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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet:
| Notional |  | Fair Value Asset |  | Fair Value (Liability)
December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Derivatives in fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | $ | 4,717 |  |  | $ | 4,984 |  |  | $ | 18 |  |  | $ | 16 |  |  | $ | (184) |  |  | $ | (303) |
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 712 |  |  | 866 |  |  | 28 |  |  | 19 |  |  | (4) |  |  | (5) |
Commodity contracts | 6 |  |  | 9 |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Derivatives in net investment hedging relationships |  |  |  |  |  |  |  |  |  |  |
Cross currency swap agreements | 4,264 |  |  | 3,189 |  |  | — |  |  | 90 |  |  | (145) |  |  | — |
Total derivatives designated as hedging instruments | 9,699 |  |  | 9,048 |  |  | 46 |  |  | 125 |  |  | (334) |  |  | (309) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 8,198 |  |  | 9,679 |  |  | 7 |  |  | 74 |  |  | (5) |  |  | (3) |
Total derivatives at fair value | $ | 17,897 |  |  | $ | 18,727 |  |  | $ | 53 |  |  | $ | 199 |  |  | $ | (339) |  |  | $ | (312) |
Schedule of Derivative Instruments | The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
| Carrying Amount of Hedged Item |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Long-term debt | $ | 4,551 |  |  | $ | 4,696 |  |  | $ | (166) |  |  | $ | (287) |
Derivative Instruments, Gain (Loss) | The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
| Year Ended December 31, 2023
Net Sales |  | Cost of Products Sold |  | Cost of Services Sold |  | Selling, General and Administrative Expenses |  | Other (Income) Expense |  | Interest and Other Financial Charges
| $ | 36,662 |  |  | $ | 16,977 |  |  | $ | 6,018 |  |  | $ | 5,127 |  |  | $ | (840) |  |  | $ | 765 |
Gain or (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive income (loss) into income | 15 |  |  | 28 |  |  | 10 |  |  | 10 |  |  | — |  |  | — |
Gain or (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (121) |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121 |
Gain or (loss) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | (116) |  |  | — |
| Year Ended December 31, 2022
Net Sales |  | Cost of Products Sold |  | Cost of Services Sold |  | Selling, General and Administrative Expenses |  | Other (Income) Expense |  | Interest and Other Financial Charges
| $ | 35,466 |  |  | $ | 16,955 |  |  | $ | 5,392 |  |  | $ | 5,214 |  |  | $ | (366) |  |  | $ | 414 |
Gain or (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive income (loss) into income | 13 |  |  | 50 |  |  | 14 |  |  | (3) |  |  | — |  |  | — |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive income (loss) into income | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |
Gain or (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 347 |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (347) |
Gain or (loss) on net investment hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |
Gain or (loss) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | 351 |  |  | — |
| Year Ended December 31, 2021
Net Sales |  | Cost of Products Sold |  | Cost of Services Sold |  | Selling, General and Administrative Expenses |  | Other (Income) Expense |  | Interest and Other Financial Charges
| $ | 34,392 |  |  | $ | 17,082 |  |  | $ | 4,979 |  |  | $ | 4,798 |  |  | $ | (1,378) |  |  | $ | 343 |
Gain or (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive income (loss) into income | 5 |  |  | 8 |  |  | 2 |  |  | 9 |  |  | — |  |  | — |
Gain or (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 135 |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (135) |
Gain or (loss) on net investment hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |
Gain or (loss) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | 195 |  |  | — |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amount of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
| Years Ended December 31,
2023 |  | 2022
Euro-denominated long-term debt | $ | (84) |  |  | $ | 196 |
Euro-denominated commercial paper | (42) |  |  | 39 |
Cross currency swap agreements | (193) |  |  | (65) |
Foreign currency exchange contracts | — |  |  | 34 |

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