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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Derivative Assets at Fair Value
The following table presents the gross fair values of our outstanding derivative instruments.

Fair Value of DerivativesSeptember 30, 2024December 31, 2023
Gross NotionalFair Value – AssetsFair Value – LiabilitiesGross NotionalFair Value – AssetsFair Value – Liabilities
Foreign currency forward contracts
$1,504 $2 $42 $1,356 $8 $30 
Derivatives accounted for as cash flow hedges1,504 2 42 1,356 8 30 
Cross-currency swaps(1)
2,148 18 174 2,209 — 204 
Foreign currency forward and options contracts
1,625 17 20 991 9 11 
Derivatives accounted for as net investment hedges3,773 35 195 3,200 9 215 
Interest rate swaps(1)
1,700 61 5 1,000 35 10 
Derivatives accounted for as fair value hedges
1,700 61 5 1,000 35 10 
Foreign currency forward contracts
3,854 33 13 3,597 19 12 
Other derivatives(1)(2)
397 37 3 438 57 2 
Derivatives not designated as hedging instruments
4,251 70 16 4,035 76 14 
Total derivatives$11,229 $168 $257 $9,591 $128 $269 
(1) Accrued interest was immaterial for the periods presented and is excluded from fair value. These amounts are recognized within All other current assets and All other current liabilities in the Condensed Consolidated Statements of Financial Position.
(2) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts. As of December 31, 2023, Other derivatives also included commodity contracts.
Schedule of Derivative Liabilities at Fair Value
The following table presents the gross fair values of our outstanding derivative instruments.

Fair Value of DerivativesSeptember 30, 2024December 31, 2023
Gross NotionalFair Value – AssetsFair Value – LiabilitiesGross NotionalFair Value – AssetsFair Value – Liabilities
Foreign currency forward contracts
$1,504 $2 $42 $1,356 $8 $30 
Derivatives accounted for as cash flow hedges1,504 2 42 1,356 8 30 
Cross-currency swaps(1)
2,148 18 174 2,209 — 204 
Foreign currency forward and options contracts
1,625 17 20 991 9 11 
Derivatives accounted for as net investment hedges3,773 35 195 3,200 9 215 
Interest rate swaps(1)
1,700 61 5 1,000 35 10 
Derivatives accounted for as fair value hedges
1,700 61 5 1,000 35 10 
Foreign currency forward contracts
3,854 33 13 3,597 19 12 
Other derivatives(1)(2)
397 37 3 438 57 2 
Derivatives not designated as hedging instruments
4,251 70 16 4,035 76 14 
Total derivatives$11,229 $168 $257 $9,591 $128 $269 
(1) Accrued interest was immaterial for the periods presented and is excluded from fair value. These amounts are recognized within All other current assets and All other current liabilities in the Condensed Consolidated Statements of Financial Position.
(2) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts. As of December 31, 2023, Other derivatives also included commodity contracts.
Schedule of Effect of Derivatives Instruments on Statement of Financial Position and Statement of Income
The following table presents amounts recorded in Long-term borrowings in the Condensed Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.

September 30, 2024December 31, 2023
Carrying amountCumulative basis adjustment included in the carrying amount
Carrying amount
Cumulative basis adjustment included in the carrying amount
Long-term borrowings designated in fair value hedges
$1,753 $57 $1,023 $25 
The tables below present the gains (losses) on our derivative financial instruments and hedging activity in the Condensed Consolidated Statements of Income.

