Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and December 31, 2016.

	June 30, 2017				December 31, 2016
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	83	$	110	$	102	$	90
Commodity Contracts	444		471		511		561
Total	$	527	$	581	$	613	$	651

The following table sets 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 six months ended June 30, 2017 and 2016.

	Three months ended June 30,
	2017			2016
	(In millions)
Foreign Currency Contracts
Revenues	$	3		$	(13	)
Cost of products sold	(30		)	155
Other income (expense) – net	133			(104		)
Commodity Contracts
Cost of products sold	1			(625		)
Total gain (loss) recognized in earnings	$	107		$	(587	)

	Six months ended June 30,
	2017			2016
	(In millions)
Foreign Currency Contracts
Revenues	$	(8	)	$	(13	)
Cost of products sold	30			262
Other income (expense) – net	134			(105		)
Commodity Contracts
Cost of products sold	$	260		$	(635	)
Total gain (loss) recognized in earnings	$	416		$	(491	)

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2017 and December 31, 2016.

	June 30, 2017				December 31, 2016
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Rate Contracts	$	8	$	—	$	11	$	—
Total	$	8	$	—	$	11	$	—

The following table sets 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 six months ended June 30, 2017 and 2016.

		Three months ended
	Consolidated Statement of Earnings Locations	June 30,
		2017			2016
		(In millions)
Effective amounts recognized in earnings
Foreign Currency Contracts	Other income/expense – net	$	—		$	(8	)
Commodity Contracts	Revenues	1			(6		)
	Cost of products sold	(6		)	(5		)
Ineffective amount recognized in earnings
Commodity Contracts	Revenues	—			(1		)
	Cost of products sold	4			2
Total amount recognized in earnings		$	(1	)	$	(18	)

		Six months ended
	Consolidated Statement of Earnings Locations	June 30,
		2017			2016
		(In millions)
Effective amounts recognized in earnings
Foreign Currency Contracts	Other income/expense – net	$	(2	)	$	(22	)
Commodity Contracts	Revenues	—			(5		)
	Cost of products sold	(5		)	(24		)
Ineffective amount recognized in earnings
Commodity Contracts	Revenues	4			1
	Cost of products sold	9			4
Total amount recognized in earnings		$	6		$	(46	)