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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Investing Results The following table provides the investing results from available-for-sale securities for the years ended December 31, 2023, 2022 and 2021.
Investing Results
In millions202320222021
Proceeds from sales of available-for-sale securities$985 $543 $424 
Gross realized gains$89 $43 $50 
Gross realized losses$26 $45 $12 
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, 2023
CostFair
Value
In millions
Within one year$66 $62 
One to five years1,124 970 
Six to ten years443 407 
After ten years505 421 
Total$2,138 $1,860 
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, 2023 and 2022, aggregated by investment category:

Temporarily Impaired Debt Securities at
Dec 31		Less than 12 months12 months or moreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized Losses
In millions
2023
Government debt 1
$37 $(2)$546 $(105)$583 $(107)
Corporate bonds255 (98)660 (93)915 (191)
Total temporarily impaired debt securities$292 $(100)$1,206 $(198)$1,498 $(298)
2022
Government debt 1
$273 $(37)$333 $(96)$606 $(133)
Corporate bonds818 (110)158 (49)976 (159)
Total temporarily impaired debt securities$1,091 $(147)$491 $(145)$1,582 $(292)
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 SecuritiesDec 31, 2023Dec 31, 2022
In millions
Readily determinable fair value$17 $10 
Not readily determinable fair value$171 $186 
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of the Company's derivative instruments at December 31, 2023 and 2022, were as follows:

Notional Amounts 1
Dec 31, 2023Dec 31, 2022
In millions
Derivatives designated as hedging instruments
Interest rate contracts$3,000 $1,500 
Foreign currency contracts$2,316 $2,408 
Derivatives not designated as hedging instruments
Interest rate contracts$59 $3 
Foreign currency contracts$5,824 $8,837 
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, 2023 and 2022, were as follows:

Commodity Notionals 1
Dec 31, 2023Dec 31, 2022Notional Volume Unit
Derivatives designated as hedging instruments
Hydrocarbon derivatives3.7 19.2 million barrels of oil equivalent
Derivatives not designated as hedging instruments
Hydrocarbon derivatives1.4 — million barrels of oil equivalent
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 InstrumentsYear
Interest rate contracts2025
Foreign currency contracts2025
Commodity contracts2026
Schedule Fair Values of Derivative Instruments
The following tables provide the fair value and balance sheet classification of derivative instruments at December 31, 2023 and 2022:

Fair Value of Derivative InstrumentsDec 31, 2023Dec 31, 2022
In millionsGross
Counterparty and Cash Collateral Netting 1
Net 2
Gross
Counterparty and Cash Collateral Netting 1
Net 2
Asset derivatives
Derivatives designated as hedging instruments
Interest rate contracts 3
$73 $(73)$— $351 $(246)$105 
Interest rate contracts 4
59 (56)3 — — — 
Foreign currency contracts 3
21 (5)16 58 (39)19 
Foreign currency contracts 4
5 — 5 — — — 
Commodity contracts 3
27 (21)6 199 (148)51 
Commodity contracts 4
2 (1)1 — — — 
Total$187 $(156)$31 $608 $(433)$175 
Derivatives not designated as hedging instruments
Interest rate contracts 3
$4 $(3)$1 $— $— $— 
Foreign currency contracts 3
33 (16)17 146 (50)96 
Commodity contracts 3
33 (28)5 22 (1)21 
Total$70 $(47)$23 $168 $(51)$117 
Total asset derivatives $257 $(203)$54 $776 $(484)$292 
Liability derivatives
Derivatives designated as hedging instruments
Interest rate contracts 5
$95 $(73)$22 $246 $(246)$— 
Interest rate contracts 6
56 (56)— — — — 
Foreign currency contracts 5
8 (5)3 58 (39)19 
Commodity contracts 5
34 (22)12 258 (198)60 
Commodity contracts 6
2 (1)1 — — — 
Total$195 $(157)$38 $562 $(483)$79 
Derivatives not designated as hedging instruments
Interest rate contracts 5
$3 $(3)$— $— $— $— 
Foreign currency contracts 5
38 (16)22 61 (50)11 
Commodity contracts 5
34 (28)6 12 (11)1 
Total$75 $(47)$28 $73 $(61)$12 
Total liability derivatives $270 $(204)$66 $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.
2.Represents the net amounts included in the consolidated balance sheets.
3.Included in "Other current assets" in the consolidated balance sheets.
4.Included in "Deferred charges and other assets" in the consolidated balance sheets.
5.Included in "Accrued and other current liabilities" in the consolidated balance sheets.
6.Included in "Other noncurrent obligations" in the consolidated balance sheets.
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, 2023, 2022 and 2021:

Effect of Derivative Instruments
Gain (loss) recognized in OCI 1
Gain (loss) recognized in income 2
In millions202320222021202320222021
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate contracts 3, 4
$— $— $— $— $— $(25)
Excluded components 3, 5
(18)— 2 — — — 
Cash flow hedges:
Interest rate contracts 3
5 239 (62)(10)(10)(9)
Foreign currency contracts 6
20 5 13 2 13 (15)
Commodity contracts 6
(152)166 133 (242)310 62 
Excluded components 5, 6
(4)— — — — — 
Net foreign investment hedges:
Foreign currency contracts60 34 31 — — — 
Excluded components 5, 7
36 59 54 29 44 11 
Total derivatives designated as hedging instruments$(53)$503 $171 $(221)$357 $24 
Derivatives not designated as hedging instruments:
Interest rate contracts 3
$— $— $— $— $(1)$(8)
Foreign currency contracts 7
— — — (156)(249)(253)
Commodity contracts 6
— — — 1 48 (46)
Total return swap 6
— — — 14 — — 
Total derivatives not designated as hedging instruments$— $— $— $(141)$(202)$(307)
Total derivatives$(53)$503 $171 $(362)$155 $(283)
1.OCI is defined as other comprehensive income (loss).
2.Pretax amounts.
3.Included in "Interest expense and amortization of debt discount" in the consolidated statements of income.
4.Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item.
5.The excluded components are related to the time value of the derivatives designated as hedges.
6.Included in "Cost of sales" in the consolidated statements of income.
7.Included in "Sundry income (expense) - net" in the consolidated statements of income.
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 monthsDec 31,
2023
Cash flow hedges:
Interest rate contracts$(7)
Commodity contracts$(9)
Foreign currency contracts$2 
Excluded components$(3)
Net foreign investment hedges:
Excluded components$2