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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, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | $ (159) | $ 150 | $ 179 | $ 231
Reclassified to net earnings, pretax | (58) | (16) | (93) | (235)
Non-U.S. dollar borrowings gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | 34 | 4 | (47) | 35
Designated as cash flow hedges |  |  |  |
Non-U.S. dollar borrowings gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | 0 | 0 | 0 | (10)
Foreign currency exchange contracts |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | (195) | 173 | 46 | 226
Derivatives designated as net investment hedges |  |  |  |
Recognized in Other comprehensive (loss)/income | (75) | 18 | (34) | 18
Foreign currency exchange contracts | Cost of products sold |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | (3) | (51) | (77) | (261)
Cross-currency swap contracts |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | 36 | (23) | 2 | 5
Derivatives designated as net investment hedges |  |  |  |
Recognized in Other comprehensive (loss)/income | (41) | 59 | 9 | 94
Cross-currency swap contracts | Other (income)/expense, net |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | (53) | 35 | (12) | 26
Interest rate swap contracts |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Recognized in Other comprehensive (loss)/income | 0 | 0 | 131 | 0
Interest rate swap contracts | Other operating income (expense) |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |
Reclassified to net earnings, pretax | $ (1) | $ 0 | $ (3) | $ 0

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