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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at September 30, 2021 and December 31, 2020:

Fair Value of Financial InstrumentsSep 30, 2021Dec 31, 2020
In millionsCostGainLossFair ValueCostGainLossFair Value
Cash equivalents:
Held-to-maturity securities 1
$921 $— $— $921 $980 $— $— $980 
Money market funds498 — — 498 484 — — 484 
Total cash equivalents$1,419 $— $— $1,419 $1,464 $— $— $1,464 
Marketable securities 2
$138 $3 $— $141 $45 $— $— $45 
Other investments:
Debt securities:
Government debt 3
$687 $18 $(24)$681 $673 $35 $(10)$698 
Corporate bonds1,172 89 (9)1,252 822 119 (5)936 
Total debt securities$1,859 $107 $(33)$1,933 $1,495 $154 $(15)$1,634 
Equity securities 4
6 19 — 25 6 34 — 40 
Total other investments
$1,865 $126 $(33)$1,958 $1,501 $188 $(15)$1,674 
Total cash equivalents, marketable securities and other investments
$3,422 $129 $(33)$3,518 $3,010 $188 $(15)$3,183 
Long-term debt including debt due within one year 5
$(14,318)$21 $(2,673)$(16,970)$(16,951)$6 $(3,659)$(20,604)
Derivatives relating to:
Interest rates 6
$— $— $(166)$(166)$— $41 $(182)$(141)
Foreign currency— 53 (82)(29)— 69 (84)(15)
Commodities 6
— 240 (132)108 — 63 (84)(21)
Total derivatives$— $293 $(380)$(87)$— $173 $(350)$(177)
1.The Company's held-to-maturity securities primarily included treasury bills and time deposits.
2.The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets.
3.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations.
4.Equity securities with a readily determinable fair value.
5.Cost includes fair value hedge adjustment gains of $48 million at September 30, 2021 and $69 million at December 31, 2020 on $2,279 million of debt at September 30, 2021 and $3,314 million at December 31, 2020.
6.Presented net of cash collateral where master netting arrangements allow.
Investing Results The following table provides the investing results from available-for-sale securities for the nine months ended September 30, 2021 and 2020:
Investing ResultsNine Months Ended
In millionsSep 30, 2021Sep 30, 2020
Proceeds from sales of available-for-sale securities$339 $742 
Gross realized gains$41 $84 
Gross realized losses $(8)$(25)
Contractual Maturities of Debt Securities
The following table summarizes the contractual maturities of the Company's investments in debt securities:

Contractual Maturities of Debt Securities at Sep 30, 2021 1
 CostFair Value
In millions
Within one year$22 $23 
One to five years618 650 
Six to ten years709 720 
After ten years510 540 
Total$1,859 $1,933 
1.Includes marketable securities with maturities of less than one year.
Equity Securities with and without Readily Determinable Fair Value
Investments in Equity SecuritiesSep 30, 2021Dec 31, 2020
In millions
Readily determinable fair value$25 $40 
Not readily determinable fair value$226 $215 
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of the Company's derivative instruments presented on a net basis at September 30, 2021 and December 31, 2020 were as follows:

Notional Amounts - NetSep 30, 2021Dec 31, 2020
In millions
Derivatives designated as hedging instruments:
Interest rate contracts$3,005 $612 
Foreign currency contracts$3,725 $3,784 
Derivatives not designated as hedging instruments:
Interest rate contracts$58 $94 
Foreign currency contracts$13,663 $9,187 

The notional amounts of the Company's commodity derivatives presented on a net basis at September 30, 2021 and December 31, 2020 were as follows:

Commodity Notionals - NetSep 30, 2021Dec 31, 2020Notional Volume Unit
Derivatives designated as hedging instruments:
Hydrocarbon derivatives6.9 10.9 million barrels of oil equivalent
Derivatives not designated as hedging instruments:
Hydrocarbon derivatives0.1 — million barrels of oil equivalent
Schedule of Fair Values of Derivative Instruments
The following tables provide the fair value and balance sheet classification of derivative instruments at September 30, 2021 and December 31, 2020:

