FINANCIAL INSTRUMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Estimated Fair Value of Assets and Liabilities |
The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | (In millions) | Carrying
amount
(net) |
| Estimated
fair value |
| | Carrying
amount
(net) |
| Estimated
fair value |
| |
|
| |
|
| Assets |
|
| |
|
| Loans and other receivables | $ | 4,113 |
| $ | 4,208 |
| | $ | 8,811 |
| $ | 8,829 |
| Liabilities |
|
| |
|
| Borrowings (Note 11) | $ | 90,882 |
| $ | 97,754 |
| | $ | 103,599 |
| $ | 100,492 |
| Investment contracts (Note 12) | 2,191 |
| 2,588 |
| | 2,388 |
| 2,630 |
|
|
| Fair Value of Derivative Assets |
The table below provides additional information about how derivatives are reflected in our financial statements. Derivative assets and liabilities are recorded at fair value exclusive of interest earned or owed on interest rate derivatives, which is presented separately in our consolidated Statement of Financial Position. Cash collateral and securities held as collateral represent assets that have been provided by our derivative counterparties as security for amounts they owe us (derivatives that are in an asset position). | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | (In millions) | Gross Notional |
| All other assets |
| All other liabilities |
| | Gross Notional |
| All other assets |
| All other liabilities |
| | | | | | | | | Interest rate contracts | $ | 23,918 |
| $ | 1,636 |
| $ | 11 |
| | $ | 22,904 |
| $ | 1,335 |
| $ | 23 |
| Currency exchange contracts | 7,044 |
| 99 |
| 46 |
| | 7,854 |
| 175 |
| 114 |
| Derivatives accounted for as hedges | $ | 30,961 |
| $ | 1,734 |
| $ | 57 |
| | $ | 30,758 |
| $ | 1,511 |
| $ | 138 |
| | | | | | | | | Interest rate contracts | $ | 3,185 |
| $ | 18 |
| $ | 12 |
| | $ | 6,198 |
| $ | 28 |
| $ | 2 |
| Currency exchange contracts | 62,165 |
| 697 |
| 744 |
| | 77,544 |
| 653 |
| 1,472 |
| Other contracts | 1,706 |
| 123 |
| 40 |
| | 2,604 |
| 13 |
| 209 |
| Derivatives not accounted for as hedges | $ | 67,056 |
| $ | 838 |
| $ | 796 |
| | $ | 86,346 |
| $ | 695 |
| $ | 1,682 |
| | | | | | | | | Gross derivatives | $ | 98,018 |
| $ | 2,572 |
| $ | 853 |
| | $ | 117,104 |
| $ | 2,205 |
| $ | 1,820 |
| | | | | | | | | Netting and credit adjustments | | $ | (546 | ) | $ | (546 | ) | | | $ | (959 | ) | $ | (967 | ) | Cash collateral adjustments | | (1,286 | ) | (105 | ) | | | (1,042 | ) | (267 | ) | Net derivatives recognized in Statement of Financial Position | | $ | 740 |
| $ | 202 |
| | | $ | 205 |
| $ | 586 |
| | | | | | | | | Net accrued interest | | $ | 182 |
| $ | 1 |
| | | $ | 205 |
| $ | 1 |
| Securities held as collateral | | (469 | ) | — |
| | | (235 | ) | — |
| Net amount | | $ | 452 |
| $ | 203 |
| | | $ | 174 |
| $ | 587 |
|
|
| Fair Value of Derivative Liabilities |
The table below provides additional information about how derivatives are reflected in our financial statements. Derivative assets and liabilities are recorded at fair value exclusive of interest earned or owed on interest rate derivatives, which is presented separately in our consolidated Statement of Financial Position. Cash collateral and securities held as collateral represent assets that have been provided by our derivative counterparties as security for amounts they owe us (derivatives that are in an asset position). | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | (In millions) | Gross Notional |
