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

9 Months Ended

Sep. 30, 2016

Derivative contracts outstanding

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

	September 30, 2016					December 31, 2015
	Liabilities		Notional   Value			Liabilities		Notional   Value
Equity index put options	$	3,973	$	27,982	(1)	$	3,552	$	27,722	(1)
Credit default (2)		—		—			284		7,792
	$	3,973				$	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⁾  In July 2016, our remaining credit default contract was terminated by mutual agreement with the counterparty. We no longer have any exposure to losses under credit default contracts.

Derivative gains/losses included in the Consolidated Statements of Earnings

A summary of the derivative gains (losses) included in our Consolidated Statements of Earnings follows (in millions).

	Third Quarter				First Nine Months
	2016		2015		2016			2015
Equity index put options	$	458	$	(802)	$	(421	)	$	371
Credit default		—		38		89			9
	$	458	$	(764)	$	(332	)	$	380