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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Summary of Derivative Instruments [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows:
| Notional amounts(1) | Other assets | Accrued liabilities
| 2023 |  | 2022 | 2023 |  | 2022 | 2023 |  | 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $4,120 |  |  | $2,815 |  | $85 |  |  | $23 |  | ($63) |  |  | ($122) |
Commodity contracts | 514 |  |  | 602 |  | 83 |  |  | 115 |  | (8) |  |  | (9) |
Derivatives not receiving hedge accounting treatment: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | 254 |  |  | 462 |  | 1 |  |  | 5 |  | (32) |  |  | (42) |
Commodity contracts | 115 |  |  | 412 |  |  |  | 2 |  | (2) |  |  | (1) |
Total derivatives | $5,003 |  |  | $4,291 |  | 169 |  |  | 145 |  | (105) |  |  | (174) |
Netting arrangements |  |  |  | (47) |  |  | (33) |  | 47 |  |  | 33 |
Net recorded balance |  |  |  | $122 |  |  | $112 |  | ($58) |  |  | ($141) |
(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:
Years ended December 31, | 2023 |  | 2022 |  | 2021 |  |
Recognized in Other comprehensive income, net of taxes: |  |  |  |  |  |  |
Foreign exchange contracts | $61 |  |  | ($118) |  |  | ($47) |  |  |
Commodity contracts | (20) |  |  | 78 |  |  | 102 |  |  |
Reclassification Out of Accumulated Other Comprehensive Income | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
Years ended December 31, | 2023 |  | 2022 | 2021
Foreign exchange contracts |  |  |  |
Revenues |  |  | $1 |  |
Costs and expenses | ($15) |  |  | 7 |  | $13 |
General and administrative | (17) |  |  | (12) |  | 8 |
Commodity contracts |  |  |  |
Costs and expenses | $31 |  |  | $31 |  | ($18) |
General and administrative expense | 7 |  |  | 10 |  | 5 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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