v3.23.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - EFFECT OF DERIVATIVE INSTRUMENTS (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net investment hedges        
Derivative Instruments, Gain (Loss)        
Gains and losses on derivatives used as fair value hedges of foreign currency risk / net investment hedges included in other comprehensive income (loss) during the period $ (40) $ 41 $ (61) $ (108)
Cost of goods sold        
Derivative Instruments, Gain (Loss)        
Gain (loss) recognized in income on derivative instruments 307 577 779 (105)
Interest expense        
Derivative Instruments, Gain (Loss)        
Gain (loss) recognized in income on derivative instruments (30) 3 (62) (3)
Foreign exchange (losses) gains        
Derivative Instruments, Gain (Loss)        
Gain (loss) recognized in income on derivative instruments (58) 32 (27) 79
Foreign currency | Fair value hedges        
Derivative Instruments, Gain (Loss)        
Gains and losses on derivatives used as fair value hedges of foreign currency risk / net investment hedges included in other comprehensive income (loss) during the period 0 2 0 2
Foreign currency | Cash flow hedges        
Derivative Instruments, Gain (Loss)        
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period (26) 4 (31) 36
Cash flow hedge of foreign currency risk 1 (5) 0 (7)
Hedge accounting | Foreign currency | Net sales        
Derivative Instruments, Gain (Loss)        
Gain (loss) on hedge accounting 4 5 5 7
Hedge accounting | Foreign currency | Cost of goods sold        
Derivative Instruments, Gain (Loss)        
Gain (loss) on hedge accounting (1) 0 0 0
Hedge accounting | Foreign currency | Selling, general & administrative        
Derivative Instruments, Gain (Loss)        
Gain (loss) on hedge accounting 1 0 1 0
Hedge accounting | Foreign currency | Foreign exchange (losses) gains        
Derivative Instruments, Gain (Loss)        
Gain (loss) on hedge accounting (19) (25) (21) (37)
Hedge accounting | Interest rate | Interest expense        
Derivative Instruments, Gain (Loss)        
Gain (loss) on hedge accounting (35) 3 (68) (4)
Economic hedges | Foreign currency | Cost of goods sold        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges 324 (70) 408 423
Economic hedges | Foreign currency | Foreign exchange (losses) gains        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges (39) 57 (6) 116
Economic hedges | Foreign currency | Other income (expense)        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges     1 1
Economic hedges | Commodities | Cost of goods sold        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges (32) 638 364 (618)
Economic hedges | Other | Cost of goods sold        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges 16 9 7 90
Economic hedges | Interest rate | Interest expense        
Derivative Instruments, Gain (Loss)        
Gain (loss) on economic hedges $ 5 $ 0 $ 6 $ 1