FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and the notional amounts expected to mature during the next 12 months.

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Cash Flow Hedges
Foreign exchange forward contracts	$	—	$	—
Total derivative instruments designated as cash flow hedges	$	—	$	—
Hedges of Net Investments
Foreign exchange forward contracts	$	827	$	83
Cross currency basis swaps	276		—
Total derivative instruments designated as hedges of net investments	$	1,103	$	83
Fair Value Hedges
Foreign exchange forward contracts	$	—	$	—
Interest rate swaps	150		—
Total derivative instruments designated as fair value hedges	$	150	$	—
Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	602	$	602
Total derivative instruments not designated as hedges	$	602	$	602

Schedule of Derivative Instruments

The effect of derivative hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss were as follows:

	Year Ended December 31, 2024						Year Ended December 31, 2023						Year Ended December 31, 2022
(in millions)	Cost of products sold		Interest expense, net		Other (income) expense, net		Cost of products sold		Interest expense, net		Other (income) expense, net		Cost of products sold		Interest expense, net		Other (income) expense, net
Total amounts of line items presented in the Consolidated Statements of Operations in which the effects of cash flow, net investment or fair value hedges are recorded	$	1,835	$	69	$	(12)	$	1,879	$	81	$	9	$	1,795	$	65	$	53
(Gain) loss on Cash Flow Hedges
Foreign exchange forward contracts	$	—	$	—	$	—	$	1	$	—	$	—	$	(3)	$	—	$	—
Interest rate swaps	—		3		—		—		3		—		—		3		—
Gain on Hedges of Net Investment
Cross currency basis swaps	$	—	$	—	$	(5)	$	—	$	—	$	(5)	$	—	$	—	$	(5)
Foreign exchange forward contracts	—		—		(25)		—		—		(12)		—		—		(2)
(Gain) loss on Fair Value Hedges:
Interest rate swaps	$	—	$	8	$	—	$	—	$	11	$	—	$	—	$	1	$	—
Foreign exchange forward contracts	—		—		—		—		—		—		—		—		(27)
(Gain) loss on Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	—	$	—	$	2	$	—	$	—	$	8	$	—	$	—	$	(4)

	Amount of Gain or (Loss) Recognized in AOCI							Amount of Gain or (Loss) Reclassified from AOCI into Income
	Year Ended December 31,						Consolidated Statements of Operations Location	Year Ended December 31,
(in millions)	2024		2023		2022			2024		2023		2022
Cash Flow Hedges
Foreign exchange forward contracts	$	—	$	—	$	(1)	Cost of products sold	$	—	$	(1)	$	3
Interest rate swaps	—		—		—		Interest expense, net	(3)		(3)		(3)
Hedges of Net Investments
Cross currency basis swaps	$	11	$	(18)	$	30	Other (income) expense, net	$	—	$	—	$	—
Foreign exchange forward contracts	37		(29)		11		Other (income) expense, net	—		—		—
Fair Value Hedges
Interest rate swaps	$	—	$	—	$	—	Other (income) expense, net	$	—	$	—	$	—
Foreign exchange forward contracts	—		2		(2)		Interest expense, net	—		—		—

Schedule of Consolidated Balance Sheets Location of Derivative Fair Values

The fair value and the location of the Company’s derivatives in the Consolidated Balance Sheets were as follows:

	Year Ended December 31, 2024
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts	$	5	$	9	$	—	$	1
Interest rate swaps	—		—		4		17
Cross currency basis swaps	4		14		—		—
Total	$	9	$	23	$	4	$	18
Not Designated as Hedges:
Foreign exchange forward contracts	$	4	$	—	$	8	$	—
Total	$	4	$	—	$	8	$	—

	Year Ended December 31, 2023
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges:
Foreign exchange forward contracts	$	3	$	—	$	4	$	47
Interest rate swaps	—		—		9		19
Cross currency basis swaps	4		4		—		—
Total	$	7	$	4	$	13	$	66
Not Designated as Hedges:
Foreign exchange forward contracts	$	5	$	—	$	5	$	—
Total	$	5	$	—	$	5	$	—

Schedule of Balance Sheet Offsetting

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2024 were as follows:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	18	$	—	$	18	$	(5)	$	—	$	13
Cross currency basis swaps	18		—		18		(6)		—		12
Total assets	$	36	$	—	$	36	$	(11)	$	—	$	25
Liabilities
Foreign exchange forward contracts	$	9	$	—	$	9	$	(4)	$	—	$	5
Interest rate swaps	21		—		21		(7)		—		14
Total liabilities	$	30	$	—	$	30	$	(11)	$	—	$	19

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 Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	8	$	—	$	8	$	(5)	$	—	$	3
Cross currency basis swaps	8		—		8		(4)		—		4
Total assets	$	16	$	—	$	16	$	(9)	$	—	$	7
Liabilities
Foreign exchange forward contracts	$	56	$	—	$	56	$	(7)	$	—	$	49
Interest rate swaps	28		—		28		(2)		—		26
Total liabilities	$	84	$	—	$	84	$	(9)	$	—	$	75