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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Estimated Fair Value of Assets and Liabilities The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2.
June 30, 2023December 31, 2022
Carrying
amount
(net)		Estimated
fair value		Carrying
amount
(net)		Estimated
fair value
AssetsLoans and other receivables$2,329 $2,196 $2,557 $2,418 
LiabilitiesBorrowings (Note 11)$21,782 $20,805 $24,059 $22,849 
Investment contracts (Note 13)1,632 1,677 1,708 1,758 
Fair Value of Derivative Assets
FAIR VALUE OF DERIVATIVESJune 30, 2023December 31, 2022
Gross NotionalAll other assetsAll other liabilitiesGross NotionalAll other assetsAll other liabilities
Currency exchange contracts$4,784 $147 $129 $5,112 $132 $146 
Derivatives accounted for as hedges$4,784 $147 $129 $5,112 $132 $146 
Currency exchange contracts$62,266 $1,139 $1,056 $51,885 $946 $1,082 
Other contracts700 159 15 901 197 14 
Derivatives not accounted for as hedges$62,966 $1,298 $1,071 $52,786 $1,143 $1,095 
Gross derivatives$67,750 $1,445 $1,200 $57,898 $1,275 $1,241 
Netting and credit adjustments$(926)$(925)$(821)$(820)
Net derivatives recognized in statement of financial position$519 $275 $454 $420 
Fair Value of Derivative Liabilities
FAIR VALUE OF DERIVATIVESJune 30, 2023December 31, 2022
Gross NotionalAll other assetsAll other liabilitiesGross NotionalAll other assetsAll other liabilities
Currency exchange contracts$4,784 $147 $129 $5,112 $132 $146 
Derivatives accounted for as hedges$4,784 $147 $129 $5,112 $132 $146 
Currency exchange contracts$62,266 $1,139 $1,056 $51,885 $946 $1,082 
Other contracts700 159 15 901 197 14 
Derivatives not accounted for as hedges$62,966 $1,298 $1,071 $52,786 $1,143 $1,095 
Gross derivatives$67,750 $1,445 $1,200 $57,898 $1,275 $1,241 
Netting and credit adjustments$(926)$(925)$(821)$(820)
Net derivatives recognized in statement of financial position$519 $275 $454 $420 
Effects of Derivatives on AOCI
CASH FLOW HEDGES AND NET INVESTMENT HEDGES
Gain (loss) recognized in AOCIThree months ended June 30
Six months ended June 30
2023202220232022
Cash flow hedges(a)$21 $(110)$49 $(157)
Net investment hedges(b)(68)183 (130)294 
(a) Primarily related to currency exchange contracts.
(b) The carrying value of foreign currency debt designated as net investment hedges was $4,710 million and $3,311 million as of June 30, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero for both the three months and six months ended June 30, 2023 and 2022.
Effects of Derivatives on Earnings
The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss):
Three months ended June 30, 2023Three months ended June 30, 2022
RevenuesInterest ExpenseSG&AOther(a)RevenuesInterest ExpenseSG&AOther(a)
$16,699 $267 $2,358 $13,054 $14,127 $368 $1,817 $9,298 
Cash flow hedges$4 $(4)$— $11 $— $(7)$— $(36)
Fair value hedges$(7)
Non-hedging derivatives (b)$(1)$— $175 $(69)$1 $— $(349)$(29)
Six months ended June 30, 2023Six months ended June 30, 2022
RevenuesInterest ExpenseSG&AOther(a)RevenuesInterest ExpenseSG&AOther(a)
$31,185 $536 $4,500 $29,864 $26,802 $756 $4,543 $19,120 
Cash flow hedges$5 $(6)$— $9 $4 $(13)$— $(68)
Fair value hedges$(16)
Non-hedging derivatives (b)$— $— $290 $(127)$2 $— $(454)$(95)
(a) Amounts are inclusive of cost of sales and other income (loss).
(b) SG&A was primarily driven by hedges of deferred incentive compensation, and hedges of remeasurement of monetary assets and liabilities.