DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet as of March 31, 2022, and December 31, 2021:

	Notional						Fair Value Asset						Fair Value (Liability)
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
Derivatives in Fair Value Hedging Relationships:
Interest rate swap agreements		$	3,150		$	3,150		$	3		$	60		$	(80)		$	—
Derivatives in Cash Flow Hedging Relationships:
Foreign currency exchange contracts		3,876			647			13			4			—			—
Commodity contracts		12			—			—			—			(2)			—
Derivatives in Net Investment Hedging Relationships:
Foreign currency exchange contracts		284			746			93			92			—			—
Cross currency swap agreements		1,200			1,200			70			39			—			—
Total Derivatives Designated as Hedging Instruments		8,522			5,743			179			195			(82)			—
Derivatives Not Designated as Hedging Instruments:
Foreign currency exchange contracts		8,944			11,278			286			278			(286)			(282)
Total Derivatives at Fair Value		$	17,466		$	17,021		$	465		$	473		$	(368)		$	(282)

Schedule of Derivative Instruments

The following table sets forth the amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:

Line in the Consolidated Balance Sheet of Hedged Item	Carrying Amount of the Hedged Item						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
Long-term debt		$	3,073		$	3,210		$	(77)		$	60

Derivative Instruments, Gain (Loss)

The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:

	Three Months Ended March 31, 2022
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, general and administrative expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	8,376		$	4,373		$	1,301		$	1,431		$	(319)		$	85
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income		1			1			—			1			—			—
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items		—			—			—			—			—			137
Derivatives designated as hedges		—			—			—			—			—			(137)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach		—			—			—			—			—			4
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts		—			—			—			—			66			—

	Three Months Ended March 31, 2021
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, general and administrative expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	8,454		$	4,551		$	1,158		$	1,236		$	(442)		$	90
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income		1			1			—			2			—			—
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items		—			—			—			—			—			94
Derivatives designated as hedges		—			—			—			—			—			(94)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach		—			—			—			—			—			4
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts		—			—			—			—			60			—

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

The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):

Derivatives Net Investment Hedging Relationships	Three Months Ended March 31,
	2022			2021
Euro-denominated long-term debt		$	83		$	150
Euro-denominated commercial paper		17			30
Cross currency swap		17			44
Foreign currency exchange contracts		—			(2)