DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Classification and Fair Value of Derivative Instruments

While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts in our Condensed Consolidated Balance Sheets on a gross basis. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:

	March 31, 2023
	Derivative Assets			Derivative Liabilities
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	30	Other current liabilities	$	35
Foreign currency exchange contracts	Other long-term assets	1		Other long-term obligations	3
Total derivatives designated as hedges		31			38
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	1		Other current liabilities	11
Total derivatives not designated as hedges		1			11
Total derivatives presented gross on the Condensed Consolidated Balance Sheets		$	32		$	49
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments		(24)			(24)
Cash collateral received / pledged		—			—
Net amount (legal offset)		$	7		$	25

	December 31, 2022
	Derivative Assets			Derivative Liabilities
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	59	Other current liabilities	$	26
Foreign currency exchange contracts	Other long-term assets	1		Other long-term obligations	9
Total derivatives designated as hedges		59			35
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	1		Other current liabilities	7
Total derivatives not designated as hedges		1			7
Total derivatives presented gross on the Condensed Consolidated Balance Sheets		$	60		$	42
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments		(36)			(36)
Cash collateral received / pledged		—			—
Net amount (legal offset)		$	25		$	7

Summary of Effect of Foreign Currency Exchange Contracts

The following table summarizes the effect of our derivative contracts on our Condensed Consolidated Financial Statements:

	Three Months Ended
	March 31,
(in millions)	2023		2022
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income	$	(6)	$	28
Net gain reclassified from Accumulated other comprehensive income into Product sales	$	24	$	22
Derivatives not designated as hedges:
Net gain (loss) recognized in Other income (expense), net	$	(3)	$	19