Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Notional Amounts (In millions)	June 30, 2022		December 31, 2021		June 30, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	$	751	$	1,252	$	767
Commodity contracts	$	361	$	845	$	143
Derivatives not designated as hedging instruments:
Foreign currency contracts	$	1,546	$	103	$	878
Commodity contracts	$	99	$	4	$	5

Fair Value of Derivatives Instruments

		June 30, 2022
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	37	$	—	$	37
Commodity contracts	Other current assets	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	53		(38)		15
Total asset derivatives		$	93	$	(38)	$	55
Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	14	$	—	$	14
Commodity contracts	Accrued and other current liabilities	1		—		1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	46		(38)		8
Total liability derivatives		$	61	$	(38)	$	23

		December 31, 2021
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	37	$	—	$	37
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	31		(20)		11
Commodity contracts	Other current assets	3		—		3
Total asset derivatives		$	71	$	(20)	$	51
Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	1	$	—	$	1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	23		(20)		3
Commodity contracts	Accrued and other current liabilities	2		—		2
Total liability derivatives		$	26	$	(20)	$	6

		June 30, 2021
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1	$	—	$	1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	36		(20)		16
Total asset derivatives		$	37	$	(20)	$	17
Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	21	$	—	$	21
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	72		(20)		52
Total liability derivatives		$	93	$	(20)	$	73

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 Gain (Loss) Recognized in OCI - Pre-Tax1
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	20	$	(7)	$	27	$	14
Cash flow hedges:
Foreign currency contracts	21		(37)		(81)		(6)
Commodity contracts	61		92		147		128
Total derivatives designated as hedging instruments	$	102	$	48	$	93	$	136

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

	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	(2)	$	(2)	$	(5)	$	(1)
Commodity contracts2	88		12		106		16
Total derivatives designated as hedging instruments	$	86	$	10	$	101	$	15
Derivatives not designated as hedging instruments:
Foreign currency contracts3	$	10	$	(50)	$	(43)	$	(34)
Foreign currency contracts2	31		(30)		(5)		(28)
Commodity contracts2	(4)		(5)		(26)		(17)
Total derivatives not designated as hedging instruments	37		(85)		(74)		(79)
Total derivatives	$	123	$	(75)	$	27	$	(64)

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 in the interim Consolidated Statements of Operations.

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 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

Schedule of Realized Gains (Losses)

Investing Results	Three Months Ended June 30,		Six months Ended June 30,
(In millions)	2021		2021
Proceeds from sales of available-for-sale securities	$	65	$	226
Gross realized losses	$	(1)	$	(7)

Contractual Maturities of Debt Securities

Contractual Maturities of Debt Securitites1
(In millions)	Amortized Cost		Fair Value
Within one year	$	65	$	65
One to five years	$	—	$	—

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)	2022		2021		2022		2021
Beginning balance	$	96	$	10	$	47	$	(16)
Additions and revaluations of derivatives designated as cash flow hedges	53		73		116		103
Clearance of hedge results to earnings	(68)		(10)		(82)		(14)
Ending balance	$	81	$	73	$	81	$	73

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)	2022		2021		2022		2021
Beginning balance	$	(48)	$	6	$	32	$	(17)
Additions and revaluations of derivatives designated as cash flow hedges	15		(30)		(67)		(5)
Clearance of hedge results to earnings	2		3		4		1
Ending balance	$	(31)	$	(21)	$	(31)	$	(21)