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 | ) |
|