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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and the notional amounts expected to mature during the next 12 months.

(in millions)						Aggregate Notional Amount						Aggregate Notional Amount Maturing within 12 Months
Cash Flow Hedges
Foreign exchange forward contracts						$	230					$	169
Total derivative instruments designated as cash flow hedges						$	230					$	169
Hedges of Net Investments
Cross currency basis swaps						$	309					309
Total derivative instruments designated as hedges of net investments						$	309					$	309
Fair Value Hedges
Foreign exchange forward contracts						$	240					104
Total derivative instruments designated as fair value hedges						$	240					$	104
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts						$	218					218
Total derivative instruments not designated as hedges						$	218					$	218

Schedule of Derivative Instruments

The amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets, Costs of products sold, Interest expense, and Other expense (income), net in the Company's Consolidated Statement of Operations related to all derivative instruments were as follows:

						March 31, 2021
(in millions)						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Effective Portion Reclassified from AOCI into Income (Expense)												Recognized in Income (Expense)
Cash Flow Hedges
Foreign exchange forward contracts						$	(6)					Cost of products sold						$	(1)											$	—
Interest rate swaps						(29)						Interest expense						(1)												—
Total for cash flow hedging						$	(35)											$	(2)											$	—
Hedges of Net Investments
Cross currency basis swaps						$	9					Interest expense						$	—											$	2
Total for net investment hedging						$	9											$	—											$	2
Fair Value Hedges
Foreign exchange forward contracts						$	—					Other (expense) income, net						$	—											$	16
Total for fair value hedging						$	—											$	—											$	16

						March 31, 2020
(in millions)						Gain (Loss) in AOCI						Consolidated Statements of Operations Location						Effective Portion Reclassified from AOCI into Income (Expense)						Recognized in Income (Expense)
Cash Flow Hedges
Foreign exchange forward contracts						$	2					Cost of products sold						$	1					$	1
Interest rate swaps						(18)						Interest expense						(1)						—
Total for cash flow hedging						$	(16)											$	—					$	1
Hedges of Net Investments
Cross currency basis swaps						$	9					Interest expense						$	—					$	2
Foreign exchange forward contracts						16						Other expense (income), net						—						6
Total for net investment hedging						$	25											$	—					$	8

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:

						March 31, 2021
(in millions)						Prepaid Expenses and Other Current Assets						Other Noncurrent Assets						Accrued Liabilities						Other Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts						$	6					$	9					$	6					$	1
Cross currency basis swaps						—						—						10						—
Total						$	6					$	9					$	16					$	1
Not Designated as Hedges:
Foreign exchange forward contracts						$	1					$	—					$	3					$	—
Total						$	1					$	—					$	3					$	—
						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					$	—

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at March 31, 2021 were as follows:

																								Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)						Gross Amounts Recognized						Gross Amount Offset in the Consolidated Balance Sheets						Net Amounts Presented in the Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received/Pledged						Net Amount
Assets
Foreign exchange forward contracts						$	16					$	—					$	16					$	(10)					$	—					$	6
Total assets						$	16					$	—					$	16					$	(10)					$	—					$	6
Liabilities
Foreign exchange forward contracts						$	10					$	—					$	10					$	(6)					$	—					$	4
Cross currency basis swaps						10						—						10						(4)						—						6
Total liabilities						$	20					$	—					$	20					$	(10)					$	—					$	10

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 Recognized						Gross Amount Offset in the Consolidated Balance Sheets						Net Amounts Presented in the Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received/Pledged						Net Amount
Assets
Foreign exchange forward contracts						$	9					$	—					$	9					$	(9)					$	—					$	—
Total assets						$	9					$	—					$	9					$	(9)					$	—					$	—
Liabilities
Foreign exchange forward contracts						$	15					$	—					$	15					$	—					$	—					$	15
Interest rate swaps						20						—						20						(7)						—						13
Total liabilities						$	35					$	—					$	35					$	(7)					$	—					$	28

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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.

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