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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Exchange Derivative Contracts Outstanding
At December 31, 2024 and 2023, the following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:
Foreign currency derivatives (in millions)1
Functional currencyTraded currencyNotional in traded currency
December 31, 2024		Notional in traded currency
December 31, 2023		Ending duration
British PoundEuro84 83 Dec-26
Chinese RenminbiU.S. Dollar237 209 Dec-26
EuroBritish Pound76 15 Jan-25
EuroHungarian Forint12,588 8,233 Dec-26
EuroPolish Zloty690 573 Dec-26
EuroU.S. Dollar214 152 Dec-26
EuroSwiss Franc57 24 Dec-26
Thailand BahtU.S. Dollar43 30 Dec-25
U.S. DollarChinese Renminbi666 582 Aug-25
U.S. DollarKorean Won15,887 34,209 Nov-25
U.S. DollarMexican Peso4,766 3,280 Dec-26
U.S. DollarThai Baht— 2,100 Jun-24
_____________________________
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, 2024 or 2023.
Schedule of Foreign Exchange Contracts, Statement of Financial Position At December 31, 2024 and 2023, the following cross-currency swap contracts were outstanding:
Cross-currency swaps
(in millions)
December 31, 2024December 31, 2023Ending 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 Mar-25
Fixed paying notional€— €450 Mar-25
Fixed receiving notional$500 $— Mar-29
Fixed paying notional€470 €— Mar-29
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, 2024 and 2023, the following amounts were recorded in the Consolidated Balance Sheets as being payable to or receivable from counterparties for derivative instruments under ASC Topic 815, “Derivatives and Hedging”:
(in millions)
AssetsLiabilities
Derivatives designated as hedging instruments Under Topic 815:Balance Sheet LocationDecember 31, 2024December 31, 2023Balance Sheet LocationDecember 31, 2024December 31, 2023
Foreign currencyPrepayments and other current assets$18 $30 Other current liabilities$23 $2 
Foreign currencyOther non-current assets$5 $1 Other non-current liabilities$5 $— 
Net investment hedgesOther non-current assets$84 $14 Other non-current liabilities$— $2 
Derivatives not designated as hedging instruments:
Foreign currencyPrepayments and other current assets$1 $2 Other current liabilities$4 $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 December 31, 2024 market rates.
(in millions)Deferred gain (loss) in AOCI atGain (loss) expected to be reclassified to income in one year or less
Contract TypeDecember 31, 2024December 31, 2023
Net investment hedges:
    Cross-currency swaps$84 $12 $— 
    Foreign currency-denominated debt168 100 — 
Total$252 $112 $— 
Gains and losses on derivative instruments designated as net investment hedges were recognized in other comprehensive income (loss) during the periods presented below.
(in millions)
Year Ended December 31,
Net investment hedges202420232022
Foreign currency$— $— $6 
Cross-currency swaps$72 $(55)$129 
Foreign currency-denominated debt$68 $(33)$67 
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 shown in the table below. Certain prior period amounts have been revised and moved to these tables from the table disclosing gains recorded on derivatives not designated as hedging instruments.
Year ended December 31, 2024
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income
Total amounts of earnings and other comprehensive income line items in which the effects of cash flow hedges are recorded$14,086 $11,438 $1,350 $(192)
Gain (loss) on cash flow hedging relationships:
Foreign currency
Gain (loss) recognized in other comprehensive income$(2)
    Gain (loss) reclassified from AOCI to income$3 $33 $(1)$— 
Year ended December 31, 2023
(in millions)
Net salesCost of salesSelling, general and administrative expensesOther 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$59 
    Gain (loss) reclassified from AOCI to income$— $— $34 $— 
Year ended December 31, 2022
(in millions)Net salesCost of salesSelling, general and administrative expensesOther 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$20 
    Gain (loss) reclassified from AOCI to income$— $— $16 $— 
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 hedges202420232022
Cross-currency swaps$23 $25 $26 
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 gains (losses) recorded in income as shown in the table
below. Certain prior period amounts have been moved from this table to the table disclosing gains and losses recorded on derivatives designated as hedging instruments.
(in millions)Year Ended December 31,
Contract TypeLocation202420232022
Foreign CurrencySelling, general and administrative expenses$2 $(15)$7