v3.23.3
FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Foreign Exchange Derivative Contracts Outstanding At September 30, 2023 and December 31, 2022, the following foreign currency derivative contracts were outstanding and mature through the ending duration noted below:
Foreign currency derivatives (in millions)*
Functional CurrencyTraded CurrencyNotional in traded currency
September 30, 2023		Notional in traded currency
December 31, 2022		Ending Duration
British PoundEuro47 10 Dec - 24
Chinese RenminbiUS Dollar225 276 Dec - 24
EuroHungarian Forint7,033 — Dec - 24
EuroKorean Won20,225 9,138 Mar - 24
EuroPolish Zloty456 440 Dec - 24
EuroUS Dollar136 120 Dec - 24
US DollarChinese Renminbi582 1,402 Dec - 23
US DollarEuro42 45 Oct - 23
US DollarKorean Won67,200 51,786 Nov - 24
US DollarMexican Peso2,295 2,474 Dec - 24
US DollarThailand Baht1,550 — Jun - 24
*Table above excludes non-significant traded currency pairings with total notional amounts less than $10 million U.S. dollar equivalent as of September 30, 2023 and December 31, 2022.
Schedule of Foreign Exchange Contracts, Statement of Financial Position At September 30, 2023 and December 31, 2022, the following cross-currency swap contracts were outstanding:
Cross-currency swaps
(in millions)September 30, 2023December 31, 2022Ending duration
US dollar to Euro:
Fixed receiving notional$1,100 $1,100 Jul - 27
Fixed paying notional€976 €976 Jul - 27
US dollar to Euro:
Fixed receiving notional$500 $500 Mar - 25
Fixed paying notional€450 €450 Mar - 25
US 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 September 30, 2023 and December 31, 2022, the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to or receivable from counterparties under ASC Topic 815, “Derivatives and Hedging”:
(in millions)AssetsLiabilities
Derivatives designated as hedging instruments Under 815:LocationSeptember 30, 2023December 31, 2022LocationSeptember 30, 2023December 31, 2022
Foreign currencyPrepayments and other current assets$31 $9 Other current liabilities$1 $8 
Foreign currencyOther non-current assets$5 $— Other non-current liabilities$— $1 
Net investment hedgesOther non-current assets$78 $68 Other non-current liabilities$— $1 
Derivatives not designated as hedging instruments:
Foreign currencyPrepayments and other current assets$3 $3 Other current liabilities$1 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less for designated net investment hedges. The amount expected to be reclassified to income in one year or less assumes no change in the current relationship of the hedged item at September 30, 2023 market rates.
(in millions)Deferred gain (loss) in AOCI atGain (loss) expected to be reclassified to income in one year or less
Contract TypeSeptember 30, 2023December 31, 2022
Net investment hedges:
    Foreign currency$— $(4)$— 
    Cross-currency swaps78 67 — 
    Foreign currency-denominated debt146 133 — 
Total$224 $196 $— 
Gains and losses on derivative instruments designated as net investment hedges were recognized in other comprehensive income (loss) during the periods presented below.
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Net investment hedges2023202220232022
Foreign currency$— $3 $— $6 
Cross-currency swaps$40 $94 $11 $229 
Foreign currency-denominated debt$34 $67 $13 $156 
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 September 30, 2023
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$3,622 $2,970 $330 $(17)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$(11)
Nine Months Ended September 30, 2023
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$10,676 $8,767 $963 $(39)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$27 

Three Months Ended September 30, 2022
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$3,226 $2,619 $325 $(262)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$8 
Nine Months Ended September 30, 2022
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$9,318 $7,588 $951 $(527)
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$12 
Gain (loss) reclassified from AOCI to income$— $(1)$— 
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 September 30,Nine Months Ended September 30,
Net investment hedges2023202220232022
Cross-currency swaps$6 $7 $19 $20 
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 September 30,Nine Months Ended September 30,
Contract TypeLocation2023202220232022
Foreign CurrencySelling, general and administrative expenses$16 $13 $8 $22