FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of foreign exchange derivative contracts outstanding

At June 30, 2022 and December 31, 2021, the following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:

Foreign currency derivatives (in millions)*
Functional Currency	Traded Currency	Notional in traded currency June 30, 2022	Notional in traded currency December 31, 2021	Ending Duration
Brazilian Real	US Dollar	13	23	Dec - 23
British Pound	Euro	—	42	N/A
Chinese Renminbi	British Pound	19	26	Nov - 23
Chinese Renminbi	Euro	21	26	Dec - 23
Chinese Renminbi	US Dollar	130	185	Dec - 23
Euro	British Pound	32	6	Dec - 23
Euro	Polish Zloty	217	394	Dec - 23
Euro	US Dollar	65	86	Dec - 23
US Dollar	British Pound	9	13	Dec - 23
US Dollar	Euro	34	28	Sep - 22
US Dollar	Korean Won	128,998	49,919	Nov - 23
US Dollar	Mexican Peso	1,689	2,619	Dec - 23
US Dollar	Singapore Dollar	10	27	Dec - 22
US Dollar	Thailand Baht	1,790	1,720	May - 23
*Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. dollar equivalent as of June 30, 2022 and December 31, 2021.

Schedule of foreign exchange contracts, statement of financial position

At June 30, 2022 and December 31, 2021, the following cross-currency swap contracts were outstanding:

	Cross-currency swaps
(in millions)	June 30, 2022		December 31, 2021		Ending duration
US dollar to Euro:
Fixed receiving notional	$	1,100	$	1,100	Jul - 27
Fixed paying notional	€	976	€	976	Jul - 27
US dollar to Euro:
Fixed receiving notional	$	500	$	500	Mar - 25
Fixed paying notional	€	450	€	450	Mar - 25
US dollar to Japanese yen:
Fixed receiving notional	$	—	$	100	Feb - 23
Fixed paying notional	¥	—	¥	10,978	Feb - 23
Fixed receiving notional	$	100	$	—	Feb - 29
Fixed paying notional	¥	12,724	¥	—	Feb - 29

Schedule of derivatives instruments in statements of financial position

At June 30, 2022 and December 31, 2021, the following amounts were recorded in the Condensed 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 815:	Location	June 30, 2022		December 31, 2021		Location	June 30, 2022		December 31, 2021
Foreign currency	Prepayments and other current assets	$	11	$	7	Other current liabilities	$	6	$	8
Net investment hedges	Other non-current assets	$	73	$	8	Other non-current liabilities	$	—	$	54
Derivatives not designated as hedging instruments:
Foreign currency	Prepayments and other current assets	$	7	$	6	Other current liabilities	$	1	$	—

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

The table below shows deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less for designated net investment hedges. The amount expected to be reclassified to income in one year or less assumes no change in the current relationship of the hedged item at June 30, 2022 market rates.

(in millions)	Deferred gain (loss) in AOCI at				Gain (loss) expected to be reclassified to income in one year or less
Contract Type	June 30, 2022		December 31, 2021
Net investment hedges:
Foreign currency	$	(7)	$	(10)	$	—
Cross-currency swaps	73		(46)		—
Foreign currency-denominated debt	155		66		—
Total	$	221	$	10	$	—

Gains and (losses) on derivative instruments designated as net investment hedges were recognized in other comprehensive income (loss) during the periods presented below.

(in millions)	Three Months Ended June 30,				Six Months Ended June 30,
Net investment hedges	2022		2021		2022		2021
Foreign currency	$	3	$	1	$	3	$	(6)
Cross-currency swaps	$	104	$	3	$	135	$	47
Foreign currency-denominated debt	$	58	$	12	$	89	$	37

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:

	Three Months Ended June 30, 2022
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded	$	3,759	$	3,047	$	394	$	(252)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income							$	5
	Six Months Ended June 30, 2022
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded	7,633		6,171		782		$	(265)
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)	$	—

	Three Months Ended June 30, 2021
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded	$	3,758	$	2,996	$	364	$	63
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income							$	3
Gain (loss) reclassified from AOCI to income	$	—	$	1	$	—
	Six Months Ended June 30, 2021
(in millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other comprehensive income (loss)
Total amounts of earnings and other comprehensive income(loss) line items in which the effects of cash flow hedges are recorded	$	7,767	$	6,187	$	741	$	(22)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income							$	(3)
Gain (loss) reclassified from AOCI to income	$	—	$	1	$	—

Schedule of 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 recorded in Interest expense on components excluded from the assessment of effectiveness:

(in millions)	Three Months Ended June 30,				Six Months Ended June 30,
Net investment hedges	2022		2021		2022		2021
Cross-currency swaps	$	7	$	5	$	13	$	10

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 recorded in income:

(in millions)		Three Months Ended June 30,				Six Months Ended June 30,
Contract Type	Location	2022		2021		2022		2021
Foreign Currency	Selling, general and administrative expenses	$	(5)	$	4	$	(6)	$	5