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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022:

			Assets																		Liabilities
			Account						Fair Value												Account						Fair Value
Designated derivative instruments									December 31, 2023						December 31, 2022												December 31, 2023						December 31, 2022
Foreign currency contracts			Other current assets						19						19						Other accruals						25						15
Commodity contracts			Other current assets						—						4						Other accruals						1						—
Total designated									$	19					$	23											$	26					$	15
Other financial instruments
Marketable securities			Other current assets						179						175
Total other financial instruments									$	179					$	175

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the notional values as of:

						December 31, 2023
						Foreign Currency Contracts						Foreign Currency Debt																		Commodity Contracts						Total
Fair Value Hedges						$	1,625					$	—																	$	—					$	1,625
Cash Flow Hedges						869						—																		39						908
Net Investment Hedges						280						3,908																		—						4,188

						December 31, 2022
						Foreign Currency Contracts						Foreign Currency Debt																		Commodity Contracts						Total
Fair Value Hedges						$	609					$	—																	$	—					$	609
Cash Flow Hedges						840						—																		26						866
Net Investment Hedges						138						4,797																		—						4,935

Schedule of Derivative Instruments, Gain (Loss)

The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Consolidated Statements of Income:

												Gain (Loss) Recognized in Income
						Location of Gain (Loss) Recognized in Income						Twelve Months Ended December 31,
Hedging instruments:												2023						2022
Interest rate swaps						Interest (income) expense, net						$	—					$	(5)
Foreign currency contracts						Selling, general and administrative expenses						29						44
Total gain (loss) on fair value hedges												$	29					$	39

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

The following tables present the amount of gain (loss) on cash flow hedges recognized in the Company’s Accumulated Other Comprehensive Income (AOCI) and location and amount of gain (loss) on reclassification from AOCI into Consolidated Statements of Income:

						Gain (Loss) Recognized in AOCI																		Gain (Loss) Reclassified from AOCI Into Income
						Twelve Months Ended December 31,												Location of Gain (Loss) Recognized in Income						Twelve Months Ended December 31,
						2023						2022												2023						2022
Hedging instruments:
Foreign currency contracts						$	(13)					$	9					Cost of Sales						$	(3)					$	13
Commodity contracts						(3)						9						Cost of Sales						(1)						5
Forward Starting Swaps						10						82						Interest (income) expense, net						8						2
Total gain (loss) on cash flow hedges						$	(6)					$	100											$	4					$	20

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI:

						Gain (Loss) Recognized in AOCI
						Twelve Months Ended December 31,
Hedging instruments:						2023						2022
Foreign currency contracts						$	(34)					$	(5)
Foreign currency debt						(124)						218
Total gain (loss) on net investment hedges						$	(158)					$	213

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