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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Other Derivatives Not Designated as Hedging Instruments
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, 2018, 2017, and 2016.
 
 
 
Cost of
 
Other expense (income) - net
 
 
 
 
 
products
 
 
 
(In millions) 
Revenues
 
sold
 
 
 
For the Year Ended December 31, 2018
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
64,341

 
$
60,160

 
$
101

 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
5

 
$
(139
)
 
$
(177
)
 
 
Commodity Contracts
—

 
258

 
—

 
 
Total gain (loss) recognized in earnings
$
5

 
$
119

 
$
(177
)
 
$
(53
)
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2017
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
60,828

 
$
57,310

 
$
(10
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
(10
)
 
$
58

 
$
214

 
 
Commodity Contracts
—

 
375

 
—

 
 
Total gain (loss) recognized in earnings
$
(10
)
 
$
433

 
$
214

 
$
637

 
 
 
 
 
 
 
 
For the Year Ended December 31, 2016
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
62,346

 
$
58,728

 
$
(149
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
(35
)
 
$
291

 
$
(225
)
 
 
Commodity Contracts
—

 
(383
)
 
—

 
 
Total gain (loss) recognized in earnings
$
(35
)
 
$
(92
)
 
$
(225
)
 
$
(352
)
 
 
 
 
 
 
 
 
The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2018 and 2017.
 
 
December 31, 2018
 
December 31, 2017
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Foreign Currency Contracts
$
175

 
$
152

 
$
63

 
$
92

Commodity Contracts
461

 
589

 
386

 
371

Total
$
636

 
$
741

 
$
449

 
$
463
Schedule Of Derivatives Designated As Hedging Instruments
The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2018 and 2017.
 
December 31, 2018
 
December 31, 2017
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Interest Rate Contracts
$
—

 
$
20

 
$
—

 
$
1

Total
$
—

 
$
20

 
$
—

 
$
1

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, 2018, 2017, and 2016.
 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
For the Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
64,341

 
$
60,160

 
$
364

 
$
101

 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Interest Contracts
—

 
—

 
1

 
—

 
 
Commodity Contracts
36

 
(113
)
 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
36

 
$
(113
)
 
$
1

 
$
—

 
$
(76
)
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
60,828

 
$
57,310

 
330

 
$
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
—

 
$
—

 
$
—

 
$
(2
)
 
 
Interest Rate Contracts
—

 
—

 
1

 
—

 
 
Commodity Contracts
(1
)
 
(45
)
 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
(1
)
 
$
(45
)
 
$
1

 
$
(2
)
 
$
(47
)
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
62,346

 
$
58,728

 
$
293

 
$
(149
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
—

 
$
—

 
$
—

 
$
(18
)
 
 
Interest Rate Contracts
—

 
—

 
(2
)
 
—

 
 
Commodity Contracts
(35
)
 
(82
)
 
—

 
—

 
 
Ineffective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
(5
)
 
6

 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
(40
)
 
$
(76
)
 
$
(2
)
 
$
(18
)
 
$
(136
)