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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
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 June 30, 2022, and December 31, 2021:
NotionalFair Value AssetFair Value (Liability)
June 30, 2022December 31, 2021June 30, 2022December 31, 2021June 30, 2022December 31, 2021
Derivatives in Fair Value Hedging Relationships:   
Interest rate swap agreements$3,150 $3,150 $— $60 $(108)$— 
Derivatives in Cash Flow Hedging Relationships:
Foreign currency exchange contracts3,637 647 34 4 (3)— 
Commodity contracts9 — — — (1)— 
Derivatives in Net Investment Hedging Relationships:
Foreign currency exchange contracts278 746 124 92 — — 
Cross currency swap agreements1,200 1,200 135 39 — — 
Total Derivatives Designated as Hedging Instruments8,274 5,743 293 195 (112)— 
Derivatives Not Designated as Hedging Instruments:
Foreign currency exchange contracts9,374 11,278 384 278 (379)(282)
Total Derivatives at Fair Value$17,648 $17,021 $677 $473 $(491)$(282)
Schedule of Derivative Instruments
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 ItemCarrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
June 30, 2022December 31, 2021June 30, 2022December 31, 2021
Long-term debt$3,042 $3,210 $(108)$60 
Derivative Instruments, Gain (Loss) The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
Three Months Ended June 30, 2022
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$8,953 4,673 $1,373 $1,306 $(190)$87 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income2 11 3 (1)— — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 31 
Derivatives designated as hedges— — — — — (31)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 3
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — — 281 — 
Three Months Ended June 30, 2021
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$8,808 $4,734 $1,269 $1,207 $(366)$83 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income1 2 1 2 — — 
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— — — — (71)— 
Six Months Ended June 30, 2022
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$17,329 $9,046 $2,674 $2,737 $(509)$172 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income3 12 3 — — — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 168 
Derivatives designated as hedges— — — — — (168)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 7
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — — 347 — 
Six Months Ended June 30, 2021
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling, general and administrative expensesOther
(Income)
Expense		Interest and Other
Financial Charges
$17,262 $9,285 $2,427 $2,443 $(808)$173 
Gain or (loss) on cash flow hedges:
Foreign currency exchange contracts:
Amount reclassified from accumulated other comprehensive income into income2 3 1 4 — — 
Gain or (loss) on fair value hedges:
Interest rate swap agreements:
Hedged items— — — — — 80 
Derivatives designated as hedges— — — — — (80)
Gain or (loss) on net investment hedges:
Foreign Currency Exchange Contracts:
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 8 
Gain or (loss) on derivatives not designated as hedging instruments:
Foreign currency exchange contracts— — — — (11)— 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
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
June 30, 2022		Six Months Ended June 30,
2022202120222021
Euro-denominated long-term debt$184 $(15)$267 $135 
Euro-denominated commercial paper36 (3)53 27 
Cross currency swap63 (16)80 28 
Foreign currency exchange contracts31 14 31 12