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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at March 31, 2020 and December 31, 2019:

Fair Value of Financial InstrumentsMar 31, 2020Dec 31, 2019
In millionsCostGainLossFair ValueCostGainLossFair Value
Cash equivalents:
Held-to-maturity securities 1
$1,233  $—  $—  $1,233  $220  $—  $—  $220  
Money market funds573  —  —  573  408  —  —  408  
Total cash equivalents$1,806  $—  $—  $1,806  $628  $—  $—  $628  
Marketable securities$1  $—  $—  $1  $21  $—  $—  $21  
Other investments:
Debt securities:
Government debt 2
$458  $37  $(33) $462  $533  $33  $(11) $555  
Corporate bonds877  43  (84) 836  944  80  (10) 1,014  
Total debt securities$1,335  $80  $(117) $1,298  $1,477  $113  $(21) $1,569  
Equity securities 3
8  1  (1) 8  10  6  (1) 15  
Total other investments
$1,343  $81  $(118) $1,306  $1,487  $119  $(22) $1,584  
Total cash equivalents, marketable securities and other investments
$3,150  $81  $(118) $3,113  $2,136  $119  $(22) $2,233  
Long-term debt including debt due within one year 4
$(16,697) $384  $(1,326) $(17,639) $(16,410) $7  $(2,258) $(18,661) 
Derivatives relating to:
Interest rates 5
$—  $194  $(331) $(137) $—  $8  $(283) $(275) 
Foreign currency—  53  (39) 14  —  101  (21) 80  
Commodities 5
—  133  (286) (153) —  59  (115) (56) 
Total derivatives$—  $380  $(656) $(276) $—  $168  $(419) $(251) 
1. The Company's held-to-maturity securities primarily included treasury bills and time deposits.
2. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations.
3. Equity securities with a readily determinable fair value.
4. Cost includes fair value hedge adjustment gains of $68 million at March 31, 2020 and $1 million at December 31, 2019 on $2,790 million of debt at March 31, 2020 and $3,490 million of debt at December 31, 2019.
5. Presented net of cash collateral where master netting arrangements allow.
Investing Results The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2020 and 2019:
Investing ResultsThree Months Ended
In millionsMar 31,
2020		Mar 31,
2019
Proceeds from sales of available-for-sale securities$248  $159  
Gross realized gains$16  $6  
Gross realized losses $(7) $(5) 
Contractual Maturities of Debt Securities
The following table summarizes the contractual maturities of the Company's investments in debt securities:

Contractual Maturities of Debt Securities at Mar 31, 2020 1
 CostFair Value
In millions
Within one year$12  $11  
One to five years363  340  
Six to ten years467  437  
After ten years493  510  
Total$1,335  $1,298  
1.Includes marketable securities with maturities of less than one year.
Fair Value and Gross Unrealized Losses of Investments Temporarily Impaired
The following table provides the fair value and gross unrealized losses of the Company’s investments in debt securities that were deemed to be temporarily impaired at March 31, 2020 and December 31, 2019, aggregated by investment category:

Temporarily Impaired Debt SecuritiesLess than 12 months12 months or moreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized Losses
In millions
Mar 31, 2020
Government debt 1
$109  $(22) $10  $(11) $119  $(33) 
Corporate bonds407  (66) 24  (18) 431  (84) 
Total temporarily impaired debt securities$516  $(88) $34  $(29) $550  $(117) 
Dec 31, 2019
Government debt 1
$55  $(3) $23  $(8) $78  $(11) 
Corporate bonds79  (3) 52  (7) 131  (10) 
Total temporarily impaired debt securities$134  $(6) $75  $(15) $209  $(21) 
1.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities' obligations.
Equity Securities with and without Readily Determinable Fair Value
Investments in Equity SecuritiesMar 31, 2020Dec 31, 2019
In millions
Readily determinable fair value$8  $15  
Not readily determinable fair value$190  $189  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of the Company's derivative instruments presented on a net basis at March 31, 2020 and December 31, 2019 were as follows:

Notional Amounts - NetMar 31, 2020Dec 31, 2019
In millions
Derivatives designated as hedging instruments:
Interest rate contracts$921  $922  
Foreign currency contracts$3,472  $6,253  
Derivatives not designated as hedging instruments:
Interest rate contracts$105  $145  
Foreign currency contracts$5,706  $5,567  

The notional amounts of the Company's commodity derivatives presented on a net basis at March 31, 2020 and December 31, 2019 were as follows:

Commodity Notionals - NetMar 31, 2020Dec 31, 2019Notional Volume Unit
Derivatives designated as hedging instruments:
Hydrocarbon derivatives20.06.1million barrels of oil equivalent
Derivatives not designated as hedging instruments:
Hydrocarbon derivatives0.40.1million barrels of oil equivalent
Power derivatives80.587.5thousands of megawatt hours
Schedule of Fair Values of Derivative Instruments
The following tables provide the fair value and balance sheet classification of derivative instruments at March 31, 2020 and December 31, 2019:

