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Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2015 and December 31, 2014.

 
June 30, 2015
 
December 31, 2014
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
 
(In millions)
 
 
 
 
 
 
 
 
FX Contracts
$
108

 
$
150

 
$
186

 
$
150

Commodity Contracts
867

 
934

 
690

 
776

Total
$
975

 
$
1,084

 
$
876

 
$
926


The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2015 and 2014.

 
Three months ended June 30,
 
2015
 
2014
 
(In millions)
 
 
 
 
FX Contracts
 

 
 

Revenues
$
(12
)
 
$
(2
)
Cost of products sold
6

 
44

Other income (expense) – net
31

 
(15
)
 
 
 
 
Commodity Contracts
 

 
 

Cost of products sold
$
(251
)
 
$
405

Total gain (loss) recognized in earnings
$
(226
)
 
$
432

 
Six months ended June 30,
 
2015
 
2014
 
(In millions)
FX Contracts
 

 
 

Revenues
$
8

 
$
(8
)
Cost of products sold
(63
)
 
88

Other income (expense) – net
8

 
(24
)
 
 
 
 
Commodity Contracts
 

 
 

Cost of products sold
$
(13
)
 
$
(507
)
Total gain (loss) recognized in earnings
$
(60
)
 
$
(451
)

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2015 and December 31, 2014.

 
June 30, 2015
 
December 31, 2014
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
 
(In millions)
Interest Contracts
$
20

 
$

 
$
21

 
$

Total
$
20

 
$

 
$
21

 
$


The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2015 and 2014.
 
 
 
 
Three months ended
 
Consolidated Statement of
Earnings Locations
 
June 30,
 
 
2015
 
2014
 
 
 
(In millions)
Effective amounts recognized in earnings
 
 
 
 
 
FX Contracts
Other income/expense – net
 
$
5

 
$

Commodity Contracts
Cost of products sold
 
(18
)
 
11

 
Revenues
 
(2
)
 
(58
)
Ineffective amount recognized in earnings
 
 
 
 
 
Commodity Contracts
Revenues
 

 
(1
)

Cost of products sold
 
9

 
(27
)
Interest Contracts
Other income/expense - net
 
1

 

Total amount recognized in earnings
 
 
$
(5
)
 
$
(75
)

 
 
 
Six months ended
 
Consolidated Statement of
Earnings Locations
 
June 30,
 
 
2015
 
2014
 
 
 
(In millions)
Effective amounts recognized in earnings
 
 
 
 
 
FX Contracts
Other income/expense – net
 
$
22

 
$

Commodity Contracts
Cost of products sold
 
(18
)
 
7

 
Revenues
 
45

 
(85
)
Ineffective amount recognized in earnings
 
 
 
 
 
Commodity Contracts
Revenues
 
7

 
(24
)

Cost of products sold
 
(4
)
 
(7
)
Interest Contracts
Other income/expense - net
 
1

 

Total amount recognized in earnings
 
 
$
53

 
$
(109
)
Schedule Of Changes In Accumulated Other Comprehensive Income Related To Derivative Gains (Losses)
The following tables set forth the changes in AOCI related to derivatives gains (losses) for the three and six months ended June 30, 2015 and 2014.
 
Three months ended
 
June 30,
 
2015
 
2014
 
(In millions)
Balance at March 31, 2015 and 2014
$
12

 
$
(59
)
Unrealized gains (losses)
23

 
23

Losses (gains) reclassified to earnings
15

 
47

Tax effect
(9
)
 
(23
)
Balance at June 30, 2015 and 2014
$
41

 
$
(12
)

 
Six months ended
 
June 30,
 
2015
 
2014
 
(In millions)
 
 
 
 
Balance at December 31, 2014 and 2013
$
47

 
$
5

Unrealized gains (losses)
31

 
(105
)
Losses (gains) reclassified to earnings
(49
)
 
78

Tax effect
12

 
10

Balance at June 30, 2015 and 2014
$
41

 
$
(12
)