Fair Value of Derivative InstrumentsSep 30, 2021
In millionsBalance Sheet ClassificationGross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contractsDeferred charges and other assets$182 $(182)$— 
Foreign currency contractsOther current assets32 (18)14 
Foreign currency contractsDeferred charges and other assets86 (51)35 
Commodity contractsOther current assets448 (253)195 
Commodity contractsDeferred charges and other assets68 (32)36 
Total $816 $(536)$280 
Derivatives not designated as hedging instruments:
Foreign currency contracts Other current assets$20 $(16)$4 
Commodity contractsOther current assets29 (20)9 
Commodity contractsDeferred charges and other assets2 (2)— 
Total $51 $(38)$13 
Total asset derivatives  $867 $(574)$293 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contractsOther noncurrent obligations$233 $(182)$51 
Foreign currency contractsAccrued and other current liabilities21 (18)3 
Foreign currency contractsOther noncurrent obligations51 (51)— 
Commodity contractsAccrued and other current liabilities391 (287)104 
Commodity contractsOther noncurrent obligations48 (34)14 
Total $744 $(572)$172 
Derivatives not designated as hedging instruments:
Interest rate contractsOther noncurrent obligations$115 $— $115 
Foreign currency contractsAccrued and other current liabilities95 (16)79 
Commodity contractsAccrued and other current liabilities34 (21)13 
Commodity contractsOther noncurrent obligations3 (2)1 
Total $247 $(39)$208 
Total liability derivatives  $991 $(611)$380 
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Fair Value of Derivative InstrumentsDec 31, 2020
In millionsBalance Sheet ClassificationGross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contractsOther current assets$3 $(3)$— 
Foreign currency contractsOther current assets39 (19)20 
Commodity contractsOther current assets146 (109)37 
Commodity contractsDeferred charges and other assets31 (8)23 
Total $219 $(139)$80 
Derivatives not designated as hedging instruments:
Interest rate contractsDeferred charges and other assets$41 $— $41 
Foreign currency contracts Other current assets74 (25)49 
Commodity contractsOther current assets4 (1)3 
Total $119 $(26)$93 
Total asset derivatives  $338 $(165)$173 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities$7 $(3)$4 
Foreign currency contractsAccrued and other current liabilities93 (19)74 
Commodity contractsAccrued and other current liabilities151 (112)39 
Commodity contractsOther noncurrent obligations48 (9)39 
Total $299 $(143)$156 
Derivatives not designated as hedging instruments:
Interest rate contractsOther noncurrent obligations$178 $— $178 
Foreign currency contractsAccrued and other current liabilities35 (25)10 
Commodity contractsAccrued and other current liabilities9 (3)6 
Total $222 $(28)$194 
Total liability derivatives  $521 $(171)$350 
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Derivative Instruments, Gain (Loss)
The following tables summarize the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2021 and 2020:

Effect of Derivative Instruments
Amount of gain (loss) recognized in OCI 1
Amount of gain (loss) recognized in income 2
Income Statement Classification
Three Months EndedThree Months Ended
In millionsSep 30, 2021Sep 30, 2020Sep 30, 2021Sep 30, 2020
Derivatives designated as hedging
  instruments:
Fair value hedges:
Excluded components 3
$— $3 $— $— Interest expense and amortization of debt discount
Cash flow hedges:
Interest rate contracts5 — (2)(1)Interest expense and amortization of debt discount
Foreign currency contracts4 (12)(3)(1)Cost of sales
Commodity contracts37 42 21 (4)Cost of sales
Net foreign investment hedges:
Foreign currency contracts20 (19)— — 
Excluded components 3
12 — 1 2 Sundry income (expense) - net
Total derivatives designated as hedging instruments$78 $14 $17 $(4)
Derivatives not designated as hedging instruments:
Interest rate contracts$— $— $(2)$(3)Interest expense and amortization of debt discount
Foreign currency contracts— — (84)(5)Sundry income (expense) - net
Commodity contracts— — (12)(7)Cost of sales
Total derivatives not designated as
  hedging instruments		$— $— $(98)$(15)
Total derivatives$78 $14 $(81)$(19)
1.OCI is defined as other comprehensive income (loss).
2.Pretax amounts.
3.The excluded components are related to the time value of the derivatives designated as hedges.
Effect of Derivative Instruments
Amount of gain (loss) recognized in OCI 1
Amount of gain (loss) recognized in income 2
Income Statement Classification
Nine Months EndedNine Months Ended
In millionsSep 30, 2021Sep 30, 2020Sep 30, 2021Sep 30, 2020
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate contracts$— $— $(25)$24 
Interest expense and amortization of debt discount 3
Excluded components 4
2 10 — — Interest expense and amortization of debt discount
Cash flow hedges:
Interest rate contracts(39)— (7)(1)Interest expense and amortization of debt discount
Foreign currency contracts10 (9)(15)8 Cost of sales
Commodity contracts143 (23)32 (32)Cost of sales
Net foreign investment hedges:
Foreign currency contracts33 (3)— — 
Excluded components 4
20 27 5 18 Sundry income (expense) - net
Total derivatives designated as hedging instruments$169 $2 $(10)$17 
Derivatives not designated as hedging instruments:
Interest rate contracts$— $— $(5)$(10)Interest expense and amortization of debt discount
Foreign currency contracts— — (202)(15)Sundry income (expense) - net
Commodity contracts— — (47)10 Cost of sales
Total derivatives not designated as
  hedging instruments		$— $— $(254)$(15)
Total derivatives$169 $2 $(264)$2 
1.OCI is defined as other comprehensive income (loss).
2.Pretax amounts.
3.Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item.
4.The excluded components are related to the time value of the derivatives designated as hedges.
Schedule of Hedging Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year
The following table provides the net after-tax amounts expected to be reclassified from AOCL to income within the next 12 months:

Expected Reclassifications from AOCL within the next 12 monthsSep 30, 2021
In millions
Cash flow hedges:
Interest rate contracts$(8)
Commodity contracts$74 
Foreign currency contracts$5 
Net foreign investment hedges:
Excluded components$9