v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
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:
NotionalFair Value AssetFair Value Liability
June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Derivatives in fair value hedging relationships   
Interest rate swap agreements$4,050 $3,899 $14 $3 $(101)$(139)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts717 1,235 7 30 (24)(10)
Commodity contracts7 1 — — — — 
Derivatives in net investment hedging relationships
Cross currency swap agreements7,214 7,214 7 124 (777)(56)
Total derivatives designated as hedging instruments11,988 12,349 28 157 (902)(205)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts10,017 8,773 2 3 (7)(5)
Total Derivative instruments$22,005 $21,122 $30 $160 $(909)$(210)
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
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Long-term debt$3,963 $3,763 $(87)$(136)
Derivative Instruments, Gain (Loss)
The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
Three Months Ended June 30, 2025
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
Income (Expense)		Interest and Other
Financial Charges
$10,352 $4,548 $1,781 $1,428 $87 $330 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income(1)(5)(2)1 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — (25)
Derivatives designated as hedges— — — — — 25 
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (248)— 
Three Months Ended June 30, 2024
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
Income
(Expense)		Interest and Other
Financial Charges
$9,577 $4,247 $1,609 $1,361 $246 $250 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income2 6 2 4 — — 
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 4 
Derivatives designated as hedges— — — — — (4)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 10 — 
Six Months Ended June 30, 2025
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
Income
(Expense)		Interest and Other
Financial Charges
$20,174 $8,799 $3,567 $2,789 $287 $616 
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income— (3)(1)(1)— — 
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — (49)
Derivatives designated as hedges— — — — — 49 
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — (392)— 
Six Months Ended June 30, 2024
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
Income
(Expense)		Interest and Other
Financial Charges
$18,682 $8,282 $3,157 $2,663 $477 $470 
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income3 8 3 5 — — 
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items— — — — — 46 
Derivatives designated as hedges— — — — — (46)
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts— — — — 33 — 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive loss:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Euro-denominated long-term debt$(395)$61 $(593)$100 
Euro-denominated commercial paper(83)22 (125)41 
Cross currency swap agreements(591)12 (838)87