FINANCIAL INSTRUMENTS, DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Activity Relating to Securitization Arrangement

The following is a summary of the activity relating to the arrangement.

			As Restated
as of and for the years ended December 31 (in millions)	2019		2018		2017
Sold receivables at beginning of year	$	69	$	70	$	67
Proceeds from sales of receivables	$	292	$	267	$	270
Cash collections (remitted to the owners of the receivables)	$	(282)	$	(270)	$	(270)
Effect of foreign exchange rate changes	$	—	$	2	$	3
Sold receivables at end of year	$	79	$	69	$	70

Summary of Gains and Losses on Derivative Instruments

The following table summarizes the income statement locations and gains and losses on our hedging instruments for the years ended December 31, 2019, 2018, and 2017.

(in millions)	Gain (loss) recognized in OCI						Location of gain (loss) in income statement	Gain (loss) reclassified from AOCI into income
					As Restated
	2019		2018		2017			2019		2018		2017
Cash flow hedges
Interest rate contracts	$	(37)	$	(3)	$	(3)	Interest expense, net	$	—	$	—	$	—
Foreign exchange contracts	(9)		3		(24)		Cost of sales	4		(12)		(8)
Net investment hedges	12		32		(65)		Other (income) expense, net	—		—		—
Total	$	(34)	$	32	$	(92)		$	4	$	(12)	$	(8)

	Location of gain (loss) in income statement	Gain (loss) recognized in income
				As Restated
(in millions)		2019		2018		2017
Fair value hedges
Interest rate contracts	Interest expense, net	$	—	$	(4)	$	(3)
Undesignated derivative instruments
Foreign exchange contracts	Other (income) expense, net	$	(17)	$	—	$	(37)

Net of Tax Activity in Accumulated Other Comprehensive Income Related to Cash Flow Hedges

The following table summarizes net-of-tax activity in AOCI, a component of stockholders’ equity, related to our cash flow hedges.

as of and for the year ended December 31 (in millions)	2019		2018		2017
Accumulated other comprehensive income (loss) balance at beginning of year	$	(1)	$	(10)	$	3
Adoption of new accounting standard	(1)		—		—
(Loss) gain in fair value of derivatives during the year	(36)		(1)		(18)
Amount reclassified to earnings during the year	(3)		10		5
Accumulated other comprehensive income (loss) balance at end of year	$	(41)	$	(1)	$	(10)

Classification and Fair Value Amounts of Derivative Instruments

The following table summarizes the classification and fair value amounts of derivative instruments reported in the consolidated balance sheet as of December 31, 2019.

	Derivatives in asset positions			Derivatives in liability positions
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value
Derivative instruments designated as hedges
Interest rate contracts	Other non-current assets	$	10	Other non-current liabilities	$	52
Foreign exchange contracts	Prepaid expenses and other current assets	10		Accounts payable and  accrued liabilities	—
Foreign exchange contracts	Other non-current assets	—		Other non-current liabilities	—
Total derivative instruments designated as hedges		20			52
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	1		Accounts payable and  accrued liabilities	2
Total derivative instruments		$	21		$	54

The following table summarizes the classification and fair values of derivative instruments reported in the consolidated balance sheet as of December 31, 2018.

	Derivatives in asset positions			Derivatives in liability positions
		As Restated			As Restated
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value
Derivative instruments designated as hedges
Interest rate contracts	Other non-current assets	$	—	Other non-current liabilities	$	3
Foreign exchange contracts	Prepaid expenses and other current assets	22		Accounts payable and  accrued liabilities	1
Foreign exchange contracts	Other non-current assets	1		Other non-current liabilities	—
Total derivative instruments designated as hedges		23			4
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	2		Accounts payable and  accrued liabilities	2
Total derivative instruments		$	25		$	6

Derivative Positions Presented on Net Basis

The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of offset by counterparty.

	December 31, 2019				December 31, 2018
					As Restated
(in millions)	Asset		Liability		Asset		Liability
Gross amounts recognized in the consolidated balance sheets	$	21	$	54	$	25	$	6
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheets	(11)		(11)		(3)		(3)
Total	$	10	$	43	$	22	$	3

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the amounts recorded on the consolidated balance sheets related to fair value hedges:

	Carrying amount of hedged item				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (a)
(in millions)	Balance as of December 31, 2019		Balance as of December 31, 2018		Balance as of December 31, 2019		Balance as of December 31, 2018
Long-term debt	$	103	$	103	$	6	$	7

(a) These fair value hedges were terminated prior to December 31, 2018.