FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the notional amounts of hedges of net investments, fair value hedges, and derivative instruments not designated as hedges for accounting purposes by derivative instrument type at March 31, 2026 and the notional amounts expected to mature during the next 12 months.


(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months







Hedges of Net Investments
Foreign exchange forward contracts	$	796	$	171
Cross currency basis swaps	1,408		—
Total derivative instruments designated as hedges of net investments	$	2,204	$	171

Fair Value Hedges
Interest rate swaps	$	150	$	—
Foreign exchange forward contracts	—		—
Total derivative instruments designated as fair value hedges	$	150	$	—

Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	1,337	$	1,337
Total derivative instruments not designated as hedges	$	1,337	$	1,337

Schedule of Derivative Instruments

The effects of derivative hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss were as follows:


	Three Months Ended March 31,
	2026						2025
(in millions)	Cost of products sold		Interest expense, net		Other (income) expense, net		Cost of products sold		Interest expense, net		Other (income) expense, net

Total amounts of line items presented in the Statement of Operations in which the effects of cash flow, net investment or fair value hedges are recorded	$	453	$	24	$	(17)	$	413	$	19	$	—





(Gain) loss on Hedges of Net Investment
Cross currency basis swaps	$	—	$	—	$	(11)	$	—	$	—	$	—
Foreign exchange forward contracts	—		—		(5)		—		—		(6)

(Gain) loss on Fair Value Hedges:
Interest rate swaps	$	—	$	1	$	—	$	—	$	1	$	—
Foreign exchange forward contracts	—		—		—		—		—		—

(Gain) loss on Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	—	$	—	$	(2)	$	—	$	—	$	—


	Amount of Gain or (Loss) Recognized in AOCI					Amount of Gain or (Loss) Reclassified from AOCI into Income
	Three Months Ended March 31,				Consolidated Statements of Operations Location	Three Months Ended March 31,
(in millions)	2026		2025			2026		2025







Hedges of Net Investments
Cross currency basis swaps	$	2	$	(5)	Other expense (income), net	$	—	$	—

Foreign exchange forward contracts	6		(16)		Other expense (income), net	—		—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value and the financial statement presentation of the Company’s derivatives in the Consolidated Balance Sheets were as follows:


	March 31, 2026
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	—	$	2	$	11	$	25
Interest rate swaps	—		—		5		9
Cross currency basis swaps	42		—		—		72
Total	$	42	$	2	$	16	$	106

Not Designated as Hedges:
Foreign exchange forward contracts	$	12	$	—	$	25	$	—
Total	$	12	$	—	$	25	$	—

	December 31, 2025
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	—	$	—	$	21	$	40
Interest rate swaps	—		—		3		11
Cross currency basis swaps	42		—		—		73
Total	$	42	$	—	$	24	$	124

Not Designated as Hedges:
Foreign exchange forward contracts	$	8	$	—	$	6	$	—
Total	$	8	$	—	$	6	$	—

Schedule of Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at March 31, 2026 was as follows:


							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	14	$	—	$	14	$	(14)	$	—	$	—


Cross currency basis swaps	42		—		42		(42)		—		—

Total assets	$	56	$	—	$	56	$	(56)	$	—	$	—

Liabilities
Foreign exchange forward contracts	$	61	$	—	$	61	$	(19)	$	—	$	42

Interest rate swaps	14		—		14		(2)		—		12
Cross currency basis swaps	72		—		72		(35)		—		37

Total liabilities	$	147	$	—	$	147	$	(56)	$	—	$	91

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2025 was as follows:



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	8	$	—	$	8	$	(8)	$	—	$	—


Cross currency basis swaps	42		—		42		(42)		—		—
Total assets	$	50	$	—	$	50	$	(50)	$	—	$	—

Liabilities
Foreign exchange forward contracts	$	67	$	—	$	67	$	(18)	$	—	$	49

Interest rate swaps	14		—		14		—		—		14
Cross currency basis swaps	73		—		73		(32)		—		41

Total liabilities	$	154	$	—	$	154	$	(50)	$	—	$	104