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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair value of derivative instruments designated as hedging instruments that are reported in the Consolidated Balance Sheet | The following table provides the location and fair value amounts of derivative instruments designated and not designated as hedging instruments that are reported in the Consolidated Balance Sheet (in millions):
|  | December 31, 2024 |  | December 31, 2023
Instrument (1) | Balance Sheet Account | Derivatives designated as hedges | Derivatives not designated as hedges |  | Derivatives designated as hedges | Derivatives not designated as hedges
Foreign exchange contracts | Other current assets | $ | — |  | $ | — |  |  | $ | — |  | $ | 2 |
Commodity swaps | Other current assets | (1) |  | — |  |  | 2 |  | — |
Cross currency swaps - net investment hedge | Other current assets | 7 |  | — |  |  | — |  | — |
Cross currency swaps - net investment hedge | Other non-current assets | 7 |  | — |  |  | — |  | — |
Foreign exchange contracts | Other current liabilities | — |  | — |  |  | — |  | (1) |
Cross currency swaps - net investment hedge | Other current liabilities | — |  | — |  |  | (5) |  | — |
Cross currency swaps - net investment hedge | Other non-current liabilities | — |  | — |  |  | (5) |  | — |
Net derivative asset (liability) | $ | 13 |  | $ | — |  |  | $ | (8) |  | $ | 1 |
Schedule of derivative instruments that are designated as hedges in the Consolidated Statement of Income and Accumulated other comprehensive income (loss) ("OCI") | The following tables provide the effect of derivative instruments that are designated as hedges in AOCI (in millions):
| Gain (Loss) Recognized on Derivatives in OCI, net of tax |  | Gain (Loss) Reclassified from AOCI into Income (Loss)
| Year Ended December 31, |  | Year Ended December 31,
Instrument | 2024 | 2023 | 2022 | Income Statement Account | 2024 | 2023 | 2022
Commodity swaps | (4) |  | 5 |  | (12) |  | Cost of goods sold | — |  | (2) |  | 8 |
Cross currency swaps - net investment hedges | 16 |  | (4) |  | 2 |  | Selling, general and administrative expenses | — |  | — |  | — |
Total | $ | 12 |  | $ | 1 |  | $ | (10) |  | Total | $ | — |  | $ | (2) |  | $ | 8 |
The following tables provide the effect of derivative instruments that are designated as hedges in the Consolidated Statement of Income (Loss) (in millions):
| Classification and amount of Gain (Loss) Recognized in Income (Loss) |  |  |  |
| Cost of goods sold |  | Interest expense |  |
| Year Ended December 31,
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  |  |  |
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (4,059) |  | $ | (3,975) |  | $ | (3,547) |  |  | $ | (89) |  | $ | (63) |  | $ | (49) |  |  |  |  |
Gain (loss) reclassified from AOCI into Income (loss):
Commodity swaps | — |  | (2) |  | 8 |  |  | — |  | — |  | — |  |  |  |  |
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach:
Cross currency swaps - net investment hedge | — |  | — |  | — |  |  | 3 |  | 1 |  | 1 |  |  |  |  |
Total | $ | — |  | $ | (2) |  | $ | 8 |  |  | $ | 3 |  | $ | 1 |  | $ | 1 |  |  |  |  |
Schedule of derivative instruments that are not designated as hedges in the Consolidated Statement of Income and OCI | The following table provides the effect of non-designated derivatives in the Consolidated Statement of Income (Loss) (in millions):
|  | Gain (Loss) Recognized in Income (Loss)
|  | Year Ended December 31,
Instrument | Income Statement Account | 2024 | 2023 | 2022
Foreign exchange contracts | Cost of goods sold | $ | (1) |  | $ | (7) |  | $ | (2) |
Foreign exchange contracts | Other income (expense) – net | (4) |  | (2) |  | — |
Total |  | $ | (5) |  | $ | (9) |  | $ | (2) |

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