FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Derivative Contracts Outstanding

At March 31, 2024 and December 31, 2023, 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 March 31,2024	Notional in traded currency December 31, 2023	Ending Duration
British Pound	Euro	86	83	Mar - 26
Chinese Renminbi	U.S. Dollar	260	209	Dec - 25
Euro	British Pound	34	15	May - 24
Euro	Hungarian Forint	9,028	8,233	Mar - 26
Euro	Swiss Franc	30	24	Mar - 26
Euro	Polish Zloty	629	573	Mar - 26
Euro	U.S. Dollar	230	152	Mar - 26
Thai Baht	U.S. Dollar	24	30	Dec - 24
U.S. Dollar	Chinese Renminbi	582	582	Jun - 24
U.S. Dollar	Korean Won	28,808	34,209	Nov - 24
U.S. Dollar	Mexican Peso	3,978	3,280	Mar - 26
U.S. Dollar	Thai Baht	2,100	2,100	Jun - 24
*Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. Dollar equivalent as of March 31, 2024 and December 31, 2023.

Schedule of Foreign Exchange Contracts, Statement of Financial Position

At March 31, 2024 and December 31, 2023, the following cross-currency swap contracts were outstanding:

	Cross-currency swaps
(in millions)	March 31, 2024		December 31, 2023		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 Derivatives Instruments in Statements of Financial Position

At March 31, 2024 and December 31, 2023, the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to or receivable from counterparties for derivative instruments under ASC Topic 815, “Derivatives and Hedging”:

(in millions)	Assets					Liabilities
Derivatives designated as hedging instruments Under 815:	Location	March 31, 2024		December 31, 2023		Location	March 31, 2024		December 31, 2023
Foreign currency	Prepayments and other current assets	$	34	$	30	Other current liabilities	$	1	$	2
Foreign currency	Other non-current assets	$	5	$	1	Other non-current liabilities	$	1	$	—
Net investment hedges	Prepayments and other current assets	$	16	$	—	Other current liabilities	$	—	$	—
Net investment hedges	Other non-current assets	$	32	$	14	Other non-current liabilities	$	—	$	2
Derivatives not designated as hedging instruments:
Foreign currency	Prepayments and other current assets	$	3	$	2	Other current liabilities	$	2	$	1

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 March 31, 2024
(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	$	3,595	$	2,951	$	329	$	(55)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income							$	8

	Three Months Ended March 31, 2023
(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	$	3,383	$	2,806	$	299	$	52
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income							$	14

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 March 31, 2024 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	March 31, 2024		December 31, 2023
Net investment hedges:
Cross-currency swaps	$	48	$	12	$	—
Foreign currency-denominated debt	124		100		—
Total	$	172	$	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)	Three Months Ended March 31,
Net investment hedges	2024		2023
Cross-currency swaps	$	36	$	(5)
Foreign currency-denominated debt	$	24	$	(14)

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 March 31,
Net investment hedges	2024		2023
Cross-currency swaps	$	6	$	6

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 (losses) recorded in income:

(in millions)		Three Months Ended March 31,
Contract Type	Location	2024		2023
Foreign Currency	Selling, general and administrative expenses	$	10	$	(1)