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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair values of derivative instruments designated and qualified as part of hedging relationship

The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions):

						Fair Value1,2
Derivatives Designated as Hedging Instruments			Financial Statement Line Item Impacted1			December 31, 2023			December 31, 2022
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	109		$	126
Foreign currency contracts			Other noncurrent assets			13			13
Interest rate contracts			Other noncurrent assets			50			—
Total assets						$	172		$	139
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	111		$	54
Foreign currency contracts			Other noncurrent liabilities			40			108
Commodity contracts			Accounts payable and accrued expenses			3			2
Interest rate contracts			Accounts payable and accrued expenses			5			—
Interest rate contracts			Other noncurrent liabilities			1,113			1,676
Total liabilities						$	1,272		$	1,840

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 17 for the net presentation of the Company’s derivative instruments.

2Refer to Note 17 for additional information related to the estimated fair value.

Derivatives Not Designated as Hedging Instruments

The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):

						Fair Value1,2
Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted1			December 31, 2023			December 31, 2022
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	91		$	46
Foreign currency contracts			Other noncurrent assets			3			22
Commodity contracts			Prepaid expenses and other current assets			5			34
Other derivative instruments			Prepaid expenses and other current assets			4			—
Total assets						$	103		$	102
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	106		$	87
Foreign currency contracts			Other noncurrent liabilities			3			1
Commodity contracts			Accounts payable and accrued expenses			62			35
Commodity contracts			Other noncurrent liabilities			1			—
Other derivative instruments			Accounts payable and accrued expenses			4			3
Total liabilities						$	176		$	126

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 17 for the net presentation of the Company’s derivative instruments.

2Refer to Note 17 for additional information related to the estimated fair value.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)

The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions):

			Gain (Loss) Recognized in OCI						Financial Statement Line Item Impacted			Gain (Loss) Reclassified from AOCI into Income
2023
Foreign currency contracts			$	(128)					Net operating revenues			$	(3)
Foreign currency contracts			19						Cost of goods sold			14
Foreign currency contracts			—						Interest expense			(4)
Foreign currency contracts			35						Other income (loss) — net			17
Commodity contracts			(15)						Cost of goods sold			(14)
Total			$	(89)								$	10
2022
Foreign currency contracts			$	205					Net operating revenues			$	218
Foreign currency contracts			17						Cost of goods sold			28
Foreign currency contracts			—						Interest expense			(4)
Foreign currency contracts			(91)						Other income (loss) — net			(79)
Commodity contracts			(4)						Cost of goods sold			(2)
Total			$	127								$	161
2021
Foreign currency contracts			$	36					Net operating revenues			$	(77)
Foreign currency contracts			(2)						Cost of goods sold			(10)
Foreign currency contracts			—						Interest expense			(13)
Foreign currency contracts			19						Other income (loss) — net			74
Interest rate contracts			110						Interest expense			(90)
Commodity contracts			(1)						Cost of goods sold			—
Total			$	162								$	(116)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):

Hedging Instruments and Hedged Items			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
2023
Interest rate contracts			Interest expense			$	609
Fixed-rate debt			Interest expense			(591)
Net impact of fair value hedging instruments						$	18
2022
Interest rate contracts			Interest expense			$	(1,944)
Fixed-rate debt			Interest expense			1,927
Net impact of fair value hedging instruments						$	(17)
2021
Interest rate contracts			Interest expense			$	(67)
Fixed-rate debt			Interest expense			66
Net impact of fair value hedging instruments						$	(1)

The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions):

												Cumulative Amount of Fair Value Hedging Adjustments1
			Carrying Values of Hedged Items									Included in the Carrying Values of Hedged Items									Remaining for Which Hedge Accounting Has Been Discontinued
Balance Sheet Location of Hedged Items			December 31, 2023			December 31, 2022						December 31, 2023			December 31, 2022						December 31, 2023			December 31, 2022
Current maturities of long-term debt			$	552		$	—					$	1		$	—					$	—		$	—
Long-term debt			12,186			11,900						(1,135)			(1,664)						162			195

1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.

In June 2023, the Company amended the terms of its interest rate swap agreements to implement a forward-looking interest rate based on the Secured Overnight Financing Rate (“SOFR”) in place of the London Interbank Offered Rate (“LIBOR”). Since the interest rate swap agreements were affected by reference rate reform, the Company applied the expedients and exceptions provided to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. All amendments to interest rate swap agreements were executed with the existing counterparties and did not change the notional amounts, maturity dates or other critical terms of the hedging relationships.

Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges

The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):

			Notional Values									Gain (Loss) Recognized in OCI
			as of December 31,									Year Ended December 31,
			2023			2022						2023			2022			2021
Foreign currency contracts			$	150		$	—					$	(6)		$	(10)		$	(10)
Foreign currency denominated debt			12,437			12,061						(376)			751			928
Total			$	12,587		$	12,061					$	(382)		$	741		$	918

Derivative instruments, not designated as hedging instruments, gain (loss) in earnings

The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):

Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Year Ended December 31,
						2023			2022			2021
Foreign currency contracts			Net operating revenues			$	(74)		$	(55)		$	6
Foreign currency contracts			Cost of goods sold			66			46			(10)
Foreign currency contracts			Other income (loss) — net			(10)			57			(84)
Commodity contracts			Cost of goods sold			(137)			(40)			171
Interest rate contracts			Interest expense			—			—			(187)
Other derivative instruments			Selling, general and administrative expenses			5			(21)			34
Other derivative instruments			Other income (loss) — net			—			—			(3)
Total						$	(150)		$	(13)		$	(73)

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