DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Classification and Fair Value of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments in our Condensed Consolidated Balance Sheets:

	June 30, 2022
	Derivative Assets			Derivative Liabilities
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	123	Accrued and other current liabilities	$	—
Foreign currency exchange contracts	Other long-term assets	9		Other long-term obligations	—
Total derivatives designated as hedges		132			—
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	4		Accrued and other current liabilities	2
Total derivatives not designated as hedges		4			2
Total derivatives		$	136		$	3

	December 31, 2021
	Derivative Assets			Derivative Liabilities
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	75	Accrued and other current liabilities	$	4
Foreign currency exchange contracts	Other long-term assets	5		Other long-term obligations	1
Total derivatives designated as hedges		80			5
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	—		Accrued and other current liabilities	—
Total derivatives not designated as hedges		—			—
Total derivatives		$	80		$	5

Summary of Effect of Foreign Currency Exchange Contracts

The following table summarizes the effect of our foreign currency exchange contracts on our Condensed Consolidated Financial Statements:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2022		2021		2022		2021
Derivatives designated as hedges:
Gains (losses) recognized in AOCI	$	102	$	(16)	$	130	$	62
Gains (losses) reclassified from AOCI into Product sales	$	45	$	(23)	$	67	$	(48)
Derivatives not designated as hedges:
Gains (losses) recognized in Other income (expense), net	$	45	$	(15)	$	63	$	19

Summary of Potential Effect of Offsetting Derivatives

The following table summarizes the potential effect of offsetting our foreign currency exchange contracts on our Condensed Consolidated Balance Sheets:

			Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets
(in millions)	Gross Amounts of Assets/Liabilities Presented on the Condensed Consolidated Balance Sheets		Derivative Financial Instruments		Cash Collateral Received/Pledged		Net Amount (Legal Offset)
As of June 30, 2022
Derivative assets	$	136	$	(3)	$	—	$	134
Derivative liabilities	$	3	$	(3)	$	—	$	—
As of December 31, 2021
Derivative assets	$	80	$	(4)	$	—	$	76
Derivative liabilities	$	5	$	(4)	$	—	$	1