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v3.23.1

FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 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 |  | $ | 131 |  |  | $ | 94 |
Total derivative instruments designated as cash flow hedges |  | $ | 131 |  |  | $ | 94 |
Hedges of Net Investments |  |  |  |
Foreign exchange forward contracts |  | $ | 173 |  |  | $ | 87 |
Cross currency basis swaps |  | 289 |  |  | — |
Total derivative instruments designated as hedges of net investments |  | $ | 462 |  |  | $ | 87 |
Fair Value Hedges |  |  |  |
Interest rate swaps |  | $ | 250 |  |  | $ | — |
Foreign exchange forward contracts |  | 92 |  |  | 79 |
Total derivative instruments designated as fair value hedges |  | $ | 342 |  |  | $ | 79 |
Derivative Instruments not Designated as Hedges |  |  |  |
Foreign exchange forward contracts |  | $ | 527 |  |  | $ | 527 |
Total derivative instruments not designated as hedges |  | $ | 527 |  |  | $ | 527 |
Schedule of Derivative Instruments | The effect of derivative hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023 and 2022 were as follows:
|  | Three Months Ended March 31, 2023 |  |  |  | Three Months Ended March 31, 2022
(in millions) |  | Cost of products sold |  | Interest expense, net |  | Other expense (income), net |  |  |  | Cost of products sold |  | Interest expense, net |  | Other expense (income), net
Total amounts of line items presented in the Statement of Operations in which the effects of cash flow, net investment or fair value hedges are recorded |  | $ | 459 |  |  | $ | 19 |  |  | $ | 7 |  |  |  |  | $ | 448 |  |  | $ | 12 |  |  | $ | (2) |
(Gain) loss on Cash Flow Hedges reclassified from AOCI into income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps |  | — |  |  | 1 |  |  | — |  |  |  |  | — |  |  | 1 |  |  | — |
(Gain) loss on Hedges of Net Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency basis swaps |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange forward contracts |  | — |  |  | — |  |  | 1 |  |  |  |  | — |  |  | (1) |  |  | — |
(Gain) loss on Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |
Foreign exchange forward contracts |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (8) |
|  | Amount of Gain or (Loss) Recognized in AOCI |  |  |  | Amount of Gain or (Loss) Reclassified from AOCI into Income
|  | Three months ended March 31, |  | Consolidated Statements of Operations Location |  | Three months ended March 31,
(in millions) |  | 2023 |  | 2022 |  |  | 2023 |  |  |  | 2022
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | (1) |  |  | $ | 3 |  |  | Cost of products sold |  | $ | 1 |  |  |  |  | $ | — |
Interest rate swaps |  | — |  |  | — |  |  | Interest expense, net |  | (1) |  |  |  |  | (1) |
Hedges of Net Investments |  |  |  |  |  |  |  |  |  |  |  |
Cross currency basis swaps |  | $ | 1 |  |  | $ | 8 |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | — |
Foreign exchange forward contracts |  | (2) |  |  | 3 |  |  | Other expense (income), net |  | — |  |  |  |  | — |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | — |  |  | Interest expense, net |  | $ | — |  |  |  |  | $ | — |
Foreign exchange forward contracts |  | 1 |  |  | (2) |  |  | Other expense (income), net |  | — |  |  |  |  | — |
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, 2023
(in millions) |  | Prepaid Expenses and Other Current Assets |  | Other Noncurrent Assets |  | Accrued Liabilities |  | Other Noncurrent Liabilities
Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 28 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 3 |
Interest rate swaps |  | — |  |  | — |  |  | 10 |  |  | 19 |
Cross currency basis swaps |  | 3 |  |  | 24 |  |  | — |  |  | — |
Total |  | $ | 31 |  |  | $ | 24 |  |  | $ | 14 |  |  | $ | 22 |
Not Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Total |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
|  | December 31, 2022
(in millions) |  | Prepaid Expenses and Other Current Assets |  | Other Noncurrent Assets |  | Accrued Liabilities |  | Other Noncurrent Liabilities
Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 32 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 2 |
Interest rate swaps |  | — |  |  | — |  |  | 9 |  |  | 25 |
Cross currency basis swaps |  | 4 |  |  | 22 |  |  | — |  |  | — |
Total |  | $ | 36 |  |  | $ | 25 |  |  | $ | 14 |  |  | $ | 27 |
Not Designated as Hedges: |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Total |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Offsetting Derivative Assets and Liabilities | Offsetting of financial assets and liabilities under netting arrangements at March 31, 2023 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 |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |  |  | $ | (5) |  |  | $ | — |  |  | $ | 26 |
Cross currency basis swaps |  | 27 |  |  | — |  |  | 27 |  |  | (13) |  |  | — |  |  | 14 |
Total assets |  | $ | 58 |  |  | $ | — |  |  | $ | 58 |  |  | $ | (18) |  |  | $ | — |  |  | $ | 40 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | (9) |  |  | $ | — |  |  | $ | 2 |
Interest rate swaps |  | 29 |  |  | — |  |  | 29 |  |  | (9) |  |  | — |  |  | 20 |
Total liabilities |  | $ | 40 |  |  | $ | — |  |  | $ | 40 |  |  | $ | (18) |  |  | $ | — |  |  | $ | 22 |
Offsetting of financial assets and liabilities under netting arrangements at December 31, 2022 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 |  | $ | 38 |  |  | $ | — |  |  | $ | 38 |  |  | $ | (7) |  |  | $ | — |  |  | $ | 31 |
Cross currency basis swaps |  | 26 |  |  | — |  |  | 26 |  |  | (12) |  |  | — |  |  | 14 |
Total assets |  | $ | 64 |  |  | $ | — |  |  | $ | 64 |  |  | $ | (19) |  |  | $ | — |  |  | $ | 45 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | (10) |  |  | $ | — |  |  | $ | 2 |
Interest rate swaps |  | 34 |  |  | — |  |  | 34 |  |  | (9) |  |  | — |  |  | 25 |
Total liabilities |  | $ | 46 |  |  | $ | — |  |  | $ | 46 |  |  | $ | (19) |  |  | $ | — |  |  | $ | 27 |

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