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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 |  | $ | 323 |  |  | $ | 246 |
Total derivative instruments designated as cash flow hedges |  | $ | 323 |  |  | $ | 246 |
Hedges of Net Investments |  |  |  |
Foreign exchange forward contracts |  | $ | 185 |  |  | $ | 93 |
Cross currency basis swaps |  | 309 |  |  | — |
Total derivative instruments designated as hedges of net investments |  | $ | 494 |  |  | $ | 93 |
Fair Value Hedges |  |  |  |
Interest Rate Swaps |  | $ | 250 |  |  | $ | — |
Foreign exchange forward contracts |  | 217 |  |  | 134 |
Total derivative instruments designated as fair value hedges |  | $ | 467 |  |  | $ | 134 |
Derivative Instruments not Designated as Hedges |  |  |  |
Foreign exchange forward contracts |  | $ | 342 |  |  | $ | 342 |
Total derivative instruments not designated as hedges |  | $ | 342 |  |  | $ | 342 |
Schedule of Derivative Instruments | The amount of gains and losses recorded in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations related to all derivative instruments for the three months ended September 30, 2021 and 2020 were as follows:
|  | Three Months Ended September 30, 2021
(in millions) |  | Gain (Loss) recognized 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 |  | $ | (2) |  |  |  |  | $ | — |
Interest rate swaps |  | — |  |  | Interest expense, net |  | (1) |  |  |  |  | — |
Total for cash flow hedging |  | $ | 6 |  |  |  |  | $ | (3) |  |  |  |  | $ | — |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | (1) |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | 1 |
Foreign exchange forward contracts |  | 4 |  |  | Other expense (income), net |  | — |  |  |  |  | — |
Total for net investment hedging |  | $ | 3 |  |  |  |  | $ | — |  |  |  |  | $ | 1 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | 1 |
Foreign exchange forward contracts |  | — |  |  | Other expense (income), net |  | — |  |  |  |  | 6 |
Total for fair value hedging |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 7 |
|  | Three Months Ended September 30, 2020
(in millions) |  | Gain (Loss) recognized 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 |  |  | $ | 1 |
Interest rate swaps |  | 3 |  |  | Interest expense, net |  | (2) |  |  | — |
Total for cash flow hedging |  | $ | (3) |  |  |  |  | $ | (1) |  |  | $ | 1 |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | (17) |  |  | Interest expense, net |  | $ | — |  |  | $ | 2 |
Total for net investment hedging |  | $ | (17) |  |  |  |  | $ | — |  |  | $ | 2 |
The amount of gains and losses recorded in AOCI in the Consolidated Balance Sheets and Consolidated Statement of Operations related to all derivative instruments for the nine months ended September 30, 2021 and 2020 were as follows:
|  | Nine Months Ended September 30, 2021
(in millions) |  | Gain (Loss) recognized 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 |  | $ | 3 |  |  | Cost of products sold |  | $ | (4) |  |  |  |  | $ | 1 |
Interest rate swaps |  | — |  |  | Interest expense, net |  | (4) |  |  |  |  | — |
Total for cash flow hedging |  | $ | 3 |  |  |  |  | $ | (8) |  |  |  |  | $ | 1 |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | 6 |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | 5 |
Foreign exchange forward contracts |  | 7 |  |  | Other expense (income), net |  | — |  |  |  |  | — |
Total for net investment hedging |  | $ | 13 |  |  |  |  | $ | — |  |  |  |  | $ | 5 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | 1 |
Foreign exchange forward contracts |  | — |  |  | Other expense (income), net |  | — |  |  |  |  | 18 |
Total for fair value hedging |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 19 |
|  | Nine Months Ended September 30, 2020
(in millions) |  | Gain (Loss) recognized 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 |  | $ | 2 |  |  | $ | 2 |
Interest rate swaps |  | (17) |  |  | Interest expense, net |  | (3) |  |  | — |
Total for cash flow hedging |  | $ | (19) |  |  |  |  | $ | (1) |  |  | $ | 2 |
Hedges of Net Investments |  |
Cross currency basis swaps |  | $ | (13) |  |  | Interest expense, net |  | $ | — |  |  | $ | 7 |
Foreign exchange forward contracts |  | 6 |  |  | Other expense (income), net |  | — |  |  | 6 |
Total for net investment hedging |  | $ | (7) |  |  |  |  | $ | — |  |  | $ | 13 |
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:
|  | September 30, 2021
(in millions) |  | Prepaid Expenses and Other Current Assets |  | Other Noncurrent Assets |  | Accrued Liabilities |  | Other Noncurrent Liabilities
Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 13 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | — |
Interest rate swaps |  | 3 |  |  | — |  |  | — |  |  | 5 |
Cross currency basis swaps |  | 3 |  |  | — |  |  | — |  |  | 14 |
Total |  | $ | 19 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 19 |
Not Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Total |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
|  | 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 September 30, 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 |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  | $ | (10) |  |  | $ | — |  |  | $ | 15 |
Interest rate swaps |  | 3 |  |  | — |  |  | 3 |  |  | (3) |  |  | — |  |  | — |
Cross currency basis swaps |  | 3 |  |  | — |  |  | 3 |  |  | (3) |  |  | — |  |  | — |
Total assets |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 15 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 1 |
Interest rate swaps |  | 5 |  |  | — |  |  | 5 |  |  | (3) |  |  | — |  |  | 2 |
Cross currency basis swaps |  | 14 |  |  | — |  |  | 14 |  |  | (10) |  |  | — |  |  | 4 |
Total liabilities |  | $ | 23 |  |  | $ | — |  |  | $ | 23 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 7 |
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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