Fair Value of Derivative InstrumentsMar 31, 2020
In millionsBalance Sheet ClassificationGross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contractsOther current assets$192  $(156) $36  
Foreign currency contractsOther current assets109  (80) 29  
Commodity contractsOther current assets82  (32) 50  
Commodity contractsDeferred charges and other assets67  (3) 64  
Total $450  $(271) $179  
Derivatives not designated as hedging instruments:
Interest rate contractsDeferred charges and other assets$158  $—  $158  
Foreign currency contracts Other current assets65  (41) 24  
Commodity contractsOther current assets22  (4) 18  
Commodity contractsDeferred charges and other assets1  —  1  
Total $246  $(45) $201  
Total asset derivatives  $696  $(316) $380  
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities$156  $(156) $—  
Foreign currency contractsAccrued and other current liabilities88  (80) 8  
Commodity contractsAccrued and other current liabilities152  (32) 120  
Commodity contractsOther noncurrent obligations148  (3) 145  
Total $544  $(271) $273  
Derivatives not designated as hedging instruments:
Interest rate contractsOther noncurrent obligations$331  $—  $331  
Foreign currency contractsAccrued and other current liabilities71  (40) 31  
Commodity contractsAccrued and other current liabilities24  (4) 20  
Commodity contractsOther noncurrent obligations1  —  1  
Total $427  $(44) $383  
Total liability derivatives  $971  $(315) $656  
1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Fair Value of Derivative InstrumentsDec 31, 2019
In millionsBalance Sheet ClassificationGross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contractsOther current assets$21  $(13) $8  
Foreign currency contractsOther current assets105  (36) 69  
Commodity contractsOther current assets44  (25) 19  
Commodity contractsDeferred charges and other assets28  (3) 25  
Total $198  $(77) $121  
Derivatives not designated as hedging instruments:
Interest rate contractsOther current assets$14  $(14) $—  
Foreign currency contracts Other current assets44  (12) 32  
Commodity contractsOther current assets18  (3) 15  
Total $76  $(29) $47  
Total asset derivatives  $274  $(106) $168  
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities$23  $(13) $10  
Interest rate contractsOther noncurrent obligations1  —  1  
Foreign currency contractsAccrued and other current liabilities46  (36) 10  
Commodity contractsAccrued and other current liabilities95  (29) 66  
Commodity contractsOther noncurrent obligations38  (4) 34  
Total $203  $(82) $121  
Derivatives not designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities$136  $(14) $122  
Interest rate contractsOther noncurrent obligations150  —  150  
Foreign currency contractsAccrued and other current liabilities23  (12) 11  
Commodity contractsAccrued and other current liabilities17  (3) 14  
Commodity contractsOther noncurrent obligations1  —  1  
Total $327  $(29) $298  
Total liability derivatives  $530  $(111) $419  
1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Derivative Instruments, Gain (Loss)
Effect of Derivative Instruments
Amount of gain (loss) recognized in OCI 1
Amount of gain (loss) recognized in income 2
Income Statement Classification
Three months endedThree months ended
In millionsMar 31, 2020Mar 31, 2019Mar 31, 2020Mar 31, 2019
Derivatives designated as hedging
instruments:
Fair value hedges:
Interest rate contracts$—  $—  $24  $—  
Interest expense and amortization
  of debt discount 3
Excluded components 4
3  —  —  —  Interest expense and amortization
of debt discount
Cash flow hedges:
Interest rate contracts—  (106) —  —  Interest expense and amortization
of debt discount
Foreign currency contracts8  7  4  8  Cost of sales
Foreign currency contracts—  1  —  —  Sundry income (expense) - net
Commodity contracts(87) 55  (11) —  Cost of sales
Net foreign investment hedges:
Foreign currency contracts22  30  —  —  
Excluded components 4
22  86  14  25  Sundry income (expense) - net
Total derivatives designated as hedging
instruments		$(32) $73  $31  $33  
Derivatives not designated as hedging
instruments:
Interest rate contracts$—  $—  $(6) $—  Interest expense and amortization
of debt discount
Foreign currency contracts—  —  (19) (32) Sundry income (expense) - net
Commodity contracts—  —  11  (12) Cost of sales
Total derivatives not designated as
hedging instruments		$—  $—  $(14) $(44) 
Total derivatives$(32) $73  $17  $(11) 
1. OCI is defined as other comprehensive income (loss).
2. Pretax amounts.
3. Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item.
4. The excluded components are related to the time value of the derivatives designated as hedges.
Schedule of Hedging Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year
The following table provides the net after-tax amounts expected to be reclassified from AOCL to income within the next 12 months:

Expected Reclassifications from AOCL within the next 12 monthsMar 31, 2020
In millions
Cash flow hedges:
Interest rate contracts$1  
Commodity contracts$(32) 
Foreign currency contracts$9  
Net foreign investment hedges:
Excluded components$10