DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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)