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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block] Our credit, market, foreign currency and interest rate risk management policies are described in Note 12 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities.
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 as of September 30, 2021, and December 31, 2020:
NotionalFair Value AssetFair Value (Liability)
September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Derivatives in Fair Value Hedging Relationships:   
Interest rate swap agreements$3,150 $3,950 $100 $194 $— $— 
Derivatives in Cash Flow Hedging Relationships:
Foreign currency exchange contracts245 488 11 65 — (58)
Derivatives in Net Investment Hedging Relationships:
Foreign currency exchange contracts759 806 72 45 — (1)
Cross currency swap agreements1,200 1,200 13 — — (50)
Total Derivatives Designated as Hedging Instruments5,354 6,444 196 304 — (109)
Derivatives Not Designated as Hedging Instruments:
Foreign currency exchange contracts11,930 14,829 220 92 (219)(91)
Total Derivatives at Fair Value$17,284 $21,273 $416 $396 $(219)$(200)
In addition to the derivative instruments listed above, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $4,172 million and $4,414 million as of September 30, 2021, and December 31, 2020.
The following table sets forth the amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
Line in the Consolidated Balance
Sheet of Hedged Item		Carrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Long-term debt$3,250 $4,144 $100 $194 
The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
 Three Months Ended September 30, 2021
RevenueCost of Products and Services SoldSG&AOther (Income) ExpenseInterest and Other Financial Charges
$8,473 $5,746 $1,152 $(215)$90 
Gain or (loss) on cash flow hedges:
Foreign Currency Exchange Contracts:
Amount reclassified from accumulated other comprehensive income into income2 3 3 — — 
Gain or (loss) on fair value hedges:
Interest Rate Swap Agreements:
Hedged items— — — — 14 
Derivatives designated as hedges— — — — (14)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — 4 
Gain or (loss) on derivatives not designated as hedging instruments: 
Foreign currency exchange contracts— — — 103 — 
 Three Months Ended September 30, 2020
RevenueCost of Products and Services SoldSG&AOther (Income) ExpenseInterest and Other Financial Charges
$7,797 $5,383 $1,103 $62 $101 
Gain or (loss) on cash flow hedges:
Foreign Currency Exchange Contracts:
Amount reclassified from accumulated other comprehensive income into income(1)(1)(1)(35)— 
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— 4 — 8 — 
Gain or (loss) on fair value hedges:
Interest Rate Swap Agreements:
Hedged items— — — — 13 
Derivatives designated as hedges— — — — (13)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — 4 
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — (136)— 

Nine Months Ended September 30, 2021
RevenueCost of Products and Services SoldSG&AOther (Income) ExpenseInterest and Other Financial Charges
$25,735 17,458 $3,595 (1,023)$263 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income4 7 7 — — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — 94 
Derivatives designated as hedges— — — — (94)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — 12 
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — 92 — 
Nine Months Ended September 30, 2020
RevenueCost of Products and Services SoldSG&AOther (Income) ExpenseInterest and Other Financial Charges
$23,737 $16,193 $3,524 $(546)$264 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income(2)29 (4)(37)— 
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— 12 — 25 — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — (206)
Derivatives designated as hedges— — — — 206 
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — 13 
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — (69)— 

The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
Derivatives Net Investment Hedging RelationshipsThree Months Ended
September 30, 2021		Nine Months Ended
September 30, 2021
2021202020212020
Euro-denominated long-term debt$67 $(126)$202 $(64)
Euro-denominated commercial paper13 (25)40 30 
Cross currency swap25 (42)53 (61)
Foreign currency exchange contracts6 (28)18 (46)