Derivative contracts (Tables) - Finance and Financial Products [Member]

12 Months Ended

Dec. 31, 2015

Derivative contracts have been entered into primarily through our finance and financial products and our energy businesses. Derivative contract liabilities associated with our finance and financial products businesses are concentrated in equity index put option and credit default contracts. A summary of those liabilities and related notional values follows (in millions).


	December 31, 2015					December 31, 2014
	Liabilities		Notional Value			Liabilities		Notional Value
Equity index put options	$	3,552	$	27,722	⁽¹⁾	$	4,560	$	29,469	⁽¹⁾
Credit default		284		7,792	⁽²⁾		250		7,792	⁽²⁾

	$	3,836				$	4,810

⁽¹⁾

Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date.

⁽²⁾

Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the specified obligations is zero.

Derivative gains/losses included in the Consolidated Statements of Earnings

A summary of the derivative gains/losses included in our Consolidated Statements of Earnings in each of the three years ending December 31, 2015 follows (in millions).


	2015			2014		2013
Equity index put options	$	1,008		$	108	$	2,843
Credit default		(34	)		397		(213	)
Other, principally interest rate and foreign currency		—			1		(22	)

	$	974		$	506	$	2,608