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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2020
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 designated as hedging instruments as of September 30, 2020 and December 31, 2019.

 
September 30, 2020
 
December 31, 2019
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Foreign Currency Contracts
$
16

 
$
—

 
$
13

 
$
5

Interest Rate Contracts
32

 
34

 
3

 
43

Total
$
48

 
$
34

 
$
16

 
$
48


The following table sets 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 nine months ended September 30, 2020 and 2019.
 
 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
Three Months Ended September 30, 2020
 
 
 
 
 
 

Consolidated Statement of Earnings
$
15,126

 
$
14,084

 
$
100

 
$
278

 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
1

 
$
79

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
—

 
(14
)
 
 
Total gain (loss) recognized in earnings
$
1

 
$
79

 
$
—

 
$
(14
)
 
$
66

 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
16,726

 
$
15,648

 
$
97

 
$
(18
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
3

 
$
1

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
—

 
(21
)
 
 
Total gain (loss) recognized in earnings
$
3

 
$
1

 
$
—

 
$
(21
)
 
$
(17
)

 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
Nine Months Ended September 30, 2020
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
46,377

 
$
43,276

 
$
270

 
$
179

 
 

 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings

 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:


 
 
 
 
 
 
 
 
Commodity Contracts
$
9

 
$
19

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
(8
)
 
(55
)
 
 
Total gain (loss) recognized in earnings
$
9

 
$
19

 
$
(8
)
 
$
(55
)
 
$
(35
)
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019


 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
48,327

 
$
45,349

 
$
307

 
$
(39
)
 
 

 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
(5
)
 
$
7

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
—

 
(29
)
 
 
Total gain (loss) recognized in earnings
$
(5
)
 
$
7

 
$
—

 
$
(29
)
 
$
(27
)

The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2020 and December 31, 2019.

 
September 30, 2020
 
December 31, 2019
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
276

 
$
547

 
$
125

 
$
120

Commodity Contracts
1,474

 
1,388

 
478

 
574

Debt Conversion Option
—

 
32

 
—

 
—

Total
$
1,750

 
$
1,967

 
$
603

 
$
694


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 nine months ended September 30, 2020 and 2019.
 
 
 
 
 
Other expense (income) - net
 
 
 
 
 
 
 
Cost of
 
 
Interest
 
 
(In millions)
Revenues
 
products sold
 
 
expense
 
 
Three Months Ended September 30, 2020
 
 

 
 
 
 
 
 
Consolidated Statement of Earnings
$
15,126

 
$
14,084

 
$
278

 
$
100

 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
8

 
$
(77
)
 
$
(85
)
 
$
—

 
 
Commodity Contracts
—

 
(272
)
 
—

 
—

 
 
Debt Conversion Option
—

 
—

 
—

 
(15
)
 
 
Total gain (loss) recognized in earnings
$
8

 
$
(349
)
 
$
(85
)
 
$
(15
)
 
$
(441
)
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
16,726

 
$
15,648

 
$
(18
)
 
$
97

 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
17

 
$
(81
)
 
$
(6
)
 
$
—

 
 
Commodity Contracts
—

 
153

 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
17

 
$
72

 
$
(6
)
 
$
—

 
$
83

 
 
 
 
 
Other expense (income) - net
 
 
 
 
 
 
 
Cost of
 
 
Interest
 
 
(In millions)
Revenues
 
products sold
 
 
expense
 
 
Nine Months Ended September 30, 2020
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
46,377

 
$
43,276

 
$
179

 
270

 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
54

 
$
(738
)
 
$
(13
)
 
$
—

 
 
Commodity Contracts
—

 
321

 
55

 
—

 
 
Debt Conversion Option
—

 
—

 
—

 
(15
)
 
 
Total gain (loss) recognized in earnings
$
54

 
$
(417
)
 
$
42

 
$
(15
)
 
$
(336
)
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
48,327

 
$
45,349

 
$
(39
)
 
$
307

 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
15

 
$
(30
)
 
$
(22
)
 
$
—

 
 
Commodity Contracts
—

 
142

 
—

 
—

 
 
Total gain (loss) recognized in earnings
$
15

 
$
112

 
$
(22
)
 
$
—

 
$
105