XML 54 R44.htm IDEA: XBRL DOCUMENT v3.22.2.2
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Notional Amounts
(In millions)
September 30, 2022December 31, 2021September 30, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts
$948 $1,252 $1,227 
Commodity contracts
$1,424 $845 $262 
Derivatives not designated as hedging instruments:
Foreign currency contracts$1,371 $103 $1,164 
Commodity contracts$3 $4 $7 
Fair Value of Derivatives Instruments
September 30, 2022
(In millions)Balance Sheet LocationGross
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$101 $— $101 
Commodity contractsOther current assets3 — 3 
Derivatives not designated as hedging instruments:
  
Foreign currency contractsOther current assets112(58)54 
Total asset derivatives
 $216 $(58)$158 
Liability derivatives:  
Derivatives designated as hedging instruments:
Commodity contractsAccrued and other current liabilities2 — 2 
Derivatives not designated as hedging instruments:
  
Foreign currency contractsAccrued and other current liabilities63(58)5 
Total liability derivatives
 $65 $(58)$7 
December 31, 2021
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:   
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$37 $— $37 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Other current assets31 (20)11 
Commodity contractsOther current assets3— 3 
Total asset derivatives
 $71 $(20)$51 
Liability derivatives:  
Derivatives designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities$1 $— $1 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Accrued and other current liabilities23 (20)3 
Commodity contractsAccrued and other current liabilities2 — 2 
Total liability derivatives
 $26 $(20)$6 
September 30, 2021
(In millions)Balance Sheet LocationGross
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$20 $— $20 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Other current assets37 (23)14 
Total asset derivatives
 $57 $(23)$34 
Liability derivatives:  
Derivatives designated as hedging instruments:  
Foreign currency contracts
Accrued and other current liabilities$9 $— $9 
Derivatives not designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities31 (23)8 
Total liability derivatives
 $40 $(23)$17 
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 September 30,Nine Months Ended
September 30,
(In millions)2022202120222021
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts$47 $10 $74 $24 
Cash flow hedges:
Foreign currency contracts13 18 (68)12 
Commodity contracts(30)(11)117 117 
Total derivatives designated as hedging instruments$30 $17 $123 $153 
1.OCI is defined as other comprehensive income (loss).
Amount of Gain (Loss) Recognized in Income - Pre-Tax1
Three Months Ended September 30,Nine Months Ended
September 30,
(In millions)2022202120222021
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2
$(39)$(10)$(44)$(11)
Commodity contracts2
6 4 112 20 
Total derivatives designated as hedging instruments
$(33)$(6)$68 $9 
Derivatives not designated as hedging instruments:
Foreign currency contracts3
$67 $34 $24 $— 
Foreign currency contracts2
4 12 (1)(16)
Commodity contracts2
5 (1)(21)(18)
Total derivatives not designated as hedging instruments
76 45 2 (34)
Total derivatives$43 $39 $70 $(25)
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 ResultsNine months Ended September 30,
(In millions)2021
Proceeds from sales of available-for-sale securities$226 
Gross realized losses$(7)
Commodity Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Beginning balance$81 $73 $47 $(16)
Additions and revaluations of derivatives designated as cash flow hedges(25)(10)91 93 
Clearance of hedge results to earnings(4)(4)(86)(18)
Ending balance$52 $59 $52 $59 
Foreign Currency Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Beginning balance$(31)$(21)$32 $(17)
Additions and revaluations of derivatives designated as cash flow hedges11 8 (56)3 
Clearance of hedge results to earnings32 9 36 10 
Ending balance$12 $(4)$12 $(4)