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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 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						$	10					$	10
Total derivative instruments designated as cash flow hedges						$	10					$	10
Hedges of Net Investments
Foreign exchange forward contracts						$	839					$	86
Cross currency basis swaps						288						—
Total derivative instruments designated as hedges of net investments						$	1,127					$	86
Fair Value Hedges
Interest rate swaps						$	150					$	—
Foreign exchange forward contracts						28						28
Total derivative instruments designated as fair value hedges						$	178					$	28
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts						$	803					$	803
Total derivative instruments not designated as hedges						$	803					$	803

Schedule of Derivative Instruments

The effect of derivative hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 were as follows:

						Three Months Ended
						2024																								2023
(in millions)						Cost of products sold						Interest expense, net						Other (income) expense, net												Cost of products sold						Interest expense, net						Other (income) expense, 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						$	447					$	18					$	(7)											$	459					$	20					$	6
(Gain) loss on Cash Flow Hedges reclassified from AOCI into income
Foreign exchange forward contracts						$	—					$	—					$	—											$	(1)					$	—					$	—
Interest rate swaps						—						—						—												—						1						—
(Gain) loss on Hedges of Net Investment
Cross currency basis swaps						$	—					$	—					$	(1)											$	—					$	—					$	1
Foreign exchange forward contracts						—						—						(6)												—						—						1
(Gain) loss on Fair Value Hedges:
Interest rate swaps						$	—					$	2					$	—											$	—					$	2					$	—
Foreign exchange forward contracts						—						—						(1)												—						—						—
(Gain) loss on Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts						$	—					$	—					$	(1)											$	—					$	—					$	2

						Amount of Gain or (Loss) Recognized in AOCI																		Amount of Gain or (Loss) Reclassified from AOCI into Income
						Three Months Ended												Consolidated Statements of Operations Location						Three Months Ended
(in millions)						2024						2023												2024												2023
Cash Flow Hedges
Foreign exchange forward contracts						$	—					$	(1)					Cost of products sold						$	—											$	1
Interest rate swaps						—						—						Interest expense, net						—												(1)
Hedges of Net Investments
Cross currency basis swaps						$	4					$	1					Other expense (income), net						$	—											$	—
Foreign exchange forward contracts						38						(2)						Other expense (income), net						—												—
Fair Value Hedges
Foreign exchange forward contracts						—						1						Other expense (income), net						—												—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value and the financial statement presentation of the Company's derivatives in the Consolidated Balance Sheets were as follows:

						March 31, 2024
(in millions)						Prepaid Expenses and Other Current Assets						Other Noncurrent Assets						Accrued Liabilities						Other Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts						$	1					$	1					$	2					$	5
Interest rate swaps						—						—						7						16
Cross currency basis swaps						3						8						—						—
Total						$	4					$	9					$	9					$	21
Not Designated as Hedges:
Foreign exchange forward contracts						$	7					$	—					$	7					$	—
Total						$	7					$	—					$	7					$	—
						December 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						$	3					$	—					$	4					$	47
Interest rate swaps						—						—						9						19
Cross currency basis swaps						4						4						—						—
Total						$	7					$	4					$	13					$	66
Not Designated as Hedges:
Foreign exchange forward contracts						$	5					$	—					$	5					$	—
Total						$	5					$	—					$	5					$	—

Schedule of Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at March 31, 2024 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						$	10					$	—					$	10					$	(8)					$	—					$	2
Cross currency basis swaps						11						—						11						(5)						—						6
Total assets						$	21					$	—					$	21					$	(13)					$	—					$	8
Liabilities
Foreign exchange forward contracts						$	15					$	—					$	15					$	(8)					$	—					$	7
Interest rate swaps						23						—						23						(5)						—						18
Total liabilities						$	38					$	—					$	38					$	(13)					$	—					$	25

Offsetting of financial assets and liabilities under netting arrangements at December 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						$	8					$	—					$	8					$	(5)					$	—					$	3
Cross currency basis swaps						8						—						8						(4)						—						4
Total assets						$	16					$	—					$	16					$	(9)					$	—					$	7
Liabilities
Foreign exchange forward contracts						$	56					$	—					$	56					$	(7)					$	—					$	49
Interest rate swaps						28						—						28						(2)						—						26
Total liabilities						$	84					$	—					$	84					$	(9)					$	—					$	75

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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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