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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets is as follows:
(In millions)Notional
amount		Other
 current
assets		Other
noncurrent
assets		Other
current
liabilities		Other
noncurrent
liabilities		Type of
hedge		Term
June 30, 2024      
Derivatives designated as hedges      
Currency exchange contracts$561 $3 $2 $15 $— Cash flow
1 to 19 months
Commodity contracts23 3 — — — Cash flow
1 to 11 months
Currency exchange contracts548 — — — — Net investment
3 months
Total $6 $2 $15 $—  
Derivatives not designated as hedges     
Currency exchange contracts$4,441 $6  $15  
1 to 9 months
December 31, 2023      
Derivatives designated as hedges      
Forward starting floating-to-fixed interest rate swaps
$165 $— $— $— $3 Cash flow8 years
Currency exchange contracts505 17 3 7 1 Cash flow
1 to 25 months
Commodity contracts54 1 — 1 — Cash flow
1 to 12 months
Currency exchange contracts564 — — 1 — Net investment
3 months
Total $17 $3 $9 $4   
Derivatives not designated as hedges      
Currency exchange contracts$4,797 $12  $8  
1 to 7 months
Schedule of Notional Amounts of Outstanding Derivative Positions and Commodity Contracts
As of June 30, 2024, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions:
CommodityJune 30, 2024Term
Aluminum2 Millions of pounds
1 to 6 months
Copper5 Millions of pounds
1 to 11 months
Gold1,183 Troy ounces
1 to 7 months
Silver10,742 Troy ounces
1 to 4 months



Schedule Of Derivative Instruments Recorded In Balance Sheet
The following amounts were recorded on the Consolidated Balance Sheets related to fixed-to-floating interest rate swaps:
(In millions)Carrying amount of the hedged
assets (liabilities)
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities)1
Location on Consolidated Balance SheetsJune 30, 2024December 31, 2023June 30, 2024December 31, 2023
Long-term debt$(647)$(713)$(39)$(42)
1 At June 30, 2024 and December 31, 2023, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $39 million and $42 million, respectively.
Schedule of Impact of Hedging Activities to Consolidated Statement of Income
The impact of cash flow and fair value hedging activities to the Consolidated Statements of Income is as follows:
Three months ended June 30, 2024
(In millions)Net SalesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$6,350 $3,940 $29 
Gain (loss) on derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swaps
Hedged item$— $— $(3)
Derivative designated as hedging instrument— — 3 
Currency exchange contracts
Hedged item$2 $(4)$— 
Derivative designated as hedging instrument(2)4 — 
Commodity contracts
Hedged item$— $(1)$— 
Derivative designated as hedging instrument— 1 — 
Three months ended June 30, 2023
(In millions)Net SalesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$5,866 $3,747 $42 
Gain (loss) on derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swaps
Hedged item$— $— $(3)
Derivative designated as hedging instrument— — 3 
Currency exchange contracts
Hedged item$(1)$(15)$— 
Derivative designated as hedging instrument1 15 — 
Six months ended June 30, 2024
(In millions)Net SalesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$12,293 $7,665 $59 
Gain (loss) on derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swaps
Hedged item$— $— $(6)
Derivative designated as hedging instrument— — 6 
Currency exchange contracts
Hedged item$— $(12)$— 
Derivative designated as hedging instrument— 12 — 
Six months ended June 30, 2023
(In millions)Net SalesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$11,349 $7,346 $91 
Gain (loss) on derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swaps
Hedged item$— $— $(6)
Derivative designated as hedging instrument— — 6 
Currency exchange contracts
Hedged item$1 $(30)$— 
Derivative designated as hedging instrument(1)30 — 
Schedule of Amounts Recognized in Net Income
The impact of derivatives not designated as hedges to the Consolidated Statements of Income is as follows:
Gain (loss) recognized in Consolidated Statements of IncomeConsolidated Statements of Income classification
 Three months ended
June 30
(In millions)20242023
Gain (loss) on derivatives not designated as hedges
Currency exchange contracts$(29)$6 Interest expense - net
Total$(29)$6 
Gain (loss) recognized in Consolidated Statements of IncomeConsolidated Statements of Income classification
 Six months ended
June 30
(In millions)20242023
Gain (loss) on derivatives not designated as hedges
Currency exchange contracts$(9)$17 Interest expense - net
Total$(9)$17 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income is as follows:
Gain (loss) recognized in
other comprehensive
income (loss)		Location of gain (loss)
reclassified from
Accumulated other
comprehensive loss		Gain (loss) reclassified
from Accumulated other
comprehensive loss
Three months ended
June 30		Three months ended
June 30
(In millions)2024202320242023
Derivatives designated as cash
   flow hedges
Forward starting floating-to-fixed
   interest rate swaps		$4 $1 Interest expense - net$3 $3 
Currency exchange contracts(12)18 Net sales and Cost of products sold3 15 
Commodity contracts3 (2)Cost of products sold1 — 
Derivatives designated as net
   investment hedges
Currency exchange contracts
Effective portion5 32 Gain (loss) on sale of business— — 
Amount excluded from effectiveness
   testing		— 4 Interest expense - net3 4 
Non-derivative designated as net
   investment hedges
Foreign currency denominated debt26 (3)Gain (loss) on sale of business— — 
Total$26 $50 $10 $22 
Gain (loss) recognized in
other comprehensive
income (loss)		Location of gain (loss)
reclassified from
Accumulated other
comprehensive loss		Gain (loss) reclassified
from Accumulated other
comprehensive loss
Six months ended
June 30		Six months ended
June 30
(In millions)2024202320242023
Derivatives designated as cash
   flow hedges
Forward starting floating-to-fixed
   interest rate swaps		$6 $1 Interest expense - net$6 $6 
Currency exchange contracts(10)49 Net sales and Cost of products sold11 26 
Commodity contracts4 — Cost of products sold— — 
Derivatives designated as net
   investment hedges
Currency exchange contracts
Effective portion16 18 Gain (loss) on sale of business— — 
Amount excluded from effectiveness
   testing		3 9 Interest expense - net7 6 
Non-derivative designated as net
   investment hedges
Foreign currency denominated debt98 (66)Gain (loss) on sale of business— — 
Total$118 $11 $25 $38