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