Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis

September 30, 2022	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	119
Derivatives relating to:1
Foreign currency	—		213
Commodity contracts	—		3
Total assets at fair value	$	—	$	335
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		63
Commodity contracts	—		2
Total liabilities at fair value	$	—	$	65

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

September 30, 2021	Significant Other Observable Inputs
(In millions)	Level 1		Level 2
Assets at fair value:
Marketable securities	$	—	$	103
Derivatives relating to:1
Foreign currency	—		57
Equity Securities2	75		—
Total assets at fair value	$	75	$	160
Liabilities at fair value:
Derivatives relating to:1
Foreign currency	—		40
Total liabilities at fair value	$	—	$	40

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.