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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Gains and Losses on Derivative Instruments
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended September 30, 2024 and 2023.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2024202320242023
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts(9)9 Cost of sales4 3 
Net investment hedges(68)48 Other (income) expense, net— — 
Total$(77)$57 $3 $2 
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20242023
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net6 (1)
Total$6 $(1)
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the nine months ended September 30, 2024 and 2023.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2024202320242023
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(4)$(4)
Foreign exchange contracts5 19 Cost of sales9 10 
Fair value hedges
Foreign exchange contracts(3)— Other (income) expense, net(5)— 
Net investment hedges(19)10 Other (income) expense, net— — 
Total$(17)$29 $— $6 
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20242023
Fair value hedges
Foreign exchange contractsOther (income) expense, net$(24)$— 
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net— (9)
Total$(24)$(9)
Classification and Fair Values of Derivative Instruments
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of September 30, 2024.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets$2 Accrued expenses and other current liabilities$2
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets— Accrued expenses and other current liabilities5
Total derivative instruments$2 $7
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2023.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets$41 Accrued expenses and other current liabilities$— 
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets4 Accrued expenses and other current liabilities5 
Total derivative instruments$45 $5 
Derivative Positions Presented On Net Basis
The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of offset by counterparty.
September 30, 2024December 31, 2023
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$2 $7 $45 $5 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet(1)(1)(4)(4)
Total$1 $6 $41 $1 
Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges
The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges:
Carrying amount of hedged itemCumulative amount of fair value hedging adjustment included
 in the carrying amount of the hedged item (a)
(in millions)Balance as of September 30, 2024Balance as of December 31, 2023Balance as of September 30, 2024Balance as of December 31, 2023
Long-term debt$100 $100 $3 $3 
(a) These fair value hedges were terminated in 2018 and earlier periods.