Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Notional Amounts (In millions)	September 30, 2020		December 31, 2019		September 30, 2019
Derivatives designated as hedging instruments:
Foreign currency contracts	$	770	$	—	$	—
Commodity contracts	$	51	$	570	$	73
Derivatives not designated as hedging instruments:
Foreign currency contracts	$	924	$	582	$	1,313

Fair Value of Derivatives Instruments

		September 30, 2020
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	24	$	—	$	24
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	101		$	(75)	$	26
Commodity contracts	Other current assets	1		—		$	1
Total asset derivatives		$	126	$	(75)	$	51
Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	12		—		12
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	84		$	(69)	$	15
Commodity contracts	Accrued and other current liabilities	1		—		$	1
Total liability derivatives		$	97	$	(69)	$	28

		December 31, 2019
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	25	$	(18)	$	7
Total asset derivatives		$	25	$	(18)	$	7
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	43	$	(16)	$	27
Total liability derivatives		$	43	$	(16)	$	27

		September 30, 2019
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	74	$	(6)	$	68
Total asset derivatives		$	74	$	(6)	$	68
Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	20	$	7	$	27
Total liability derivatives		$	20	$	7	$	27

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.

Effect of Derivatives

	Amount of (Loss) Gain Recognized in OCI1 - Pre-Tax
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	(20)	$	—	$	(16)	$	—
Cash flow hedges:
Foreign currency contracts	4		—		27		—
Commodity contracts	14		(2)		(46)		16
Total derivatives designated as hedging instruments	(2)		(2)		(35)		16
Total derivatives	$	(2)	$	(2)	$	(35)	$	16

1.OCI is defined as other comprehensive income (loss).

	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
(In millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	19	$	—	$	19	$	—
Commodity contracts2	3		$	(1)	(32)		$	(13)
Total derivatives designated as hedging instruments	22		(1)		(13)		(13)
Derivatives not designated as hedging instruments:
Foreign currency contracts3	(6)		55		173		(11)
Foreign currency contracts2	3		—		19		—
Commodity contracts2	—		1		9		9
Total derivatives not designated as hedging instruments	(3)		56		201		(2)
Total derivatives	$	19	$	55	$	188	$	(15)

1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.

2.Recorded in cost of goods sold.

3.Loss recognized in other income - net was partially offset by the related loss on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, for additional information.

Commodity Contract [Member]

Derivative [Line Items]

After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Beginning balance	$	(16)	$	(3)	$	2	$	(26)
Additions and revaluations of derivatives designated as cash flow hedges	10		(1)		(34)		11
Clearance of hedge results to earnings	(2)		1		24		12
Ending balance	$	(8)	$	(3)	$	(8)	$	(3)

Foreign Currency Contract [Member]

Derivative [Line Items]

After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2020		2020
Beginning balance	$	19	$	—
Additions and revaluations of derivatives designated as cash flow hedges	4		23
Clearance of hedge results to earnings	(17)		(17)
Ending balance	$	6	$	6