Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Derivative Instruments [Abstract]

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

The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows:

	Notional  amounts(1)		Other assets		Accrued liabilities
	2023	2022	2023	2022	2023	2022
Derivatives designated as hedging instruments:
Foreign exchange contracts	$4,120	$2,815	$85	$23	($63)	($122)
Commodity contracts	514	602	83	115	(8)	(9)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts	254	462	1	5	(32)	(42)
Commodity contracts	115	412		2	(2)	(1)
Total derivatives	$5,003	$4,291	169	145	(105)	(174)
Netting arrangements			(47)	(33)	47	33
Net recorded balance			$122	$112	($58)	($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

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

Years ended December 31,	2023	2022	2021
Recognized in Other comprehensive income, net of taxes:
Foreign exchange contracts	$61	($118)	($47)
Commodity contracts	(20)	78	102

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:

Years ended December 31,	2023	2022	2021
Foreign exchange contracts
Revenues		$1
Costs and expenses	($15)	7	$13
General and administrative	(17)	(12)	8
Commodity contracts
Costs and expenses	$31	$31	($18)
General and administrative expense	7	10	5