FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of foreign exchange derivative contracts outstanding

The following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:

Foreign currency derivatives (in millions)1
Functional currency	Traded currency	Notional in traded currency December 31, 2021	Notional in traded currency December 31, 2020	Ending duration
Brazilian Real	U.S. Dollar	23	4	Dec-22
British Pound	Euro	42	97	Dec-22
Chinese Renminbi	British Pound	26	—	Dec-22
Chinese Renminbi	U.S. Dollar	185	113	Dec-22
Chinese Renminbi	Euro	26	—	Dec-22
Euro	Polish Zloty	394	147	Dec-22
Euro	U.S. Dollar	86	41	Dec-22
U.S. Dollar	British Pound	13	6	Dec-22
U.S. Dollar	Euro	28	55	Dec-22
U.S. Dollar	Korean Won	49,919	15,000	Dec-22
U.S. Dollar	Singapore Dollar	27	47	Dec-22
U.S. Dollar	Thailand Baht	1,720	—	May-22
U.S. Dollar	Mexico Peso	2,619	1,178	Dec-22

_____________________________

1 Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. Dollar equivalent as of December 31, 2021 or 2020.

Schedule of foreign exchange contracts, statement of financial position

At December 31, 2021 and 2020, the following cross-currency swap contracts were outstanding:

	Cross-currency swaps
(in millions)	December 31, 2021		December 31, 2020		Ending duration
U.S. Dollar to Euro:
Fixed receiving notional	$	1,100	$	1,100	Jul - 27
Fixed paying notional	€	976	€	976	Jul - 27
U.S. Dollar to Euro:
Fixed receiving notional	$	500	$	500	Mar - 25
Fixed paying notional	€	450	€	450	Mar - 25
U.S. Dollar to Japanese Yen:
Fixed receiving notional	$	100	$	100	Feb - 23
Fixed paying notional	¥	10,978	¥	10,978	Feb - 23

Schedule of derivative instruments in statement of financial position

At December 31, 2021 and 2020, the following amounts were recorded in the Consolidated Balance Sheets as being payable to or receivable from counterparties under ASC Topic 815:

(in millions)	Assets					Liabilities
Derivatives designated as hedging instruments Under Topic 815:	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
Foreign currency	Prepayments and other current assets	$	7	$	1	Other current liabilities	$	8	$	4
Foreign currency	Other non-current assets	$	—	$	—	Other non-current liabilities	$	—	$	1
Net investment hedges	Other non-current assets	$	8	$	—	Other non-current liabilities	$	54	$	161
Derivatives not designated as hedging instruments:
Foreign currency	Prepayments and other current assets	$	6	$	4	Other current liabilities	$	—	$	1

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

(in millions)	Deferred gain (loss) in AOCI at				Gain (loss) expected to be reclassified to income in one year or less
Contract Type	December 31, 2021		December 31, 2020
Net investment hedges:
Foreign currency	$	(10)	$	(1)	$	—
Cross-currency swaps	(46)		(161)		—
Foreign currency denominated debt	66		(68)		—
Total	$	10	$	(230)	$	—

(in millions)	Year Ended December 31,
Net investment hedges	2021		2020		2019
Foreign currency	$	(9)	$	(2)	$	1
Cross-currency swaps	$	115	$	(155)	$	4
Foreign currency denominated debt	$	84	$	(51)	$	13

Schedule of derivative instruments

Derivative instruments designated as hedging instruments as defined by ASC Topic 815 held during the period resulted in the following gains and losses recorded in income:

	Year ended December 31, 2021
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded	$	14,838	$	11,983	$	1,460	$	100
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income							$	(4)
Gain (loss) reclassified from AOCI to income	$	1	$	(4)	$	(1)	$	—

	Year ended December 31, 2020
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded	$	10,165	$	8,255	$	951	$	76
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income							$	(1)
Gain (loss) reclassified from AOCI to income	$	—	$	1	$	(2)	$	—

	Year ended December 31, 2019
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded	$	10,168	$	8,067	$	873	$	(53)
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income							$	(1)
Gain (loss) reclassified from AOCI to income	$	(5)	$	(1)	$	3	$	—

Derivative instruments, gain (loss)

Derivatives designated as net investment hedge instruments as defined by ASC Topic 815 held during the period resulted in the following gains and (losses) recorded in Interest expense on components excluded from the assessment of effectiveness:

(in millions)	Year Ended December 31,
Net investment hedges	2021		2020		2019
Foreign currency	$	—	$	—	$	—
Cross-currency swaps	$	22	$	18	$	11

Schedule of derivatives not designated as hedging instruments

Derivatives not designated as hedging instruments are used to hedge remeasurement exposures of monetary assets and liabilities denominated in currencies other than the operating units' functional currency. These derivatives resulted in the following gains and (losses) recorded in income:

(in millions)		Year Ended December 31,
Contract Type	Location	2021		2020		2019
Foreign Currency	Selling, general and administrative expenses	$	13	$	3	$	(3)