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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Derivatives in fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | $ | 3,899 |  |  | $ | 4,717 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | (139) |  |  | $ | (184) |
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 1,235 |  |  | 712 |  |  | 30 |  |  | 28 |  |  | (10) |  |  | (4) |
Commodity contracts | 1 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Derivatives in net investment hedging relationships |  |  |  |  |  |  |  |  |  |  |
Cross currency swap agreements | 7,214 |  |  | 4,264 |  |  | 124 |  |  | — |  |  | (56) |  |  | (145) |
Total derivatives designated as hedging instruments | 12,349 |  |  | 9,699 |  |  | 157 |  |  | 46 |  |  | (205) |  |  | (334) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 8,773 |  |  | 8,198 |  |  | 3 |  |  | 7 |  |  | (5) |  |  | (5) |
Total derivatives at fair value | $ | 21,122 |  |  | $ | 17,897 |  |  | $ | 160 |  |  | $ | 53 |  |  | $ | (210) |  |  | $ | (339) |
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, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Long-term debt | $ | 3,763 |  |  | $ | 4,551 |  |  | $ | (136) |  |  | $ | (166) |
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, 2024
Net Sales |  | Cost of Products Sold |  | Cost of Services Sold |  | Selling, General and Administrative Expenses |  | Other (Income) Expense |  | Interest and Other Financial Charges
| $ | 38,498 |  |  | $ | 17,227 |  |  | $ | 6,609 |  |  | $ | 5,466 |  |  | $ | (830) |  |  | $ | 1,058 |
Gain (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss into income | 2 |  |  | 8 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |
Gain (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30) |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |
Gain (loss) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | 105 |  |  | — |
| 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 (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss into income | 15 |  |  | 28 |  |  | 10 |  |  | 10 |  |  | — |  |  | — |
Gain (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (121) |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121 |
Gain (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 (loss) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss into income | 13 |  |  | 50 |  |  | 14 |  |  | (3) |  |  | — |  |  | — |
Commodity contracts |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss into income | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (loss) on fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 347 |
Derivatives designated as hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (347) |
Gain (loss) on net investment hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |
Gain (loss) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | 351 |  |  | — |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amount of pre-tax gain or (loss) on net investment hedges recognized in Accumulated other comprehensive loss:
| Years Ended December 31,
2024 |  | 2023
Euro-denominated long-term debt | $ | 249 |  |  | $ | (84) |
Euro-denominated commercial paper | 72 |  |  | (42) |
Cross currency swap agreements | 190 |  |  | (193) |

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