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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2022, and December 31, 2021:
NotionalFair Value AssetFair Value (Liability)
September 30, 2022December 31, 2021September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Derivatives in Fair Value Hedging Relationships:   
Interest rate swap agreements$3,768 $3,150 $— $60 $(294)$— 
Derivatives in Cash Flow Hedging Relationships:
Foreign currency exchange contracts785 647 46 4 (5)— 
Commodity contracts5 — — — (1)— 
Derivatives in Net Investment Hedging Relationships:
Foreign currency exchange contracts700 746 156 92 — — 
Cross currency swap agreements1,200 1,200 203 39 — — 
Total Derivatives Designated as Hedging Instruments6,458 5,743 405 195 (300)— 
Derivatives Not Designated as Hedging Instruments:
Foreign currency exchange contracts10,627 11,278 485 278 (493)(282)
Total Derivatives at Fair Value$17,085 $17,021 $890 $473 $(793)$(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 ItemCarrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Long-term debt$3,474 $3,210 $(294)$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 September 30, 2022
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$8,951 4,630 $1,351 $1,228 $(337)$98 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income4 20 6 (2)— — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 186 
Derivatives designated as hedges— — — — — (186)
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— — — — 402 — 
Three Months Ended September 30, 2021
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$8,473 $4,463 $1,283 $1,152 $(215)$90 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income2 2 1 3 — — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 14 
Derivatives designated as hedges— — — — — (14)
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— — — — 103 — 
Nine Months Ended September 30, 2022
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$26,280 $13,676 $4,025 $3,965 $(846)$270 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income7 32 9 (2)— — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 354 
Derivatives designated as hedges— — — — — (354)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 11
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — — 749 — 
Nine Months Ended September 30, 2021
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$25,735 $13,748 $3,710 $3,595 $(1,023)$263 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income4 6 1 7 — — 
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— — — — — 12 
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — — 92 — 
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 RelationshipsThree Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Euro-denominated long-term debt$207 $67 $474 $202 
Euro-denominated commercial paper41 13 94 40 
Cross currency swap97 25 177 53 
Foreign currency exchange contracts31 6 62 18