DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Classification and Fair Value of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:

	December 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	$	6	Other current liabilities	$	38
Foreign currency exchange contracts	Other long-term assets	—		Other long-term obligations	7
Total derivatives designated as hedges		6			45
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	1		Other current liabilities	15
Total derivatives not designated as hedges		1			15
Total derivatives presented gross on the Consolidated Balance Sheets		$	7		$	59
Gross amounts not offset on the Consolidated Balance Sheets:
Derivative financial instruments		$	(7)		$	(7)
Cash collateral received / pledged		—			—
Net amount (legal offset)		$	—		$	52

	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 Consolidated Balance Sheets		$	60		$	42
Gross amounts not offset on the 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 Consolidated Financial Statements:

	Year Ended December 31,
(in millions)	2023		2022		2021
Derivatives designated as hedges:
Net (loss) gain recognized in Accumulated other comprehensive income (loss)	$	(14)	$	150	$	147
Net gain (loss) reclassified from Accumulated other comprehensive income (loss) into Product sales	$	58	$	196	$	(67)
Derivatives not designated as hedges:
Net gain recognized in Other income (expense), net	$	57	$	67	$	21