DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gains and Losses on Derivative Instruments

The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our consolidated financial statements for the years ended December 31, 2024, 2023 and 2022.

(in millions)	Gain (loss) recognized in OCI						Location of gain (loss) in income statement	Gain (loss) reclassified from AOCI into income
	2024		2023		2022			2024		2023		2022
Cash flow hedges
Interest rate contracts	$	—	$	—	$	—	Interest expense, net	$	(6)	$	(6)	$	(6)
Foreign exchange contracts	17		15		28		Cost of sales	8		15		26
Fair value hedges
Foreign exchange contracts	(3)		(4)		—		Other (income) expense, net	(5)		(3)		—
Net investment hedges	87		(58)		141		Other (income) expense, net	—		—		—
Total	$	101	$	(47)	$	169		$	(3)	$	6	$	20

	Location of gain (loss) in income statement	Gain (loss) recognized in income
(in millions)		2024		2023		2022
Fair value hedges
Foreign exchange contracts	Other (income) expense, net	$	(24)	$	38	$	—
Undesignated derivative instruments
Foreign exchange contracts	Other (income) expense, net	(13)		2		(16)
Total		$	(37)	$	40	$	(16)

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)	2024		2023		2022
Accumulated other comprehensive income (loss) balance at beginning of year	$	(120)	$	(119)	$	(126)
(Loss) gain in fair value of derivatives during the year	10		5		22
Amount reclassified to earnings during the year	2		(6)		(15)
Accumulated other comprehensive income (loss) balance at end of year	$	(108)	$	(120)	$	(119)

Classification and Fair Value Amounts of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments reported in the consolidated balance sheet as of December 31, 2024.

	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
Foreign exchange contracts	Prepaid expenses and other current assets	$	6	Accrued expenses and other current liabilities	$	—
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	1		Accrued expenses and other current liabilities	2
Total derivative instruments		$	7		$	2

The following table summarizes the classification and fair values of derivative instruments reported in the consolidated balance sheet as of December 31, 2023.

	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
Foreign exchange contracts	Prepaid expenses and other current assets	$	41	Accrued expenses and other current liabilities	$	—
Undesignated derivative instruments
Foreign exchange contracts	Prepaid expenses and other current assets	4		Accrued expenses and other current liabilities	5
Total derivative instruments		$	45		$	5

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, 2024				December 31, 2023
(in millions)	Asset		Liability		Asset		Liability
Gross amounts recognized in the consolidated balance sheets	$	7	$	2	$	45	$	5
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheets	(1)		(1)		(4)		(4)
Total	$	6	$	1	$	41	$	1

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 items				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items (a)
(in millions)	Balance as of December 31, 2024		Balance as of December 31, 2023		Balance as of December 31, 2024		Balance as of December 31, 2023
Long-term debt	$	99	$	100	$	2	$	3

(a) These fair value hedges were terminated in 2018 and earlier periods.