Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:

	Notional amounts (1)		Other assets		Accrued liabilities
	March 31 2023	December 31 2022	March 31 2023	December 31 2022	March 31 2023	December 31 2022
Derivatives designated as hedging instruments:
Foreign exchange contracts	$2,812	$2,815	$31	$23	($100)	($122)
Commodity contracts	625	602	117	115	(7)	(9)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts	354	462	5	5	(40)	(42)
Commodity contracts	264	412		2		(1)
Total derivatives	$4,055	$4,291	$153	$145	($147)	($174)
Netting arrangements			(36)	(33)	36	33
Net recorded balance			$117	$112	($111)	($141)

(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.

Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance

Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:

	Three months ended March 31
	2023	2022
Recognized in Other comprehensive income/(loss), net of taxes:
Foreign exchange contracts	$10	($8)
Commodity contracts	8	102

Reclassification Out of Accumulated Other Comprehensive Income

Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:

	Three months ended March 31
	2023	2022
Foreign exchange contracts
Costs and expenses	(2)	$5
General and administrative expense	(11)	(1)
Commodity contracts
Costs and expenses	17	1
General and administrative expense	2	1