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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Pre-tax Effects of Derivative Instruments
Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
Location of Gain/(Loss) Recognized in Earnings
 
2020
 
2019
 
2020
 
2019
 
 
(in millions)
 
 
Currency exchange contracts:
 
 
 
 
 
 
 
 
 
Intercompany loans and
   forecasted interest payments
$
(7
)
 
$
(50
)
 
$
(80
)
 
$
11

 
Interest and other expense, net
Forecasted transactions
(4
)
 
(25
)
 
22

 
(20
)
 
Cost of sales
Forecasted transactions
(10
)
 
(1
)
 
(9
)
 
(1
)
 
Interest and other expense, net
Forecasted transactions
—

 
(5
)
 
(1
)
 
(5
)
 
Selling, general and administrative expenses
Commodity contracts
14

 
52

 
(183
)
 
66

 
Cost of sales
Total
$
(7
)
 
$
(29
)
 
$
(251
)
 
$
51

 
 
Cash flow hedges  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Earnings/(Losses), Net of Taxes
Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings/(losses) included:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Accumulated (loss)/gain at beginning of period
$
(155
)
 
$
(233
)
 
$
(213
)
 
$
(168
)
Transfer of realized losses/(gains) in fair value
   to earnings
7

 
12

 
88

 
12

Unrealized (loss)/gain in fair value
(6
)
 
(74
)
 
(29
)
 
(139
)
Accumulated (loss)/gain at end of period
$
(154
)
 
$
(295
)
 
$
(154
)
 
$
(295
)
Schedule of Pre-tax Effects of Derivative Instruments
After-tax gains/(losses) reclassified from accumulated other comprehensive earnings/(losses) into net earnings were:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Interest rate contracts
$
(7
)
 
$
(12
)
 
$
(88
)
 
$
(12
)

Within interest and other expense, net, during the six months ended June 30, 2020, we recognized an after-tax loss of $79 million ($103 million pre-tax) in the first quarter of 2020 related to certain forward-starting interest rate swaps for which the planned tenor of the related forecasted debt was changed.

After-tax gains/(losses) recognized in other comprehensive earnings/(losses) were:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Currency exchange contracts –
   forecasted transactions
$
(1
)
 
$
3

 
$
(1
)
 
$
3

Interest rate contracts
$
(5
)
 
$
(77
)
 
(28
)
 
(142
)
Total
$
(6
)
 
$
(74
)
 
$
(29
)
 
$
(139
)
Net investment hedges  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Hedges of Net Investments in International Operations The impacts of the net investment hedge derivative contracts on other comprehensive earnings and net earnings were as follows:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
After-tax gain/(loss) on NIH contracts(1)
$
(115
)
 
$
53

 
$
217

 
$
67


(1)
Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Amounts excluded from the assessment of
   hedge effectiveness(1)
$
31

 
$
34

 
$
64

 
$
67


(1)
We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.
After-tax gains/(losses) related to hedges of net investments in international operations in the form of euro, British pound sterling, Swiss franc and Canadian dollar-denominated debt were recorded within the cumulative translation adjustment section of other comprehensive income and were:
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Euro notes
$
(55
)
 
$
(36
)
 
$
(13
)
 
$
22

British pound sterling notes
—

 
7

 
17

 
1

Swiss franc notes
(14
)
 
(21
)
 
(20
)
 
(8
)
Canadian notes
(12
)
 
(7
)
 
15

 
(14
)
Derivative  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Fair Value of Derivatives Instruments
Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:
 
As of June 30, 2020
 
As of December 31, 2019
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
 
(in millions)
Derivatives designated as
accounting hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
34

 
$
60

 
$
19

 
$
190

Net investment hedge derivative contracts (1)
519

 
4

 
312

 
65

 
$
553

 
$
64

 
$
331

 
$
255

Derivatives not designated as
   accounting hedges:
 
 
 
 
 
 
 
Currency exchange contracts
$
87

 
$
86

 
$
67

 
$
50

Commodity contracts
113

 
244

 
201

 
120

 
$
200

 
$
330

 
$
268

 
$
170

Total fair value
$
753

 
$
394

 
$
599

 
$
425


(1)
Net investment hedge derivative contracts consist of cross-currency interest rate swaps and forward contracts. We also designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 8, Debt and Borrowing Arrangements. Both net investment hedge derivative contracts and non-U.S. dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.
Schedule of Derivative Instruments Fair Value and Measurement Inputs
The fair values (asset/(liability)) of our derivative instruments were determined using:
 
As of June 30, 2020
 
Total
Fair Value of Net
Asset/(Liability)
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in millions)
Currency exchange contracts
$
1

 
$
—

 
$
1

 
$
—

Commodity contracts
(131
)
 
(16
)
 
(115
)
 
—

Interest rate contracts
(26
)
 
—

 
(26
)
 
—

Net investment hedge contracts
515

 
—

 
515

 
—

Total derivatives
$
359

 
$
(16
)
 
$
375

 
$
—

 
As of December 31, 2019
 
Total
Fair Value of Net
Asset/(Liability)
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in millions)
Currency exchange contracts
$
17

 
$
—

 
$
17

 
$
—

Commodity contracts
81

 
27

 
54

 
—

Interest rate contracts
(171
)
 
—

 
(171
)
 
—

Net investment hedge contracts
247

 
—

 
247

 
—

Total derivatives
$
174

 
$
27

 
$
147

 
$
—
Schedule of Notional Values of Derivative Instruments
The notional values of our hedging instruments were:
 
Notional Amount
 
As of June 30, 2020
 
As of December 31, 2019
 
(in millions)
Currency exchange contracts:
 
 
 
Intercompany loans and forecasted interest payments
$
2,195

 
$
2,474

Forecasted transactions
4,217

 
3,993

Commodity contracts
7,967

 
7,238

Interest rate contracts
4,250

 
5,250

Net investment hedges:
 
 
 
Net investment hedge derivative contracts
6,909

 
6,864

Non-U.S. dollar debt designated as net investment hedges
 
 
 
Euro notes
3,723

 
3,436

British pound sterling notes
326

 
349

Swiss franc notes
1,240

 
1,448

Canadian dollar notes
442

 
462