DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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	$	41	$	4	$	45	$	1	$	—	$	2
Foreign currency exchange contracts not designated as hedges	15		—		15		—		—		—
Total derivatives presented gross on the Condensed Consolidated Balance Sheets					$	60					$	2
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments					$	(2)					$	(2)
Cash collateral received / pledged					—						—
Net amount (legal offset)					$	58					$	—

	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				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income	$	32	$	5	$	93	$	(1)
Net gain reclassified from Accumulated other comprehensive income into Product sales	$	5	$	10	$	5	$	34
Derivatives not designated as hedges:
Net gain recognized in Other (income) expense, net	$	30	$	53	$	53	$	50