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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Notional Amounts
(In millions)
June 30, 2020
December 31, 2019
June 30, 2019
Derivatives designated as hedging instruments:
 
 
 
Foreign currency contracts
$
721

$
—

$
—

Commodity contracts
$
165

$
570

$
76

Derivatives not designated as hedging instruments:




 
Foreign currency contracts
$
770

$
582

$
1,558

Commodity contracts
$
19

$
—

$
38
Fair Value of Derivatives Instruments
 
 
June 30, 2020
(In millions)
Balance Sheet Location
Gross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
19

$
—

$
19

Derivatives not designated as hedging instruments:
 
 

 
 
Foreign currency contracts
Other current assets
101

(57
)
44

Total asset derivatives
 
$
120

$
(57
)
$
63

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
65

$
(56
)
$
9

Total liability derivatives
 
$
65

$
(56
)
$
9




 
 
December 31, 2019
(In millions)
Balance Sheet Location
Gross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
 
 
 
 
Derivatives not designated as hedging instruments:
 
 

 
 
Foreign currency contracts
Other current assets
$
25

$
(18
)
$
7

Total asset derivatives
 
$
25

$
(18
)
$
7

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
43

$
(16
)
$
27

Total liability derivatives
 
$
43

$
(16
)
$
27


 
 
June 30, 2019
(In millions)
Balance Sheet Location
Gross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
 
 
 
 
Derivatives not designated as hedging instruments:
 
 

 
 
Foreign currency contracts
Other current assets
$
36

$
(33
)
$
3

Total asset derivatives
 
$
36

$
(33
)
$
3

 
 
 
 
 
Liability derivatives:
 
 

 
 
Derivatives not designated as hedging instruments:
 
 

 
 

Foreign currency contracts
Accrued and other current liabilities
$
48

$
(27
)
$
21

Total liability derivatives
 
$
48

$
(27
)
$
21

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.

Effect of Derivatives
 
Amount of (Loss) Gain Recognized in OCI1 - Pre-Tax
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2020
2019
2020
2019
Derivatives designated as hedging instruments:
 
 
 
 
Net Investment Hedges:
 
 
 
 
Foreign currency contracts
$
(5
)
$
—

$
4

$
—

Cash flow hedges:
 
 
 
 
Foreign currency contracts
4

—

23

—

 Commodity contracts
(26
)
18

(60
)
19

Total derivatives designated as hedging instruments
(27
)
18

(33
)
19

Total derivatives
$
(27
)
$
18

$
(33
)
$
19


1. 
OCI is defined as other comprehensive income (loss).

 
Amount of Gain (Loss) Recognized in Income - Pre-Tax1
(In millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2020
2019
2020
2019
Derivatives designated as hedging instruments:
 
 
 
 
Cash flow hedges:
 
 
 
 
 Commodity contracts2
$
(28
)
$
(8
)
$
(35
)
$
(12
)
Total derivatives designated as hedging instruments
(28
)
(8
)
(35
)
(12
)
Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts3
14

(49
)
179

(66
)
Foreign currency contracts2
17

—

17

—

Commodity contracts2
1

2

10

8

Total derivatives not designated as hedging instruments
32

(47
)
206

(58
)
Total derivatives
$
4

$
(55
)
$
171

$
(70
)

1. 
For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.
2. 
Recorded in cost of goods sold.
3. 
Gain recognized in other income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, for additional information.
Commodity Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2020
2019
2020
2019
Beginning balance
$
(15
)
$
(25
)
$
2

$
(26
)
Additions and revaluations of derivatives designated as cash flow hedges
(22
)
16

(44
)
12

Clearance of hedge results to earnings
21

6

26

11

Ending balance
$
(16
)
$
(3
)
$
(16
)
$
(3
)
Foreign Currency Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2020
2020
Beginning balance
$
16

$
—

Additions and revaluations of derivatives designated as cash flow hedges
3

19

Ending balance
$
19

$
19