Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Derivative Instruments and Other Financial Instruments

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
Foreign currency contracts	Other current assets	$	24	$	19	Other accruals	$	22	$	25
Commodity contracts	Other current assets	—		—		Other accruals	2		1
Total designated		$	24	$	19		$	24	$	26
Other financial instruments
Marketable securities	Other current assets	$	231	$	179
Total other financial instruments		$	231	$	179

Schedule of Notional Values

The following tables present the notional values as of:

	March 31, 2024
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,606	$	—	$	—	$	1,606
Cash Flow Hedges	898		—		37		935
Net Investment Hedges	288		4,345		—		4,633

	December 31, 2023
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,625	$	—	$	—	$	1,625
Cash Flow Hedges	869		—		39		908
Net Investment Hedges	280		3,908		—		4,188

Schedule of Gains (Losses) Recognized in Statements of Income

The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
		2024		2023
Hedging instruments:
Foreign currency contracts	Selling, general and administrative expenses	$	(21)	$	5
Total gain (loss) on fair value hedges		$	(21)	$	5

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the amount of gain (loss) on cash flow hedges recognized in the Company’s Accumulated Other Comprehensive Income (AOCI) and reclassification from AOCI into the Condensed Consolidated Statements of Income:

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Three Months Ended March 31,				Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	4	$	(1)	Cost of Sales	$	(2)	$	4
Commodity contracts	(2)		(1)		Cost of Sales	(1)		3
Forward Starting Swaps	(2)		19		Interest (income) expense, net	2		2
Total gain (loss) on cash flow hedges	$	—	$	17		$	(1)	$	9

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI:

	Gain (Loss) Recognized in AOCI
	Three Months Ended March 31,
	2024		2023
Hedging instruments:
Foreign currency contracts	$	2	$	(8)
Foreign currency debt	106		(73)
Total gain (loss) on net investment hedges	$	108	$	(81)