Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:

	Notional amounts (1)		Other assets		Accrued liabilities
	September 30 2023	December 31 2022	September 30 2023	December 31 2022	September 30 2023	December 31 2022
Derivatives designated as hedging instruments:
Foreign exchange contracts	$2,800	$2,815	$21	$23	($118)	($122)
Commodity contracts	520	602	85	115	(22)	(9)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts	463	462	7	5	(35)	(42)
Commodity contracts	103	412		2	(2)	(1)
Total derivatives	$3,886	$4,291	$113	$145	($177)	($174)
Netting arrangements			(27)	(33)	27	33
Net recorded balance			$86	$112	($150)	($141)

(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.

Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance

(Losses)/gains associated with our hedging transactions and forward points recognized in Other comprehensive (loss)/income are presented in the following table:

	Nine months ended September 30		Three months ended September 30
	2023	2022	2023	2022
Recognized in Other comprehensive (loss)/income, net of taxes:
Foreign exchange contracts	($30)	($186)	($41)	($82)
Commodity contracts	(30)	29	6	(1)

Reclassification Out of Accumulated Other Comprehensive Income

Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:

	Nine months ended September 30		Three months ended September 30
	2023	2022	2023	2022
Foreign exchange contracts
Revenues		$1		$1
Costs and expenses	($11)	9	($5)	(1)
General and administrative expense	(21)	(14)	2	(7)
Commodity contracts
Costs and expenses	24	18	(3)	11
General and administrative expense	6	6	1	4