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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

The following table summarizes the fair value of financial instruments at December 31, 2022 and 2021:


Fair Value of Financial Instruments at Dec 31	2022								2021
In millions	Cost		Gain		Loss		Fair Value		Cost		Gain		Loss		Fair Value
Cash equivalents:
Held-to-maturity securities 1	$	872	$	—	$	—	$	872	$	317	$	—	$	—	$	317
Money market funds	355		—		—		355		489		—		—		489
Total cash equivalents	$	1,227	$	—	$	—	$	1,227	$	806	$	—	$	—	$	806
Marketable securities 2	$	927	$	12	$	—	$	939	$	237	$	8	$	—	$	245
Other investments:
Debt securities:
Government debt 3	$	754	$	1	$	(133)	$	622	$	746	$	17	$	(28)	$	735
Corporate bonds	1,274		10		(159)		1,125		1,251		93		(20)		1,324
Total debt securities	$	2,028	$	11	$	(292)	$	1,747	$	1,997	$	110	$	(48)	$	2,059
Equity securities 4	5		5		—		10		7		13		—		20
Total other investments	$	2,033	$	16	$	(292)	$	1,757	$	2,004	$	123	$	(48)	$	2,079
Total cash equivalents, marketable securities and other investments	$	4,187	$	28	$	(292)	$	3,923	$	3,047	$	131	$	(48)	$	3,130
Long-term debt including debt due within one year 5	$	(15,060)	$	1,683	$	(498)	$	(13,875)	$	(14,511)	$	27	$	(2,641)	$	(17,125)
Derivatives relating to:
Interest rates 6	$	—	$	105	$	—	$	105	$	—	$	1	$	(140)	$	(139)
Foreign currency	—		115		(30)		85		—		46		(18)		28
Commodities 6	—		72		(61)		11		—		142		(92)		50
Total derivatives	$	—	$	292	$	(91)	$	201	$	—	$	189	$	(250)	$	(61)

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 $46 million at December 31, 2022 and $47 million at December 31, 2021 on $2,279 million of debt at December 31, 2022 and December 31, 2021.

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 years ended December 31, 2022, 2021 and 2020.


Investing Results
In millions	2022		2021		2020
Proceeds from sales of available-for-sale securities	$	543	$	424	$	837
Gross realized gains	$	43	$	50	$	94
Gross realized losses	$	45	$	12	$	40

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 Dec 31, 2022 1	Cost		Fair Value
In millions
Within one year	$	71	$	68
One to five years	855		773
Six to ten years	594		503
After ten years	508		403
Total	$	2,028	$	1,747

1.Includes marketable securities with maturities of less than one year.

Schedule of Temporary Impairment Losses, Investments

The following table provides the fair value and gross unrealized losses of the Company’s investments in debt securities that were deemed to be temporarily impaired at December 31, 2022 and 2021, aggregated by investment category:


Temporarily Impaired Debt Securities at Dec 31	Less than 12 months				12 months or more				Total
Temporarily Impaired Debt Securities at Dec 31	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
In millions	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2022
Government debt 1	$	273	$	(37)	$	333	$	(96)	$	606	$	(133)
Corporate bonds	818		(110)		158		(49)		976		(159)
Total temporarily impaired debt securities	$	1,091	$	(147)	$	491	$	(145)	$	1,582	$	(292)
2021
Government debt 1	$	295	$	(13)	$	151	$	(15)	$	446	$	(28)
Corporate bonds	355		(17)		16		(3)		371		(20)
Total temporarily impaired debt securities	$	650	$	(30)	$	167	$	(18)	$	817	$	(48)

1.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities' obligations.

Equity Securities with and without Readily Determinable Fair Value


Investments in Equity Securities	Dec 31, 2022		Dec 31, 2021
In millions	Dec 31, 2022		Dec 31, 2021
Readily determinable fair value	$	10	$	20
Not readily determinable fair value	$	186	$	209

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional amounts of the Company's derivative instruments at December 31, 2022 and 2021, were as follows:


Notional Amounts 1	Dec 31, 2022		Dec 31, 2021
In millions	Dec 31, 2022		Dec 31, 2021
Derivatives designated as hedging instruments
Interest rate contracts	$	1,500	$	3,000
Foreign currency contracts	$	2,408	$	5,300
Derivatives not designated as hedging instruments
Interest rate contracts	$	3	$	36
Foreign currency contracts	$	8,837	$	8,234

1.Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration.

The notional amounts of the Company's commodity derivatives at December 31, 2022 and 2021, were as follows:


Commodity Notionals 1	Dec 31, 2022	Dec 31, 2021	Notional Volume Unit

Derivatives designated as hedging instruments
Hydrocarbon derivatives	19.2	9.7	million barrels of oil equivalent





Derivatives not designated as hedging instruments
Hydrocarbon derivatives	—	0.1	million barrels of oil equivalent
Power derivatives	—	3.3	thousands of megawatt hours

1.Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.

