DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023, and December 31, 2022:

	Notional						Fair Value Asset						Fair Value (Liability)
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
Derivatives in fair value hedging relationships
Interest rate swap agreements		$	5,018		$	4,984		$	3		$	16		$	(288)		$	(303)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts		502			866			40			19			—			(5)
Commodity contracts		8			9			—			—			(2)			(1)
Derivatives in net investment hedging relationships
Cross currency swap agreements		4,189			3,189			38			90			(22)			—
Total derivatives designated as hedging instruments		9,717			9,048			81			125			(312)			(309)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts		8,582			9,679			4			74			(16)			(3)
Total derivatives at fair value		$	18,299		$	18,727		$	85		$	199		$	(328)		$	(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 Item						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
Long-term debt		$	4,733		$	4,696		$	(285)		$	(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 June 30, 2023
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, General and Administrative Expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	9,146		$	4,133		$	1,493		$	1,262		$	(208)		$	187
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income		2			6			2			3			—			—
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items		—			—			—			—			—			65
Derivatives designated as hedges		—			—			—			—			—			(65)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts		—			—			—			—			(69)			—

	Three Months Ended June 30, 2022
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, General and Administrative Expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	8,953		$	4,329		$	1,331		$	1,306		$	(190)		$	87
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income		2			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			—

	Six Months Ended June 30, 2023
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, General and Administrative Expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	18,010		$	8,201		$	2,923		$	2,579		$	(468)		$	357
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income		3			9			3			4			—			—
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items		—			—			—			—			—			(2)
Derivatives designated as hedges		—			—			—			—			—			2
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts		—			—			—			—			(149)			—

	Six Months Ended June 30, 2022
	Net Sales			Cost of Products Sold			Cost of Services Sold			Selling, General and Administrative Expenses			Other (Income) Expense			Interest and Other Financial Charges
		$	17,329		$	8,388		$	2,596		$	2,737		$	(509)		$	172
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income		3			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			—

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Euro-denominated long-term debt		$	(37)		$	184		$	(86)		$	267
Euro-denominated commercial paper		(15)			36			(43)			53
Cross currency swap agreements		(18)			63			(75)			80
Foreign currency exchange contracts		—			31			—			31