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FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of 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.
March 31, 2024December 31, 2023
Carrying
amount (net)
Estimated
fair value
Carrying
amount (net)
Estimated
fair value
AssetsLoans and other receivables$2,453 $2,333 $2,438 $2,379 
LiabilitiesBorrowings (Note 11)$20,525 $20,037 $20,965 $20,689 
Investment contracts (Note 13)1,486 1,547 1,535 1,616 
Schedule of Fair Value of Derivative Assets
FAIR VALUE OF DERIVATIVESMarch 31, 2024December 31, 2023
Gross NotionalAll other current assetsAll other current liabilitiesGross NotionalAll other current assetsAll other current liabilities
Qualifying currency exchange contracts$6,064 $161 $81 $6,648 $156 $91 
Non-qualifying currency exchange contracts and other48,981 717 477 50,563 794 580 
Gross derivatives$55,045 $878 $558 $57,211 $950 $671 
Netting and credit adjustments$(434)$(432)$(512)$(510)
Net derivatives in statement of financial position$445 $126 $437 $161 
Schedule of Fair Value of Derivative Liabilities
FAIR VALUE OF DERIVATIVESMarch 31, 2024December 31, 2023
Gross NotionalAll other current assetsAll other current liabilitiesGross NotionalAll other current assetsAll other current liabilities
Qualifying currency exchange contracts$6,064 $161 $81 $6,648 $156 $91 
Non-qualifying currency exchange contracts and other48,981 717 477 50,563 794 580 
Gross derivatives$55,045 $878 $558 $57,211 $950 $671 
Netting and credit adjustments$(434)$(432)$(512)$(510)
Net derivatives in statement of financial position$445 $126 $437 $161 
Schedule of Effects of Derivatives on AOCI
CASH FLOW HEDGES AND NET INVESTMENT HEDGESThree months ended March 31
20242023
Cash flow hedges(a)$$28 
Net investment hedges(b)84 (62)
(a) Primarily related to currency exchange contracts.
(b) The carrying value of foreign currency debt designated as net investment hedges was $4,655 million and $3,398 million as of March 31, 2024 and 2023, respectively. The total reclassified from AOCI into earnings was zero and zero for the years ended March 31, 2024 and 2023, respectively.
Schedule of 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 March 31, 2024Three months ended March 31, 2023
RevenuesInterest ExpenseSG&AOther(a)RevenuesInterest ExpenseSG&AOther(a)
$16,053 $278 $2,269 $12,729 $14,486 $269 $2,142 $16,810 
Cash flow hedges$$(2)$— $(4)$$(2)$— $(2)
Non-hedging derivatives (b)$— $— $43 $(38)$$— $115 $(58)
(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.