Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

Derivatives

Gain (loss) on derivative instruments designated as cash flow hedges

			Pretax Gain (Loss) Recognized in
	Pretax Gain (Loss)		Income on Effective Portion of			Ineffective Portion of Gain
	Recognized in Other		Derivative as a Result of			(Loss) on Derivative and
	Comprehensive		Reclassification from			Amount Excluded from
	Income on Effective		Accumulated Other			Effectiveness Testing
Three months ended March 31, 2017	Portion of Derivative		Comprehensive Income			Recognized in Income
(Millions)	Amount		Location	Amount		Location	Amount
Foreign currency forward/option contracts	$	(100)	Cost of sales	$	18	Cost of sales	$	—
Interest rate swap contracts		(1)	Interest expense		—	Interest expense		—
Total	$	(101)		$	18		$	—

Three months ended March 31, 2016	Portion of Derivative		Comprehensive Income			Recognized in Income
(Millions)	Amount		Location	Amount		Location	Amount
Foreign currency forward/option contracts	$	(120)	Cost of sales	$	53	Cost of sales	$	—
Interest rate swap contracts		(1)	Interest expense		(1)	Interest expense		—
Total	$	(121)		$	52		$	—

Gain (loss) on derivative instruments designated as fair value hedges

	Gain (Loss) on Derivative			Gain (Loss) on Hedged Item
Three months ended March 31, 2017	Recognized in Income			Recognized in Income
(Millions)	Location	Amount		Location	Amount
Interest rate swap contracts	Interest expense	$	(5)	Interest expense	$	5
Total		$	(5)		$	5

Three months ended March 31, 2016
(Millions)	Location	Amount		Location	Amount
Interest rate swap contracts	Interest expense	$	29	Interest expense	$	(29)
Total		$	29		$	(29)

Gain (loss) on derivative and non-derivative instruments designated as net investment hedges

	Pretax Gain (Loss)
	Recognized as
	Cumulative Translation
	within Other		Ineffective Portion of Gain (Loss) on
	Comprehensive Income		Instrument and Amount Excluded
	on Effective Portion of		from Effectiveness Testing
Three months ended March 31, 2017	Instrument		Recognized in Income
(Millions)	Amount		Location	Amount
Foreign currency denominated debt	$	(121)	N/A	$	—
Foreign currency forward contracts		(20)	Cost of sales		2
Total	$	(141)		$	2

Three months ended March 31, 2016	Comprehenive Income		Instrument and Amount Excluded
(Millions)	Amount		Location	Amount
Foreign currency denominated debt	$	(144)	N/A	$	—
Foreign currency forward contracts		(43)	Cost of sales		(2)
Total	$	(187)		$	(2)

Gain (loss) on derivative instruments not designated as hedging instruments

	Three months ended March 31, 2017
	Gain (Loss) on Derivative Recognized in
	Income
(Millions)	Location	Amount
Foreign currency forward/option contracts	Cost of sales	$	(1)
Foreign currency forward contracts	Interest expense		42
Total		$	41

	Three months ended March 31, 2016
	Gain (Loss) on Derivative Recognized in
	Income
(Millions)	Location	Amount
Foreign currency forward/option contracts	Cost of sales	$	(5)
Foreign currency forward contracts	Interest expense		(65)
Total		$	(70)

Location and Fair Value of Derivative Instruments

	Gross		Assets			Liabilities
March 31, 2017	Notional			Fair			Fair
(Millions)	Amount		Location	Value Amount		Location	Value Amount
Derivatives designated as
hedging instruments
Foreign currency forward/option contracts	$	2,150	Other current assets	$	42	Other current liabilities	$	37
Foreign currency forward/option contracts		1,470	Other assets		57	Other liabilities		12
Interest rate swap contracts		400	Other current assets		2	Other current liabilities		1
Interest rate swap contracts		1,753	Other assets		22	Other liabilities		4
Total derivatives designated as hedging instruments				$	123		$	54
Derivatives not designated as
hedging instruments
Foreign currency forward/option contracts	$	6,293	Other current assets	$	52	Other current liabilities	$	29
Total derivatives not designated as hedging instruments				$	52		$	29
Total derivative instruments				$	175		$	83

	Gross		Assets			Liabilities
December 31, 2016	Notional			Fair			Fair
(Millions)	Amount		Location	Value Amount		Location	Value Amount
Derivatives designated as
hedging instruments
Foreign currency forward/option contracts	$	2,160	Other current assets	$	107	Other current liabilities	$	9
Foreign currency forward/option contracts		1,459	Other assets		86	Other liabilities		3
Interest rate swap contracts		1,953	Other assets		25	Other current liabilities		1
Total derivatives designated as hedging instruments				$	218		$	13
Derivatives not designated as
hedging instruments
Foreign currency forward/option contracts	$	5,655	Other current assets	$	41	Other current liabilities	$	82
Total derivatives not designated as hedging instruments				$	41		$	82
Total derivative instruments				$	259		$	95

Offsetting Assets

Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties

			Gross Amounts not Offset in the
			Consolidated Balance Sheet that are Subject
	Gross Amount of		to Master Netting Agreements
	Derivative Assets		Gross Amount of
	Presented in the		Eligible Offsetting
March 31, 2017	Consolidated		Recognized		Cash Collateral		Net Amount of
(Millions)	Balance Sheet		Derivative Liabilities		Received		Derivative Assets
Derivatives subject to master netting agreements	$	174	$	60	$	—	$	114
Derivatives not subject to master netting agreements		1						1
Total	$	175					$	115

December 31, 2016
(Millions)
Derivatives subject to master netting agreements	$	259	$	39	$	—	$	220
Derivatives not subject to master netting agreements		—						—
Total	$	259					$	220

Offsetting Liabilities

Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties

			Gross Amounts not Offset in the
			Consolidated Balance Sheet that are Subject
	Gross Amount of		to Master Netting Agreements
	Derivative Liabilities		Gross Amount of
	Presented in the		Eligible Offsetting
March 31, 2017	Consolidated		Recognized		Cash Collateral		Net Amount of
(Millions)	Balance Sheet		Derivative Assets		Pledged		Derivative Liabilities
Derivatives subject to master netting agreements	$	77	$	60	$	—	$	17
Derivatives not subject to master netting agreements		6						6
Total	$	83					$	23

December 31, 2016
(Millions)
Derivatives subject to master netting agreements	$	93	$	39	$	—	$	54
Derivatives not subject to master netting agreements		2						2
Total	$	95					$	56