Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis

March 31, 2022	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	290
Derivatives relating to:1
Foreign currency	—		37
Commodity contracts	—		8
Equity securities2	29		—
Total assets at fair value	$	29	$	335
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		194
Commodity contracts	—		3
Total liabilities at fair value	$	—	$	197

December 31, 2021	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	86
Derivatives relating to:1
Foreign currency	—		68
Equity securities2	48		—
Total assets at fair value	$	48	$	154
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		24
Total liabilities at fair value	$	—	$	24

March 31, 2021	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	49
Debt Securities:
U.S. treasuries3	65		—
Derivatives relating to:1
Foreign currency	—		90
Total assets at fair value	$	65	$	139
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		62
Total liabilities at fair value	$	—	$	62

1.See Note 15 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets.

2.The company's equity securities are included in other assets in the interim Consolidated Balance Sheets.

3.The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Consolidated Balance Sheets.