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Derivative Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |  |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:
|  | Notional amounts(1) |  |  | Other assets |  |  | Accrued liabilities |
|  | June 30 2024 |  |  | December 31 2023 |  |  | June 30 2024 |  |  | December 31 2023 |  |  | June 30 2024 |  |  | December 31 2023 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 4,524 |  |  | $ | 4,120 |  |  | $ | 48 |  |  | $ | 85 |  |  | ($ | 89 | ) |  | ($ | 63 | )
Commodity contracts |  |  | 449 |  |  |  | 514 |  |  |  | 74 |  |  |  | 83 |  |  |  | (5 | ) |  |  | (8 | )
Derivatives not receiving hedge accounting treatment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 253 |  |  |  | 254 |  |  |  | 3 |  |  |  | 1 |  |  |  | (20 | ) |  |  | (32 | )
Commodity contracts |  |  | 63 |  |  |  | 115 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Total derivatives |  | $ | 5,289 |  |  | $ | 5,003 |  |  | $ | 125 |  |  | $ | 169 |  |  | ($ | 114 | ) |  | ($ | 105 | )
Netting arrangements |  |  |  |  |  |  |  |  |  |  | (47 | ) |  |  | (47 | ) |  |  | 47 |  |  |  | 47 |
Net recorded balance |  |  |  |  |  |  |  |  |  | $ | 78 |  |  | $ | 122 |  |  | ($ | 67 | ) |  | ($ | 58 | )
(1) | Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
| 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 | (Losses)/gains associated with our hedging transactions and forward points recognized in Other comprehensive (loss)/income are presented in the following table:
|  | Six months ended June 30 |  |  | Three months ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Recognized in Other comprehensive (loss)/income, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | ($ | 75 | ) |  | $ | 11 |  |  | ($ | 18 | ) |  | $ | 1 |
Commodity contracts |  |  | (1 | ) |  |  | (36 | ) |  |  | 7 |  |  |  | (44 | )
| 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 | (Losses)/gains associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
|  | Six months ended June 30 |  |  | Three months ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs and expenses |  | ($ | 12 | ) |  |  | (6 | ) |  | ($ | 5 | ) |  | ($ | 4 | )
General and administrative expense |  |  | (13 | ) |  |  | (23 | ) |  |  | (9 | ) |  |  | (12 | )
Commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs and expenses |  |  | (12 | ) |  |  | 27 |  |  |  | (12 | ) |  | $ | 10 |
General and administrative expense |  |  | 3 |  |  |  | 5 |  |  | $ | 1 |  |  |  | 3 |
| 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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