Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:

June 30, 2022	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	254
Derivatives relating to:1
Foreign currency	—		90
Commodity contracts	—		3
Total assets at fair value	$	—	$	347
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		60
Commodity contracts	—		1
Total liabilities at fair value	$	—	$	61

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

June 30, 2021	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	39
Derivatives relating to:1
Foreign currency	—		37
Total assets at fair value	$	—	$	76
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		93
Total liabilities at fair value	$	—	$	93

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..