | Location |  | March 31, 2024 |  | December 31, 2023
Foreign currency |  | Prepayments and other current assets |  | $ | 34 |  |  | $ | 30 |  |  | Other current liabilities |  | $ | 1 |  |  | $ | 2 |
Foreign currency |  | Other non-current assets |  | $ | 5 |  |  | $ | 1 |  |  | Other non-current liabilities |  | $ | 1 |  |  | $ | — |
Net investment hedges |  | Prepayments and other current assets |  | $ | 16 |  |  | $ | — |  |  | Other current liabilities |  | $ | — |  |  | $ | — |
Net investment hedges |  | Other non-current assets |  | $ | 32 |  |  | $ | 14 |  |  | Other non-current liabilities |  | $ | — |  |  | $ | 2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency |  | Prepayments and other current assets |  | $ | 3 |  |  | $ | 2 |  |  | Other current liabilities |  | $ | 2 |  |  | $ | 1 |
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 March 31, 2024
(in millions) |  | Net sales |  | Cost of sales |  | Selling, general and administrative expenses |  | Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded |  | $ | 3,595 |  |  | $ | 2,951 |  |  | $ | 329 |  |  | $ | (55) |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency: |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income |  |  |  |  |  |  |  | $ | 8 |
|  | Three Months Ended March 31, 2023
(in millions) |  | Net sales |  | Cost of sales |  | Selling, general and administrative expenses |  | Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded |  | $ | 3,383 |  |  | $ | 2,806 |  |  | $ | 299 |  |  | $ | 52 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency: |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income |  |  |  |  |  |  |  | $ | 14 |
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 March 31, 2024 market rates.
(in millions) |  | Deferred gain (loss) in AOCI at |  | Gain (loss) expected to be reclassified to income in one year or less
Contract Type |  | March 31, 2024 |  | December 31, 2023 |
Net investment hedges: |  |  |  |  |  |
Cross-currency swaps |  | $ | 48 |  |  | $ | 12 |  |  | $ | — |
Foreign currency-denominated debt |  | 124 |  |  | 100 |  |  | — |
Total |  | $ | 172 |  |  | $ | 112 |  |  | $ | — |
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 March 31, |  |
Net investment hedges |  | 2024 |  | 2023 |  |  |  |
Cross-currency swaps |  | $ | 36 |  |  | $ | (5) |  |  |  |  |
Foreign currency-denominated debt |  | $ | 24 |  |  | $ | (14) |  |  |  |  |
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 March 31, |  |
Net investment hedges |  | 2024 |  | 2023 |  |  |  |
Cross-currency swaps |  | $ | 6 |  |  | $ | 6 |  |  |  |  |
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 (losses) recorded in income:
(in millions) |  |  |  | Three Months Ended March 31, |  |
Contract Type |  | Location |  | 2024 |  | 2023 |  |  |  |
Foreign Currency |  | Selling, general and administrative expenses |  | $ | 10 |  |  | $ | (1) |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration