Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022.

	June 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	167	$	85	$	154	$	275
Commodity Contracts	1,612		1,422		1,337		1,248
Debt Conversion Option	—		—		—		6
Total	$	1,779	$	1,507	$	1,491	$	1,529

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 six months ended June 30, 2023 and 2022.

					Other (income) expense - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended June 30, 2023
Consolidated Statement of Earnings	$	25,190	$	23,307	$	(37)	$	180
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(15)	$	153	$	43	$	—
Commodity Contracts	—		35		—		—
Debt Conversion Option	—		—		—		1
Total gain (loss) recognized in earnings	$	(15)	$	188	$	43	$	1	$	217
Three Months Ended June 30, 2022
Consolidated Statement of Earnings	$	27,284	$	25,184	$	(83)	$	73
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	13	$	(95)	$	240	$	—
Commodity Contracts	—		1,062		—		—
Debt Conversion Option	—		—		—		19
Total gain (loss) recognized in earnings	$	13	$	967	$	240	$	19	$	1,239

					Other (income) expense - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Six Months Ended June 30, 2023
Consolidated Statement of Earnings	$	49,262	$	45,299	$	(81)	$	327
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(26)	$	248	$	27	$	—
Commodity Contracts	—		475		—		—
Debt Conversion Option	—		—		—		6
Total gain (loss) recognized in earnings	$	(26)	$	723	$	27	$	6	$	730
Six Months Ended June 30, 2022
Consolidated Statement of Earnings	$	50,934	$	46,937	$	(116)	$	165
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(25)	$	348	$	263	$	—
Commodity Contracts	—		(39)		—		—
Debt Conversion Option	—		—		—		4
Total gain (loss) recognized in earnings	$	(25)	$	309	$	263	$	4	$	551

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2023 and December 31, 2022.

	June 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	2	$	—	$	—	$	20
Foreign Currency Contracts	44		119		104		$	—
Interest Rate Contracts	—		—		109		—
Total	$	46	$	119	$	213	$	20

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 six months ended June 30, 2023 and 2022.

	Cost of products sold
(In millions)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings	$	23,307
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(41)
Total gain (loss) recognized in earnings	$	(41)	$	(41)
Three Months Ended June 30, 2022
Consolidated Statement of Earnings	$	25,184
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	150
Total gain (loss) recognized in earnings	$	150	$	150

	Cost of products sold
(In millions)
Six Months Ended June 30, 2023
Consolidated Statement of Earnings	$	45,299
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(145)
Total gain (loss) recognized in earnings	$	(145)	$	(145)
Six Months Ended June 30, 2022
Consolidated Statement of Earnings	$	46,937
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	248
Total gain (loss) recognized in earnings	$	248	$	248