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Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Derivative Instruments and Other Financial 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 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:
| Assets |  |  | Liabilities
| Account |  |  | Fair Value |  |  | Account |  |  | Fair Value
Designated derivative instruments |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  |  |  |  | June 30, 2024 |  |  | December 31, 2023
Foreign currency contracts | Other current assets |  |  | $ | 48 |  |  |  | $ | 19 |  |  |  | Other accruals |  |  | $ | 13 |  |  |  | $ | 25 |
Commodity contracts | Other current assets |  |  | — |  |  |  | — |  |  |  | Other accruals |  |  | 3 |  |  |  | 1 |
Total designated |  |  | $ | 48 |  |  |  | $ | 19 |  |  |  |  |  |  | $ | 16 |  |  |  | $ | 26 |
Other financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities | Other current assets |  |  | $ | 225 |  |  |  | $ | 179 |  |  |  |  |  |  |  |  |  |
Total other financial instruments |  |  | $ | 225 |  |  |  | $ | 179 |  |  |  |  |  |  |  |  |  |
Schedule of Notional Values | The following tables present the notional values as of:
| June 30, 2024
| Foreign Currency Contracts |  | Foreign Currency Debt |  |  |  |  |  | Commodity Contracts |  | Total
Fair Value Hedges | $ | 1,718 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 1,718 |
Cash Flow Hedges | 957 |  |  | — |  |  |  |  |  |  | 32 |  |  | 989 |
Net Investment Hedges | 445 |  |  | 4,530 |  |  |  |  |  |  | — |  |  | 4,975 |
| 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 |
Schedule of Gains (Losses) Recognized in Statements of Income | The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:
|  |  |  | Gain (Loss) Recognized in Income
|  | Location of Gain (Loss) Recognized in Income |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | Selling, general and administrative expenses |  | $ | (1) |  |  | $ | 18 |  |  | $ | (22) |  |  | $ | 23 |
Total gain (loss) on fair value hedges |  |  |  | $ | (1) |  |  | $ | 18 |  |  | $ | (22) |  |  | $ | 23 |
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 reclassification from AOCI into the Condensed Consolidated Statements of Income:
|  | Gain (Loss) Recognized in AOCI |  |  |  | Amount Reclassified from AOCI Into Income
|  | Three Months Ended June 30, |  | Location of Gain (Loss) Recognized in Income |  | Three Months Ended June 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 4 |  |  | $ | (8) |  |  | Cost of Sales |  | $ | — |  |  | $ | (1) |
Commodity contracts |  | (3) |  |  | (5) |  |  | Cost of Sales |  | (3) |  |  | (3) |
Forward Starting Swaps |  | (2) |  |  | (4) |  |  | Interest (income) expense, net |  | 2 |  |  | 1 |
Total gain (loss) on cash flow hedges |  | $ | (1) |  |  | $ | (17) |  |  |  |  | $ | (1) |  |  | $ | (3) |
|  | Gain (Loss) Recognized in AOCI |  |  |  | Amount Reclassified from AOCI Into Income
|  | Six Months Ended June 30, |  | Location of Gain (Loss) Recognized in Income |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 7 |  |  | $ | (9) |  |  | Cost of Sales |  | $ | (1) |  |  | $ | 3 |
Commodity contracts |  | (6) |  |  | (6) |  |  | Cost of Sales |  | (4) |  |  | — |
Forward Starting Swaps |  | (4) |  |  | 15 |  |  | Interest (income) expense, net |  | 4 |  |  | 3 |
Total gain (loss) on cash flow hedges |  | $ | (3) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | 6 |
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
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 22 |  |  | $ | 26 |  |  | $ | 24 |  |  | $ | 18 |
Foreign currency debt |  | 28 |  |  | 113 |  |  | 134 |  |  | 40 |
Total gain (loss) on net investment hedges |  | $ | 50 |  |  | $ | 139 |  |  | $ | 158 |  |  | $ | 58 |

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