DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024
(in millions)	Prepaid and other current assets		Other long-term assets		Total Derivative Assets		Other current liabilities		Other long-term obligations		Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges	$	28	$	2	$	30	$	5	$	1	$	6
Foreign currency exchange contracts not designated as hedges	9		—		9		4		—		4
Total derivatives presented gross on the Condensed Consolidated Balance Sheets					$	39					$	10
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments					$	(8)					$	(8)
Cash collateral received / pledged					—						—
Net amount (legal offset)					$	31					$	1

	December 31, 2023
(in millions)	Prepaid and other current assets		Other long-term assets		Total Derivative Assets		Other current liabilities		Other long-term obligations		Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges	$	6	$	—	$	6	$	38	$	7	$	45
Foreign currency exchange contracts not designated as hedges	1		—		1		15		—		15
Total derivatives presented gross on the Condensed Consolidated Balance Sheets					$	7					$	59
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments					$	(7)					$	(7)
Cash collateral received / pledged					—						—
Net amount (legal offset)					$	—					$	52

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)	2024		2023
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income	$	61	$	(6)
Net gain reclassified from Accumulated other comprehensive income into Product sales	$	—	$	24
Derivatives not designated as hedges:
Net gain (loss) recognized in Other income (expense), net	$	23	$	(3)