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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table sets 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 years ended December 31, 2016, 2015, and 2014.

 
Year Ended
(In millions) 
December 31
 
2016
 
2015
 
2014
Foreign Currency Contracts
 
 
 
 
 

Revenues
$
(35
)
 
$
16

 
$
(1
)
Cost of products sold
291

 
(185
)
 
131

Other income (expense) - net
(225
)
 
8

 
(171
)
Commodity Contracts
 
 
 
 
 

Cost of products sold
(383
)
 
777

 
(263
)
Total gain (loss) recognized in earnings
$
(352
)
 
$
616

 
$
(304
)
The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2016 and 2015.
 
 
December 31, 2016
 
December 31, 2015
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Foreign Currency Contracts
$
102

 
$
90

 
$
93

 
$
186

Commodity Contracts
511

 
561

 
646

 
419

Total
$
613

 
$
651

 
$
739

 
$
605
Schedule Of Derivatives Designated As Hedging Instruments
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statement of earnings for the years ended December 31, 2016, 2015, and 2014, respectively.
 
 
 
Year Ended
 
Consolidated Statement of
December 31
(In millions)
Earnings Locations
2016
 
2015
 
2014
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
FX Contracts
Other income/expense -net
$
(18
)
 
$
29

 
$
5

Interest Contracts
Interest expense
(2
)
 
1

 
1

Commodity Contracts
Cost of products sold
(82
)
 
(25
)
 
(124
)
 
Revenues
(35
)
 
41

 
(69
)
 
 
 
 
 
 
 
Ineffective amount recognized in earnings
 
 
 
 
 

Interest contracts
Other income/expense -net
—

 
1

 
—

Commodity contracts
Cost of products sold
6

 
(12
)
 
(4
)
 
Revenues
(5
)
 
6

 
(34
)
Total amount recognized in earnings
$
(136
)
 
$
41

 
$
(225
)
The following tables set forth the fair value of derivatives designated as hedging instruments as of December 31, 2016 and 2015.
 
December 31, 2016
 
December 31, 2015
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Interest Contracts
$
11

 
$
—

 
$
19

 
$
—

Total
$
11

 
$
—

 
$
19

 
$
—