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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables) | 12 Months Ended
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Dec. 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 December 31, 2021 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 |  | $ | 311 |  |  | $ | 235 |
Total derivative instruments designated as cash flow hedges |  | $ | 311 |  |  | $ | 235 |
Hedges of Net Investments |  |  |  |
Foreign exchange forward contracts |  | $ | 182 |  |  | $ | 91 |
Cross currency basis swaps |  | 303 |  |  | — |
Total derivative instruments designated as hedges of net investments |  | $ | 485 |  |  | $ | 91 |
Fair Value Hedges |  |  |  |
Foreign exchange forward contracts |  | $ | 217 |  |  | $ | 87 |
Interest rate swaps |  | 250 |  |  | — |
Total derivative instruments designated as fair value hedges |  | $ | 467 |  |  | $ | 87 |
Derivative Instruments not Designated as Hedges |  |  |  |
Foreign exchange forward contracts |  | $ | 301 |  |  | $ | 301 |
Total derivative instruments not designated as hedges |  | $ | 301 |  |  | $ | 301 |
Schedule of Derivative Instruments | The amount of gains (losses) recorded in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations related to all derivative instruments were as follows:
|  | Year Ended December 31, 2021
(in millions) |  | Gain (Loss) in AOCI |  | Consolidated Statements of Operations Location |  | Effective Portion Reclassified from AOCI into Income (Expense) |  | Ineffective Portion Recognized in Income (Expense) |  | Recognized in Income (Expense)
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 3 |  |  | Cost of products sold |  | $ | (3) |  |  | $ | 2 |  |  | $ | — |
Interest rate swaps |  | — |  |  | Interest expense, net |  | (4) |  |  | — |  |  | — |
Total for cash flow hedging |  | $ | 3 |  |  |  |  | $ | (7) |  |  | $ | 2 |  |  | $ | — |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | 13 |  |  | Interest expense, net |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Foreign exchange forward contracts |  | 10 |  |  | Other expense (income), net |  | — |  |  | 1 |  |  | — |
Total for net investment hedging |  | $ | 23 |  |  |  |  | $ | — |  |  | $ | 1 |  |  | $ | 6 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | (1) |  |  | Other expense (income), net |  | $ | — |  |  | $ | 1 |  |  | $ | 23 |
Interest rate swap |  | — |  |  | Interest expense, net |  | — |  |  | — |  |  | 1 |
Total for fair value hedging |  | $ | (1) |  |  |  |  | $ | — |  |  | $ | 1 |  |  | $ | 24 |
|  | Year Ended December 31, 2020
(in millions) |  | Gain (Loss) in AOCI |  | Consolidated Statements of Operations Location |  | Effective 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, net |  | (4) |  |  | — |  |  | — |
Total for cash flow hedging |  | $ | (18) |  |  |  |  | $ | (2) |  |  | $ | 4 |  |  | $ | — |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | (26) |  |  | Interest expense, net |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Foreign exchange forward contracts |  | 6 |  |  | Other expense (income), net |  | — |  |  | 6 |  |  | — |
Total for net investment hedging |  | $ | (20) |  |  |  |  | $ | — |  |  | $ | 6 |  |  | $ | 9 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | (3) |  |  | Interest expense, net |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Total for fair value hedging |  | $ | (3) |  |  |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
.
|  | Year Ended December 31, 2019
(in millions) |  | Gain (Loss) in AOCI |  | Consolidated Statements of Operations Location |  | Effective 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, net |  | (2) |  |  | — |  |  | — |
Total for cash flow hedging |  | $ | (17) |  |  |  |  | $ | (1) |  |  | $ | 2 |  |  | $ | — |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | 9 |  |  | Interest expense, net |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Foreign exchange forward contracts |  | 9 |  |  | Other expense (income), net |  | — |  |  | 22 |  |  | — |
Total for net investment hedging |  | $ | 18 |  |  |  |  | $ | — |  |  | $ | 22 |  |  | $ | 8 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 3 |  |  | Interest expense, net |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Total for fair value hedging |  | $ | 3 |  |  |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
|  | Consolidated Statements of Operations Location |  | Gain (Loss) Recognized
|  |  | December 31,
(in millions) |  |  | 2021 |  | 2020 |  | 2019
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts |  | Other expense (income), net |  | $ | (9) |  |  | $ | 7 |  |  | $ | (3) |
Total for instruments not designated as hedges |  |  |  | $ | (9) |  |  | $ | 7 |  |  | $ | (3) |
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, 2021
(in millions) |  | Prepaid Expenses and Other Current Assets |  | Other Noncurrent Assets |  | Accrued Liabilities |  | Other Noncurrent Liabilities
Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 18 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 1 |
Interest rate swaps |  | 5 |  |  | — |  |  | — |  |  | 9 |
Cross currency basis swaps |  | 4 |  |  | — |  |  | — |  |  | 7 |
Total |  | $ | 27 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 17 |
Not Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Total |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
|  | 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 |  |  | $ | — |
Offsetting Derivative Assets and Liabilities | Offsetting of financial assets and liabilities under netting arrangements at December 31, 2021 were as follows:
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
(in millions) |  | Gross Amounts Recognized |  | Gross Amounts 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 |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |  |  | $ | (9) |  |  | $ | — |  |  | $ | 22 |
Total assets |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |  |  | $ | (9) |  |  | $ | — |  |  | $ | 22 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |
Interest rate swaps |  | 4 |  |  | — |  |  | 4 |  |  | (2) |  |  | — |  |  | 2 |
Cross currency basis swaps |  | 4 |  |  | — |  |  | 4 |  |  | (3) |  |  | — |  |  | 1 |
Total liabilities |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | (9) |  |  | $ | — |  |  | $ | 3 |
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 Amounts 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) |  |  | $ | — |  |  | $ | — |
Cross currency basis swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets |  | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | (9) |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Cross currency basis swaps |  | 20 |  |  | — |  |  | 20 |  |  | (7) |  |  | — |  |  | 13 |
Total liabilities |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |  |  | $ | (7) |  |  | $ | — |  |  | $ | 28 |

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