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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2024
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)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Derivatives in fair value hedging relationships   
Interest rate swap agreements$4,687 $4,717 $— $18 $(212)$(184)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts898 712 19 28 (6)(4)
Commodity contracts2 6 — — — (1)
Derivatives in net investment hedging relationships
Cross currency swap agreements7,214 4,264 25 — (83)(145)
Total derivatives designated as hedging instruments12,801 9,699 44 46 (301)(334)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts8,634 8,198 3 7 (17)(5)
Total derivatives at fair value$21,435 $17,897 $47 $53 $(318)$(339)
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 ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Long-term debt$4,475 $4,551 $(212)$(166)
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 June 30, 2024
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$9,577 $4,247 $1,609 $1,361 $(246)$250 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income2 6 2 4 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 4 
Derivatives designated as hedges— — — — — (4)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 10 — 
Three Months Ended June 30, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$9,146 $4,133 $1,493 $1,262 $(208)$187 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income2 6 2 3 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 65 
Derivatives designated as hedges— — — — — (65)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (69)— 
Six Months Ended June 30, 2024
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$18,682 $8,282 $3,157 $2,663 $(477)$470 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income3 8 3 5 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 46 
Derivatives designated as hedges— — — — — (46)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 33 — 
Six Months Ended June 30, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$18,010 $8,201 $2,923 $2,579 $(468)$357 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income3 9 3 4 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — (2)
Derivatives designated as hedges— — — — — 2 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (149)— 
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):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Euro-denominated long-term debt$61 $(37)$100 $(86)
Euro-denominated commercial paper22 (15)41 (43)
Cross currency swap agreements12 (18)87 (75)