Schedule of Derivative Instruments


Maturity Dates of Derivatives Designated as Hedging Instruments			Year
Interest rate contracts			2023
Foreign currency contracts			2023
Commodity contracts			2026

Schedule Fair Values of Derivative Instruments

The following tables provide the fair value and balance sheet classification of derivative instruments at December 31, 2022 and 2021:


Fair Value of Derivative Instruments		Dec 31, 2022
In millions	Balance Sheet Classification	Gross		Counterparty and Cash Collateral Netting 1		Net Amounts Included in Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments
Interest rate contracts	Other current assets	$	351	$	(246)	$	105

Foreign currency contracts	Other current assets	58		(39)		19

Commodity contracts	Other current assets	199		(148)		51

Total		$	608	$	(433)	$	175
Derivatives not designated as hedging instruments

Foreign currency contracts	Other current assets	$	146	$	(50)	$	96

Commodity contracts	Other current assets	22		(1)		21
Total		$	168	$	(51)	$	117
Total asset derivatives		$	776	$	(484)	$	292
Liability derivatives
Derivatives designated as hedging instruments
Interest rate contracts	Accrued and other current liabilities	$	246	$	(246)	$	—

Foreign currency contracts	Accrued and other current liabilities	58		(39)		19

Commodity contracts	Accrued and other current liabilities	258		(198)		60

Total		$	562	$	(483)	$	79
Derivatives not designated as hedging instruments

Foreign currency contracts	Accrued and other current liabilities	$	61	$	(50)	$	11

Commodity contracts	Accrued and other current liabilities	12		(11)		1
Total		$	73	$	(61)	$	12
Total liability derivatives		$	635	$	(544)	$	91

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 Instruments		Dec 31, 2021
In millions	Balance Sheet Classification	Gross		Counterparty and Cash Collateral Netting 1		Net Amounts Included in Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments
Interest rate contracts	Other current assets	$	14	$	(14)	$	—
Interest rate contracts	Deferred charges and other assets	130		(130)		—
Foreign currency contracts	Other current assets	24		(13)		11
Foreign currency contracts	Deferred charges and other assets	117		(89)		28
Commodity contracts	Other current assets	305		(173)		132
Commodity contracts	Deferred charges and other assets	9		(2)		7
Total		$	599	$	(421)	$	178
Derivatives not designated as hedging instruments
Interest rate contracts	Other current assets	$	1	$	—	$	1
Foreign currency contracts	Other current assets	23		(16)		7
Foreign currency contracts	Deferred charges and other assets	1		(1)		—
Commodity contracts	Other current assets	8		(5)		3

Total		$	33	$	(22)	$	11
Total asset derivatives		$	632	$	(443)	$	189

Liability derivatives
Derivatives designated as hedging instruments
Interest rate contracts	Accrued and other current liabilities	$	33	$	(14)	$	19
Interest rate contracts	Other noncurrent obligations	192		(130)		62
Foreign currency contracts	Accrued and other current liabilities	15		(13)		2
Foreign currency contracts	Other noncurrent obligations	90		(89)		1
Commodity contracts	Accrued and other current liabilities	267		(192)		75
Commodity contracts	Other noncurrent obligations	2		(2)		—
Total		$	599	$	(440)	$	159
Derivatives not designated as hedging instruments
Interest rate contracts	Accrued and other current liabilities	$	59	$	—	$	59

Foreign currency contracts	Accrued and other current liabilities	31		(16)		15
Foreign currency contracts	Other noncurrent obligations	1		(1)		—
Commodity contracts	Accrued and other current liabilities	25		(8)		17
Total		$	116	$	(25)	$	91
Total liability derivatives		$	715	$	(465)	$	250

Derivative Instruments, Gain (Loss)

The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 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
In millions	2022		2021		2020		2022		2021		2020
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate contracts	$	—	$	—	$	—	$	—	$	(25)	$	69	Interest expense and amortization of debt discount 3
Excluded components 4	—		2		7		—		—		—		Interest expense and amortization of debt discount
Cash flow hedges:
Interest rate contracts	239		(62)		—		(10)		(9)		(2)		Interest expense and amortization of debt discount
Foreign currency contracts	5		13		(20)		13		(15)		3		Cost of sales

Commodity contracts	166		133		(8)		310		62		(31)		Cost of sales
Net foreign investment hedges:
Foreign currency contracts	34		31		(38)		—		—		—
Excluded components 4	59		54		27		44		11		20		Sundry income (expense) - net
Total derivatives designated as hedging instruments	$	503	$	171	$	(32)	$	357	$	24	$	59
Derivatives not designated as hedging instruments:
Interest rate contracts	$	—	$	—	$	—	$	(1)	$	(8)	$	(16)	Interest expense and amortization of debt discount
Foreign currency contracts	—		—		—		(249)		(253)		28		Sundry income (expense) - net
Commodity contracts	—		—		—		48		(46)		11		Cost of sales
Total derivatives not designated as hedging instruments	$	—	$	—	$	—	$	(202)	$	(307)	$	23
Total derivatives	$	503	$	171	$	(32)	$	155	$	(283)	$	82

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 [Table Text Block]

The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months:


Expected Reclassifications from AOCL within the next 12 months	Dec 31, 2022
Cash flow hedges:
Interest rate contracts	$	(7)
Commodity contracts	$	(48)
Foreign currency contracts	$	2
Net foreign investment hedges:
Excluded components	$	—