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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2023
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:
NotionalFair Value AssetFair Value (Liability)
December 31, 2023December 31, 2022December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives in fair value hedging relationships   
Interest rate swap agreements$4,717 $4,984 $18 $16 $(184)$(303)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts712 866 28 19 (4)(5)
Commodity contracts6 9 — — (1)(1)
Derivatives in net investment hedging relationships
Cross currency swap agreements4,264 3,189 — 90 (145)— 
Total derivatives designated as hedging instruments9,699 9,048 46 125 (334)(309)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts8,198 9,679 7 74 (5)(3)
Total derivatives at fair value$17,897 $18,727 $53 $199 $(339)$(312)
Schedule of Derivative Instruments
The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount
of Hedged Item		Cumulative Amount of
Fair Value Hedging Adjustment
Included in the Carrying
Amount of Hedged Item
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Long-term debt$4,551 $4,696 $(166)$(287)
Derivative Instruments, Gain (Loss)
The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
 Year Ended December 31, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold
Selling, General and
Administrative Expenses
Other
(Income) Expense
Interest and Other
Financial Charges
$36,662 $16,977 $6,018 $5,127 $(840)$765 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income15 28 10 10 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — (121)
Derivatives designated as hedges— — — — — 121 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (116)— 
 Year Ended December 31, 2022
Net SalesCost of
Products Sold
Cost of
Services Sold
Selling, General and
Administrative Expenses
Other
(Income) Expense
Interest and Other
Financial Charges
$35,466 $16,955 $5,392 $5,214 $(366)$414 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income13 50 14 (3)— — 
Commodity Contracts
Amount reclassified from accumulated other comprehensive income (loss) into income— (2)— — — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 347 
Derivatives designated as hedges— — — — — (347)
Gain or (loss) on net investment hedges
Foreign currency exchange contracts
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 13 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 351 — 
 Year Ended December 31, 2021
Net SalesCost of
Products Sold
Cost of
Services Sold
Selling, General and
Administrative Expenses
Other
(Income) Expense
Interest and Other
Financial Charges
$34,392 $17,082 $4,979 $4,798 $(1,378)$343 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income5 8 2 9 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 135 
Derivatives designated as hedges— — — — — (135)
Gain or (loss) on net investment hedges
Foreign currency exchange contracts
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 16 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 195 — 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the amount of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
Years Ended December 31,
20232022
Euro-denominated long-term debt$(84)$196 
Euro-denominated commercial paper(42)39 
Cross currency swap agreements(193)(65)
Foreign currency exchange contracts— 34