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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023, and December 31, 2022:
NotionalFair Value AssetFair Value (Liability)
March 31, 2023December 31, 2022March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Derivatives in fair value hedging relationships   
Interest rate swap agreements$5,007 $4,984 $31 $16 $(251)$(303)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts683 866 36 19 (3)(5)
Commodity contracts7 9 — — — (1)
Derivatives in net investment hedging relationships
Cross currency swap agreements4,189 3,189 44 90 (12)— 
Total derivatives designated as hedging instruments9,886 9,048 111 125 (266)(309)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts8,454 9,679 2 74 (5)(3)
Total derivatives at fair value$18,340 $18,727 $113 $199 $(271)$(312)
Schedule of Derivative Instruments
The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount of Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Long-term debt$4,787 $4,696 $(220)$(287)
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 March 31, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$8,864 $4,068 $1,430 $1,317 $(260)$170 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income into income1 3 1 1 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — (67)
Derivatives designated as hedges— — — — — 67 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (80)— 
Three Months Ended March 31, 2022
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$8,376 $4,059 $1,265 $1,431 $(319)$85 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income into income1 1 — 1 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 137 
Derivatives designated as hedges— — — — — (137)
Gain or (loss) on net investment hedges
Foreign currency exchange contracts
Amount excluded from effectiveness testing recognized in earnings using an amortization approach— — — — — 4 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 66 — 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
Three Months Ended March 31,
20232022
Euro-denominated long-term debt$(49)$83 
Euro-denominated commercial paper(28)17 
Cross currency swap agreements(57)17