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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following summarizes the notional amounts of cash flow hedges, hedges of net investments, fair value hedges, and derivative instruments not designated as hedges for accounting purposes, by derivative instrument type at December 31, 2020 and the notional amounts expected to mature during the next 12 months:
Aggregate
 Notional
 Amount
Aggregate Notional Amount Maturing within 12 Months
(in millions)
Cash Flow Hedges
Foreign exchange forward contracts$369 $281 
Total derivative instruments designated as cash flow hedges$369 $281 
Hedges of Net Investments
Cross currency basis swaps$322 322 
Total derivative instruments designated as hedges of net investments$322 $322 
Fair Value Hedges
Foreign exchange forward contracts$63 $44 
Total derivative instruments designated as fair value hedges$63 $44 
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts$276 $276 
Total derivative instruments not designated as hedges$276 $276 
Schedule of Derivative Instruments
The amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets, Cost of products sold, Interest expense, and Other expense (income), net in the Company’s Consolidated Statements of Operations related to all derivative instruments were as follows:

Year Ended December 31, 2020
(in millions)Gain (Loss) in AOCIConsolidated Statements of Operations LocationEffective Portion Reclassified from AOCI into Income (Expense)Ineffective Portion Recognized in Income (Expense)Recognized in Income (Expense)
Cash Flow Hedges
Foreign exchange forward contracts$(2)Cost of products sold$2 $4 $— 
Interest rate swaps(16)Interest expense(4)— — 
Total for cash flow hedging$(18)$(2)$4 $— 
Hedges of Net Investments
Cross currency basis swaps$(26)Interest expense$— $— $9 
Foreign exchange forward contracts6 Other expense (income), net— 6 — 
Total for net investment hedging$(20)$— $6 $9 
Fair Value Hedges
Foreign exchange forward contracts$(3)Interest expense$— $3 $— 
Total for fair value hedging$(3)$— $3 $— 
Year Ended December 31, 2019
(in millions)Gain (Loss) in AOCIConsolidated Statements of Operations LocationEffective Portion Reclassified from AOCI into Income (Expense)Ineffective Portion Recognized in Income (Expense)Recognized in Income (Expense)
Cash Flow Hedges
Foreign exchange forward contracts$(6)Cost of products sold$1 $2 $— 
Interest rate swaps(11)Interest expense(2)— — 
Total for cash flow hedging$(17)$(1)$2 $— 
Hedges of Net Investments
Cross currency basis swaps$9 Interest expense$— $— $8 
Foreign exchange forward contracts9 Other expense (income), net— 22 — 
Total for net investment hedging$18 $— $22 $8 
Fair Value Hedges
Foreign exchange forward contracts$3 Interest expense$— $3 $— 
Total for fair value hedging$3 $— $3 $— 
.

Year Ended December 31, 2018
(in millions)Gain (Loss) in AOCIConsolidated Statements of Operations LocationEffective Portion Reclassified from AOCI into Income (Expense)Ineffective Portion Recognized in Income (Expense)Recognized in Income (Expense)
Cash Flow Hedges
Foreign exchange forward contracts$5 Cost of products sold$(9)$— $— 
Interest rate swaps— Interest expense(2)— — 
Other expense (income), net— 1 — 
Total for cash flow hedging$5 $(11)$1 $— 
Hedges of Net Investments
Cross currency basis swaps$15 Interest expense$— $— $7 
Other expense (income), net(3)— — 
Foreign exchange forward contracts21 Other expense (income), net— 16 — 
Total for net investment hedging$36 $(3)$16 $7 
Consolidated Statements of Operations LocationGain (Loss) Recognized
December 31,
(in millions)202020192018
Derivative Instruments not Designated as Hedges
   Foreign exchange forward contracts
Other expense (income), net$7 $(3)$(6)
Total for instruments not designated as hedges$7 $(3)$(6)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value and the location of the Company's derivatives in the Consolidated Balance Sheets were as follows:

Year Ended December 31, 2020
(in millions)
Prepaid
Expenses
and Other
Current Assets
Other
Noncurrent
Assets
Accrued
Liabilities
Other
Noncurrent
Liabilities
Designated as Hedges:
Foreign exchange forward contracts$5 $2 $10 $3 
Cross currency basis swaps— — 20 — 
Total$5 $2 $30 $3 
Not Designated as Hedges:
Foreign exchange forward contracts$3 $— $2 $— 
Total$3 $— $2 $— 

 Year Ended December 31, 2019
(in millions)
Prepaid
Expenses
and Other
Current Assets
Other
Noncurrent
Assets
Accrued
Liabilities
Other
Noncurrent
Liabilities
Designated as Hedges:
Foreign exchange forward contracts$27 $11 $1 $2 
Interest rate swaps— — — 11 
Cross currency basis swaps— 7 — — 
Total$27 $18 $1 $13 
Not Designated as Hedges:
Foreign exchange forward contracts$2 $— $2 $— 
Total$2 $— $2 $— 
Offsetting Derivative Assets and Liabilities
Offsetting of financial assets and liabilities under netting arrangements at December 31, 2020 were as follows:

Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance SheetsFinancial Instruments Cash Collateral Received/PledgedNet Amount
Assets
Foreign exchange forward contracts$9 $— $9 $(9)$— $— 
Total assets$9 $— $9 $(9)$— $— 
Liabilities
Foreign exchange forward contracts$15 $— $15 $— $— $15 
Cross currency basis swaps20 — 20 (7)— 13 
Total liabilities$35 $— $35 $(7)$— $28 

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2019 were as follows:

Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance SheetsFinancial InstrumentsCash Collateral Received/PledgedNet Amount
Assets
Foreign exchange forward contracts$39 $— $39 $(8)$— $31 
Cross currency basis swaps7 — 7 (1)— 6 
Total assets$46 $— $46 $(9)$— $37 
Liabilities
Foreign exchange forward contracts$3 $— $3 $(3)$— $— 
Interest rate swaps11 — 11 (6)— 5 
Total liabilities$14 $— $14 $(9)$— $5