Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and December 31, 2024:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		June 30, 2025		December 31, 2024			June 30, 2025		December 31, 2024
Foreign currency contracts	Other current assets	$	35	$	33	Other accruals	$	40	$	22
Commodity contracts	Other current assets	—		—		Other accruals	1		1
Total designated		$	35	$	33		$	41	$	23
Other financial instruments
Marketable securities	Other current assets	$	197	$	160
Total other financial instruments		$	197	$	160

Schedule of Notional Values

The following tables present the notional values as of:

	June 30, 2025
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	2,030	$	—	$	—	$	2,030
Cash Flow Hedges	1,080		—		14		1,094
Net Investment Hedges	416		4,128		—		4,544

	December 31, 2024
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,669	$	—	$	—	$	1,669
Cash Flow Hedges	1,023		—		18		1,041
Net Investment Hedges	289		3,750		—		4,039

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 for three and six months ended June 30, 2025:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Hedging instruments:
Foreign currency contracts	Selling, general and administrative expenses	$	84	$	(1)	$	129	$	(22)
Total gain (loss) on fair value hedges		$	84	$	(1)	$	129	$	(22)

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,
	2025		2024		2025		2024
Hedging instruments:
Foreign currency contracts	$	(22)	$	22	$	(29)	$	24
Foreign currency debt	(348)		28		(515)		134
Total gain (loss) on net investment hedges	$	(370)	$	50	$	(544)	$	158