XML 134 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Other Derivatives Not Designated as Hedging Instruments
The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2019 and 2018.
 
 
December 31, 2019
 
December 31, 2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Foreign Currency Contracts
$
125

 
$
120

 
$
175

 
$
152

Commodity Contracts
478

 
574

 
461

 
589

Total
$
603

 
$
694

 
$
636

 
$
741


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, 2019, 2018, and 2017.
 
 
 
Cost of
 
Other expense (income) - net
 
 
 
 
 
products
 
 
 
(In millions) 
Revenues
 
sold
 
 
 
For the Year Ended December 31, 2019
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
64,656

 
$
60,509

 
$
7

 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
9

 
$
32

 
$
(21
)
 
 
Commodity Contracts
—

 
24

 
—

 
 
Total gain (loss) recognized in earnings
$
9

 
$
56

 
$
(21
)
 
$
44

 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
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, 2019, 2018, and 2017.
 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
For the Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
64,656

 
$
60,509

 
$
402

 
$
7

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

 
$
—

 
$
1

 
$
(46
)
 
 
Commodity Contracts
(44
)
 
(11
)
 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
(44
)
 
$
(11
)
 
$
1

 
$
(46
)
 
$
(100
)
 
 
 
 
 
 
 
 
 
 
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 Rate 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
)
 
 
 
 
 
 
 
 
 
 



The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2019 and 2018.
 
December 31, 2019
 
December 31, 2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Foreign Currency Contracts
$
13

 
$
5

 
$
—

 
$
—

Interest Rate Contracts
3

 
43

 
—

 
20

Total
$
16

 
$
48

 
$
—

 
$
20