Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2016 and December 31, 2015.

	September 30, 2016				December 31, 2015
	Assets		Liabilities		Assets		Liabilities
	(In millions)
FX Contracts	$	55	$	99	$	93	$	186
Commodity Contracts	699		675		646		419
Total	$	754	$	774	$	739	$	605

The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and nine months ended September 30, 2016 and 2015.

	Three months ended September 30,
	2016			2015
	(In millions)
FX Contracts
Revenues	$	(19	)	$	18
Cost of products sold	1			(200		)
Other income (expense) – net	(3		)	59
Commodity Contracts
Cost of products sold	369			586
Total gain (loss) recognized in earnings	$	348		$	463

	Nine months ended September 30,
	2016			2015
	(In millions)
FX Contracts
Revenues	$	(32	)	$	26
Cost of products sold	263			(263		)
Other income (expense) – net	(108		)	67
Commodity Contracts
Cost of products sold	(266		)	573
Total gain (loss) recognized in earnings	$	(143	)	$	403

The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2016 and December 31, 2015.

	September 30, 2016				December 31, 2015
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Contracts	$	28	$	—	$	19	$	—
Total	$	28	$	—	$	19	$	—

The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and nine months ended September 30, 2016 and 2015.

		Three months ended
	Consolidated Statement of Earnings Locations	September 30,
		2016			2015
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(3	)	$	6
Interest Contracts	Interest expense	(2		)	—
Commodity Contracts	Cost of products sold	(37		)	2
	Revenues	(9		)	4
Ineffective amount recognized in earnings
Commodity Contracts	Revenues	(1		)	(1		)
	Cost of products sold	1			1
Total amount recognized in earnings		$	(51	)	$	12

		Nine months ended
	Consolidated Statement of Earnings Locations	September 30,
		2016			2015
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(25	)	$	28
Interest Contracts	Interest expense	(2		)	—
Commodity Contracts	Cost of products sold	(61		)	(16		)
	Revenues	(14		)	49
Ineffective amount recognized in earnings
Commodity Contracts	Revenues	—			6
	Cost of products sold	5			(3		)
Interest Contracts	Other income/expense – net	—			1
Total amount recognized in earnings		$	(97	)	$	65