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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024 and the notional amounts expected to mature during the next 12 months.
(in millions)Aggregate Notional AmountAggregate Notional Amount Maturing within 12 Months
Cash Flow Hedges
Foreign exchange forward contracts$— $— 
Interest rate swaps— — 
Total derivative instruments designated as cash flow hedges$— $— 
Hedges of Net Investments
Foreign exchange forward contracts
$888 $89 
Cross currency basis swaps297 — 
Total derivative instruments designated as hedges of net investments$1,185 $89 
Fair Value Hedges
Interest rate swaps$150 $— 
Foreign exchange forward contracts — — 
Total derivative instruments designated as fair value hedges$150 $— 
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts$830 $830 
Total derivative instruments not designated as hedges$830 $830 
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 and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended
20242023
(in millions)Cost of products soldInterest expense, netOther (income) expense, netCost of products soldInterest expense, netOther (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$456 $18 $(2)$452 $19 $(5)
(Gain) loss on Cash Flow Hedges reclassified from AOCI into income
Foreign exchange forward contracts$— $— $— $1 $— $— 
Interest rate swaps— — — — — — 
(Gain) loss on Hedges of Net Investment
Cross currency basis swaps$— $— $(1)$— $(1)$— 
Foreign exchange forward contracts— — (6)— — (5)
(Gain) loss on Fair Value Hedges:
Interest rate swaps$— $2 $— $— $3 $— 
Foreign exchange forward contracts— — — — — (1)
Amount of Gain or (Loss) Recognized in AOCIAmount of Gain or (Loss) Reclassified from AOCI into Income
Three Months EndedConsolidated Statements of Operations LocationThree Months Ended
(in millions)2024202320242023
Cash Flow Hedges
Foreign exchange forward contracts$— $1 Cost of products sold$— $(1)
Interest rate swaps— — Interest expense, net— — 
Hedges of Net Investments
Cross currency basis swaps$(8)$3 Other expense (income), net$— $— 
Foreign exchange forward contracts(38)29 Other expense (income), net— — 
Fair Value Hedges
Interest rate swaps$— $— Interest expense, net$— $— 
Foreign exchange forward contracts— 1 Other expense (income), net— — 
Nine Months Ended
20242023
(in millions)Cost of products soldInterest expense, netOther expense (income), netCost of products soldInterest expense, netOther 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$1,376 $53 $(10)$1,389 $61 $13 
(Gain) loss on Cash Flow Hedges reclassified from AOCI into income
Foreign exchange forward contracts$— $— $— $1 $— $— 
Interest rate swaps— 2 — — 2 — 
(Gain) loss on Hedges of Net Investment
Cross currency basis swaps$— $— $(3)$— $(3)$— 
Foreign exchange forward contracts— — (19)— — (6)
(Gain) loss on Fair Value Hedges:
Interest rate swaps$— $6 $— $— $8 $— 
Foreign exchange forward contracts— — — — — (4)

Amount of Gain or (Loss) Recognized in AOCIAmount of Gain or (Loss) Reclassified from AOCI into Income
Nine Months EndedConsolidated Statements of Operations LocationNine Months Ended
(in millions)2024202320242023
Cash Flow Hedges
Foreign exchange forward contracts$— $— Cost of products sold$— $(1)
Interest rate swaps— — Interest expense, net2 (2)
Hedges of Net Investments
Cross currency basis swaps$— $(6)Other expense (income), net$— $— 
Foreign exchange forward contracts(5)26 Other expense (income), net— — 
Fair Value Hedges
Interest rate swaps$— $— Interest expense, net$— $— 
Foreign exchange forward contracts— 2 Other expense (income), net— — 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value and the financial statement presentation of the Company's derivatives in the Consolidated Balance Sheets were as follows:
September 30, 2024
(in millions)Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsAccrued LiabilitiesOther Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts$— $— $2 $34 
Interest rate swaps— — 5 11 
Cross currency basis swaps3 5 — — 
Total$3 $5 $7 $45 
Not Designated as Hedges:
Foreign exchange forward contracts$10 $— $5 $— 
Total$10 $— $5 $— 
December 31, 2023
(in millions)Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsAccrued LiabilitiesOther Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts$3 $— $4 $47 
Interest rate swaps— — 9 19 
Cross currency basis swaps4 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 September 30, 2024 were as follows:
Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)Gross Amounts RecognizedGross Amount Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance SheetsFinancial InstrumentsCash Collateral Received/PledgedNet Amount
Assets
Foreign exchange forward contracts$10 $— $10 $(7)$— $3 
Cross currency basis swaps8 — 8 (3)— 5 
Total assets$18 $— $18 $(10)$— $8 
Liabilities
Foreign exchange forward contracts$41 $— $41 $(8)$— $33 
Interest rate swaps16 — 16 (2)— 14 
Total liabilities$57 $— $57 $(10)$— $47 

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 RecognizedGross Amount Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance SheetsFinancial InstrumentsCash Collateral Received/PledgedNet Amount
Assets
Foreign exchange forward contracts$8 $— $8 $(5)$— $3 
Cross currency basis swaps8 — 8 (4)— 4 
Total assets$16 $— $16 $(9)$— $7 
Liabilities
Foreign exchange forward contracts$56 $— $56 $(7)$— $49 
Interest rate swaps28 — 28 (2)— 26 
Total liabilities$84 $— $84 $(9)$— $75