FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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, 2023	Notional in traded currency December 31, 2022	Ending duration
British Pound	Euro	83	10	Dec-25
Chinese Renminbi	U.S. Dollar	209	276	Nov-25
Euro	British Pound	15	9	Jan-24
Euro	Hungarian Forint	8,233	—	Dec-25
Euro	Polish Zloty	573	440	Dec-25
Euro	U.S. Dollar	152	120	Dec-25
Euro	Swiss Franc	24	—	Dec-25
Thailand Baht	U.S. Dollar	30	—	Dec-24
U.S. Dollar	Chinese Renminbi	582	1,402	Jun-24
U.S. Dollar	Euro	9	45	Jan-24
U.S. Dollar	Korean Won	34,209	51,786	Nov-24
U.S. Dollar	Mexican Peso	3,280	2,474	Dec-25
U.S. Dollar	Thai Baht	2,100	—	Jun-24

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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, 2023 or 2022.

Schedule of Foreign Exchange Contracts, Statement of Financial Position

At December 31, 2023 and 2022, the following cross-currency swap contracts were outstanding:

	Cross-currency swaps
(in millions)	December 31, 2023		December 31, 2022		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-29
Fixed paying notional	¥	12,724	¥	12,724	Feb-29

Schedule of Derivative Instruments in Statement of Financial Position

At December 31, 2023 and 2022, the following amounts were recorded in the Consolidated Balance Sheets as being payable to or receivable from counterparties under ASC Topic 815, “Derivatives and Hedging”:

(in millions)	Assets					Liabilities
Derivatives designated as hedging instruments Under Topic 815:	Balance Sheet Location	December 31, 2023		December 31, 2022		Balance Sheet Location	December 31, 2023		December 31, 2022
Foreign currency	Prepayments and other current assets	$	30	$	9	Other current liabilities	$	2	$	8
Foreign currency	Other non-current assets	$	1	$	—	Other non-current liabilities	$	—	$	1
Net investment hedges	Other non-current assets	$	14	$	68	Other non-current liabilities	$	2	$	1
Derivatives not designated as hedging instruments:
Foreign currency	Prepayments and other current assets	$	2	$	3	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, 2023		December 31, 2022
Net investment hedges:
Foreign currency	$	—	$	(4)	$	—
Cross-currency swaps	12		67		—
Foreign currency-denominated debt	100		133		—
Total	$	112	$	196	$	—

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)	Year Ended December 31,
Net investment hedges	2023		2022		2021
Foreign currency	$	—	$	6	$	(9)
Cross-currency swaps	$	(55)	$	129	$	115
Foreign currency-denominated debt	$	(33)	$	67	$	84

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, 2023
(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	$	14,198	$	11,630	$	1,316	$	48
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income							$	25

	Year ended December 31, 2022
(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	$	12,635	$	10,266	$	1,290	$	(325)
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income							$	4

	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	$	11,803	$	9,630	$	1,085	$	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)	$	—

Schedule of Derivative Instruments, Gains

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)	Year Ended December 31,
Net investment hedges	2023		2022		2021
Cross-currency swaps	$	25	$	26	$	22

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 earnings, in the Consolidated Statement of Operations:

(in millions)		Year Ended December 31,
Contract Type	Location	2023		2022		2021
Foreign Currency	Selling, general and administrative expenses	$	19	$	23	$	9