Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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 not designated as hedging instruments as of March 31, 2021 and December 31, 2020.

	March 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	215	$	165	$	283	$	270
Commodity Contracts	2,274		1,813		2,764		2,034
Debt Conversion Option	—		54		—		34
Total	$	2,489	$	2,032	$	3,047	$	2,338

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 months ended March 31, 2021 and 2020.

					Other expense (income) - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345	$	(33)	$	87
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	30	$	(262)	$	120	$	—
Commodity Contracts	—		(782)		—		—
Debt Conversion Option	—		—		—		(20)
Total gain (loss) recognized in earnings	$	30	$	(1,044)	$	120	$	(20)	$	(914)
Three Months Ended March 31, 2020
Consolidated Statement of Earnings	$	14,970	$	14,019	$	(32)	$	83
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	35	$	(585)	$	124	$	—
Commodity Contracts	—		622		55		—
Total gain (loss) recognized in earnings	$	35	$	37	$	179	$	—	$	251

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2021 and December 31, 2020.

	March 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	—	$	148	$	—	$	265
Interest Rate Contracts	130		2		61		15
Total	$	130	$	150	$	61	$	280

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 months ended March 31, 2021 and 2020.

			Cost of products sold		Interest expense		Other expense (income) - net
(In millions)	Revenues
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345	$	87	$	(33)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	89	$	—	$	—
Interest Contracts	(14)		—		—		—
Total gain (loss) recognized in earnings	$	(14)	$	89	$	—	$	—	$	75
Three Months Ended March 31, 2020
Consolidated Statement of Earnings	$	14,970	$	14,019	$	83	$	(32)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	5	$	(24)	$	—	$	—
Interest Contracts	(25)		—		—		—
Total gain (loss) recognized in earnings	$	(20)	$	(24)	$	—	$	—	$	(44)