It turned out that I first had to create a GUID Partition Table (GPT) on it to use the full capacity.

Before that it showed 374 MB capacity, and Master Boot Record (MBR) for the partition map type.

They show the partition type, either GUIDpartionscheme, APFS Container Scheme, or MBRpartitionscheme.

Firing up disk Utility, right-clicking the drive and selecting Erase.

Once with the drive plugged in, once plugged out (unmount first), so that you can see it appear and vanish in the list.

It can take a couple of seconds for a disk to appear and disappear.

Disk Utility Loading Disks Mac OS Extended

Formatting disk2s2 as Mac OS Extended (Journaled) with name YOUR-LABEL.

Initialized devrdisk2s2 as a 4 TB case-insensitive HFS Plus volume with a 311296k journal.

These file system personalities can be used for erasing and partitioning.

When specifying a personality as a parameter to a verb, case is not considered.

Certain common aliases (also case-insensitive) are listed below as well.

Case-sensitive Journaled HFS Mac OS Extended (Case-sensitive, Journaled).

If you choose to replace JHFS with APFS, you will see that diskutil list now shows two drives.

One external, physical drive, and another synthesized drive.

Mac Disk Utility Loading Disks