Derivative Financial Instruments and Hedging Activity
For the three months ended September 30, 2024
Cost of productsCost of services
SG&A
Interest and other financial charges – net
Other(4)
Foreign currency forward contracts
$3 $1 $— $— $— 
Effects of cash flow hedges3 1 — — — 
Cross-currency swaps— — — 7 — 
Foreign currency forward and options contracts
— — — 4 — 
Effects of net investment hedges(1)
— — — 11 — 
Interest rate swaps(2)
— — — 76 — 
Debt basis adjustment on Long-term borrowings
— — — (84)— 
Effects of fair value hedges
— — — (7)— 
Foreign currency forward contracts
28 7 — — — 
Other derivatives(3)
— — 2 — 5 
Effects of derivatives not designated as hedging instruments
28 7 2 — 5 

For the three months ended September 30, 2023
Cost of productsCost of services
SG&A
Interest and other financial charges – net
Other(4)
Foreign currency forward contracts$(5)$(1)$— $— $— 
Effects of cash flow hedges(5)(1)— — — 
Cross-currency swaps— — — 8 — 
Foreign currency forward and option contracts— — — 1 1 
Effects of net investment hedges(1)
— — — 9 1 
Interest rate swaps
— — — — — 
Debt basis adjustment on Long-term borrowings— — — — — 
Effects of fair value hedges— — — — — 
Foreign currency forward contracts(38)(9)— — 4 
Other derivatives(3)
— — (2)— 10 
Effects of derivatives not designated as hedging instruments
(38)(9)(2)— 14 
For the nine months ended September 30, 2024
Cost of productsCost of services
SG&A
Interest and other financial charges – net
Other(4)
Foreign currency forward contracts
$3 $1 $— $— $— 
Effects of cash flow hedges3 1 — — — 
Cross-currency swaps— — — 24 — 
Foreign currency forward and options contracts
— — — 8 — 
Effects of net investment hedges(1)
— — — 32 — 
Interest rate swaps(2)
— — — 11 — 
Debt basis adjustment on Long-term borrowings
— — — (31)— 
Effects of fair value hedges
— — — (21)— 
Foreign currency forward contracts
21 5 — — — 
Other derivatives(3)
— — 7 — 28 
Effects of derivatives not designated as hedging instruments
21 5 7 — 28 

For the nine months ended September 30, 2023
Cost of productsCost of services
SG&A
Interest and other financial charges – net
Other(4)
Foreign currency forward contracts$18 $4 $— $— $— 
Effects of cash flow hedges18 4 — — — 
Cross-currency swaps— — — 25 — 
Foreign currency forward and option contracts
— — — 1 1 
Effects of net investment hedges(1)
— — — 26 1 
Interest rate swaps
— — — — — 
Debt basis adjustment on Long-term borrowings
— — — — — 
Effects of fair value hedges— — — — — 
Foreign currency forward contracts(28)(6)— — 10 
Other derivatives(3)
— — 5 — 36 
Effects of derivatives not designated as hedging instruments
(28)(6)5 — 46 
(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the three and nine months ended September 30, 2024 and 2023.
(2) Amount includes $(7) million and $(21) million of interest expense on interest rate derivatives for the three and nine months ended September 30, 2024, respectively.
(3) Other derivatives are primarily comprised of embedded derivatives and derivatives related to equity contracts.
(4) Amounts are inclusive of gains (losses) in Other (income) expense – net in the Condensed Consolidated Statements of Income.
Schedule of Derivative Pre-tax Gains (Losses) Recognized in OCI
The table below presents the pre-tax gains (losses) recognized in OCI associated with the Company’s cash flow and net investment hedges.
Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
For the three months ended September 30
For the nine months ended September 30
2024202320242023
Cash flow hedges$(43)$24 $(13)$14 
Net investment hedges(1)
(116)64 (57)(7)
(1) Amounts recognized in OCI for excluded components for the periods presented were immaterial.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table represents assets and liabilities that are recorded and measured at fair value on a recurring basis.

Fair Value of Assets and Liabilities Measured on a Recurring Basis
As of September 30, 2024
As of December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Money market funds
$— $231 $— $231 $— $200 $— $200 
Investment securities26 — — 26 31 — — 31 
Derivatives
— 168 — 168 — 128 — 128 
Liabilities:
Derivatives
— 257 — 257 — 269 — 269 
Contingent consideration— — 35 35 — — 44 44