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

3 Months Ended

Mar. 31, 2016

Derivative contracts outstanding

A summary of the liabilities and related notional values of these contracts follows (in millions).

	March 31, 2016					December 31, 2015
	Liabilities		Notional Value			Liabilities		Notional Value
Equity index put options	$	4,348	$	28,356	(1)	$	3,552	$	27,722	(1)
Credit default		298		7,792	(2)		284		7,792	(2)
	$	4,646				$	3,836

⁽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 for the first quarter of 2016 and 2015 follows (in millions).

	First Quarter
	2016			2015
Equity index put options		$ (796	)	$	1,311
Credit default		(14	)		7
	$	(810	)	$	1,318