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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gain/(Loss) on Hedging Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive income | $ 150 | $ 505 | $ 231 | $ 1,106
Reclassified to net earnings, pretax | (16) | (175) | (235) | (391)
Non-U.S. dollar borrowings gain/(loss): |  |  |  |
Recognized in Other comprehensive income | 4 | (131) | 35 | (201)
Designated as cash flow hedges |  |  |  |
Non-U.S. dollar borrowings gain/(loss): |  |  |  |
Recognized in Other comprehensive income | 0 | 40 | (10) | 123
Foreign currency exchange contracts |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive income | 173 | 548 | 226 | 1,149
Derivatives designated as net investment hedges |  |  |  |
Recognized in Other comprehensive income | 18 | 0 | 18 | 0
Foreign currency exchange contracts | Cost of products sold |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | (51) | (195) | (261) | (408)
Cross-currency swap contracts |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive income | (23) | (43) | 5 | (43)
Derivatives designated as net investment hedges |  |  |  |
Recognized in Other comprehensive income | 59 | 71 | 94 | 135
Cross-currency swap contracts | Other (income)/expense, net |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | 35 | 20 | 26 | 20
Interest rate swap contracts | Other operating income (expense) |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | $ 0 | $ 0 | $ 0 | $ (3)

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