| All other assets |
| All other liabilities |
| | Gross Notional |
| All other assets |
| All other liabilities |
| | | | | | | | | Interest rate contracts | $ | 23,918 |
| $ | 1,636 |
| $ | 11 |
| | $ | 22,904 |
| $ | 1,335 |
| $ | 23 |
| Currency exchange contracts | 7,044 |
| 99 |
| 46 |
| | 7,854 |
| 175 |
| 114 |
| Derivatives accounted for as hedges | $ | 30,961 |
| $ | 1,734 |
| $ | 57 |
| | $ | 30,758 |
| $ | 1,511 |
| $ | 138 |
| | | | | | | | | Interest rate contracts | $ | 3,185 |
| $ | 18 |
| $ | 12 |
| | $ | 6,198 |
| $ | 28 |
| $ | 2 |
| Currency exchange contracts | 62,165 |
| 697 |
| 744 |
| | 77,544 |
| 653 |
| 1,472 |
| Other contracts | 1,706 |
| 123 |
| 40 |
| | 2,604 |
| 13 |
| 209 |
| Derivatives not accounted for as hedges | $ | 67,056 |
| $ | 838 |
| $ | 796 |
| | $ | 86,346 |
| $ | 695 |
| $ | 1,682 |
| | | | | | | | | Gross derivatives | $ | 98,018 |
| $ | 2,572 |
| $ | 853 |
| | $ | 117,104 |
| $ | 2,205 |
| $ | 1,820 |
| | | | | | | | | Netting and credit adjustments | | $ | (546 | ) | $ | (546 | ) | | | $ | (959 | ) | $ | (967 | ) | Cash collateral adjustments | | (1,286 | ) | (105 | ) | | | (1,042 | ) | (267 | ) | Net derivatives recognized in Statement of Financial Position | | $ | 740 |
| $ | 202 |
| | | $ | 205 |
| $ | 586 |
| | | | | | | | | Net accrued interest | | $ | 182 |
| $ | 1 |
| | | $ | 205 |
| $ | 1 |
| Securities held as collateral | | (469 | ) | — |
| | | (235 | ) | — |
| Net amount | | $ | 452 |
| $ | 203 |
| | | $ | 174 |
| $ | 587 |
|
|
| Effects of Derivatives on Earnings |
The table below presents the effect of our derivative financial instruments in the consolidated Statement of Earnings (Loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2019 | | 2018 | (In millions) | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | | | | | | | | | | | | | Total amounts presented in the consolidated Statement of Earnings (Loss) | $ | 95,214 |
| $ | 70,029 |
| $ | 4,227 |
| $ | 13,949 |
| $ | 2,222 |
| | $ | 97,012 |
| $ | 72,818 |
| $ | 4,766 |
| $ | 14,643 |
| $ | 2,321 |
| | | | | | | | | | | | | Total effect of cash flow hedges | $ | 5 |
| $ | (24 | ) | $ | (37 | ) | $ | (3 | ) | $ | — |
| | $ | (53 | ) | $ | (10 | ) | $ | (39 | ) | $ | — |
| $ | — |
| | | | | | | | | | | | | Hedged items | | | $ | (1,276 | ) | | | | | | $ | 617 |
| | | Derivatives designated as hedging instruments | | | 1,229 |
| | | | | | (724 | ) | | | Total effect of fair value hedges | | | $ | (48 | ) | | | | | | $ | (107 | ) | | | | | | | | | | | | | | | Interest rate contracts | $ | (24 | ) | $ | — |
| $ | (50 | ) | $ | — |
| $ | — |
| | $ | (72 | ) | $ | — |
| $ | (4 | ) | $ | — |
| $ | — |
| Currency exchange contracts | 180 |
| (35 | ) | — |
| (6 | ) | (59 | ) | | (1,303 | ) | (520 | ) | — |
| — |
| (47 | ) | Other | (2 | ) | — |
| 195 |
| — |
| 1 |
| | (1 | ) | — |
| (95 | ) | — |
| (10 | ) | Total effect of derivatives not designated as hedges | $ | 154 |
| $ | (35 | ) | $ | 145 |
| $ | (6 | ) | $ | (58 | ) | | $ | (1,375 | ) | $ | (520 | ) | $ | (99 | ) | $ | — |
| $ | (56 | ) |
|