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

12 Months Ended

Dec. 31, 2016

A summary of the liabilities and related notional values of derivative contracts of our finance and financial products businesses follows (in millions).


	December 31, 2016					December 31, 2015
	Liabilities		Notional Value			Liabilities		Notional Value
Equity index put options	$	2,890	$	26,497	⁽¹⁾	$	3,552	$	27,722	⁽¹⁾
Credit default(2)		—		—			284		7,792

	$	2,890				$	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 in each of the three years ending December 31, 2016 follows (in millions).


	2016		2015			2014
Equity index put options	$	662	$	1,008		$	108
Credit default and other		89		(34	)		398

	$	751	$	974		$	506