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Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023:

 AssetsLiabilities
  
Account		Fair ValueAccountFair Value
Designated derivative instrumentsJune 30, 2024December 31, 2023 June 30, 2024December 31, 2023
Foreign currency contractsOther current assets$48 $19 Other accruals$13 $25 
Commodity contractsOther current assets— — Other accruals3 1 
Total designated$48 $19  $16 $26 
Other financial instruments     
Marketable securitiesOther current assets$225 $179    
Total other financial instruments$225 $179    
Schedule of Notional Values
The following tables present the notional values as of:

 June 30, 2024
 Foreign Currency ContractsForeign Currency DebtCommodity Contracts 
Total
Fair Value Hedges $1,718 $— $— $1,718 
Cash Flow Hedges 957 — 32 989 
Net Investment Hedges445 4,530 — 4,975 

 December 31, 2023
 Foreign Currency ContractsForeign Currency DebtCommodity Contracts 
Total
Fair Value Hedges $1,625 $— $— $1,625 
Cash Flow Hedges 869 — 39 908 
Net Investment Hedges280 3,908 — 4,188 
Schedule of Gains (Losses) Recognized in Statements of Income
The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:
Gain (Loss) Recognized in Income
Location of Gain (Loss) Recognized in IncomeThree Months Ended June 30,Six Months Ended June 30,
2024202320242023
Hedging instruments:
Foreign currency contractsSelling, general and administrative expenses$(1)$18 $(22)$23 
Total gain (loss) on fair value hedges $(1)$18 $(22)$23 
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 AOCIAmount Reclassified from AOCI Into Income
Three Months Ended June 30,Location of Gain (Loss) Recognized in IncomeThree Months Ended June 30,
2024202320242023
Hedging instruments:
Foreign currency contracts$4 $(8)Cost of Sales$— $(1)
Commodity contracts(3)(5)Cost of Sales(3)(3)
Forward Starting Swaps (2)(4)Interest (income) expense, net2 1 
Total gain (loss) on cash flow hedges $(1)$(17)$(1)$(3)


Gain (Loss) Recognized in AOCIAmount Reclassified from AOCI Into Income
Six Months Ended June 30,Location of Gain (Loss) Recognized in IncomeSix Months Ended June 30,
2024202320242023
Hedging instruments:
Foreign currency contracts$7 $(9)Cost of Sales$(1)$3 
Commodity contracts(6)(6)Cost of Sales(4)— 
Forward Starting Swaps (4)15 Interest (income) expense, net4 3 
Total gain (loss) on cash flow hedges $(3)$— $(1)$6 
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 June 30,Six Months Ended June 30,
2024202320242023
Hedging instruments:
Foreign currency contracts$22 $26 $24 $18 
Foreign currency debt28 113 134 40 
Total gain (loss) on net investment hedges$50 $139 $158 $58