DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2026

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 condensed consolidated financial statements for the three months ended March 31, 2026 and 2025.

	Gain (loss) recognized in OCI				Location of gain (loss) in income statement	Gain (loss) reclassified from AOCI into income
(in millions)	2026		2025			2026		2025
Cash flow hedges
Interest rate contracts	$	—	$	—	Interest expense, net	$	(1)	$	(1)
Foreign exchange contracts	—		—		Cost of sales	—		4
Net investment hedges	20		61		Other (income) expense, net	—		—
Total	$	20	$	61		$	(1)	$	3

	Location of gain (loss) in income statement	Gain (loss) recognized in income
(in millions)		2026		2025
Undesignated derivative instruments
Foreign exchange contracts	Other (income) expense, net	$	(4)	$	(2)
Total		$	(4)	$	(2)

Classification and Fair Values of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of March 31, 2026.

	Derivatives in liability positions
(in millions)	Balance sheet location	Fair value
Derivative instruments designated as hedges
Net investment hedges	Long-term debt and finance lease obligations, less current portion	$	805
Undesignated derivative instruments
Foreign exchange contracts	Accrued expenses and other current liabilities	2
Total derivative instruments		$	807

The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2025.

	Derivatives in liability positions
(in millions)	Balance sheet location	Fair value
Derivative instruments designated as hedges
Net investment hedges	Long-term debt and finance lease obligations, less current portion	834
Undesignated derivative instruments
Foreign exchange contracts	Accrued expenses and other current liabilities	1
Total derivative instruments		$	835

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.

	March 31, 2026				December 31, 2025
(in millions)	Asset		Liability		Asset		Liability
Gross amounts recognized in the condensed consolidated balance sheets	$	—	$	2	$	—	$	1
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet	—		—		—		—
Total	$	—	$	2	$	—	$	1

Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges

The following table presents the amounts recorded on the condensed consolidated balance sheet 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 March 31, 2026		Balance as of December 31, 2025		Balance as of March 31, 2026		Balance as of December 31, 2025
Long-term debt	$	99	$	99	$	1	$	2

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