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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Income Effect of Derivative Instruments [Table Text Block]
The gains/(losses), by hedge designation, reported in income for the periods ended March 31 were as follows (in millions):
 
First Quarter
Cash flow hedges (a)
2019
 
2020
Reclassified from AOCI to Cost of sales
 
 
 
Foreign currency exchange contracts
$
54

 
$
(70
)
Commodity contracts
(5
)
 
(14
)
Fair value hedges
 
 
 
Interest rate contracts
 
 
 
Net interest settlements and accruals on hedging instruments
(20
)
 
28

Fair value changes on hedging instruments
250

 
1,110

Fair value changes on hedged debt
(253
)
 
(1,093
)
Derivatives not designated as hedging instruments
 
 
 
Foreign currency exchange contracts (b)
(28
)
 
586

Cross-currency interest rate swap contracts
(145
)
 
(151
)
Interest rate contracts
(27
)
 
(74
)
Commodity contracts
11

 
(43
)
Total
$
(163
)
 
$
279

__________
(a)
For the first quarter of 2019 and 2020, a $521 million loss and an $897 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax related to foreign currency exchange contracts. For the first quarter of 2019 and 2020, an $11 million gain and a $101 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax related to commodity contracts.
(b)
For the first quarter of 2019 and 2020, a $22 million loss and a $376 million gain were reported in Cost of sales and a $6 million loss and a $210 million gain were reported in Other income/(loss), net, respectively.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):
 
December 31, 2019
 
March 31, 2020
 
Notional
 
Fair Value of
Assets
 
Fair Value of
Liabilities
 
Notional
 
Fair Value of
Assets
 
Fair Value of
Liabilities
Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
Foreign currency exchange contracts
$
15,349

 
$
47

 
$
493

 
$
13,148

 
$
606

 
$
168

Commodity contracts
673

 
5

 
29

 
665

 
—

 
108

Fair value hedges
 

 
 

 
 

 
 
 
 
 
 
Interest rate contracts
26,577

 
702

 
19

 
23,663

 
1,549

 
—

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign currency exchange contracts
19,350

 
58

 
270

 
17,509

 
476

 
130

Cross-currency interest rate swap contracts
5,849

 
134

 
67

 
5,938

 
126

 
238

Interest rate contracts
68,914

 
275

 
191

 
72,822

 
651

 
561

Commodity contracts
467

 
9

 
9

 
474

 
1

 
46

Total derivative financial instruments, gross (a) (b)
$
137,179

 
$
1,230

 
$
1,078

 
$
134,219

 
$
3,409

 
$
1,251

 
 
 
 
 
 
 
 
 
 
 
 
Current portion
 
 
$
390

 
$
772

 
 
 
$
1,388

 
$
759

Non-current portion
 
 
840

 
306

 
 
 
2,021

 
492

Total derivative financial instruments, gross
 
 
$
1,230

 
$
1,078

 
 
 
$
3,409

 
$
1,251


__________
(a)
At December 31, 2019 and March 31, 2020, we held collateral of $18 million and $23 million, and we posted collateral of $78 million and $86 million, respectively.
(b)
At December 31, 2019 and March 31, 2020, the fair value of assets and liabilities available for counterparty netting was $269 million and $841 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.