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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2019
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 designated as hedging instruments as of June 30, 2019 and December 31, 2018.

 
June 30, 2019
 
December 31, 2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
Interest Rate Contracts
$
3

 
$
46

 
$
—

 
$
20

Total
$
3

 
$
46

 
$
—

 
$
20
















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 six months ended June 30, 2019 and 2018.
 
 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
 
 
 

Consolidated Statement of Earnings
$
16,297

 
$
15,325

 
$
109

 
$
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
5

 
$
1

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
—

 
(6
)
 
 
Total gain (loss) recognized in earnings
$
5

 
$
1

 
$
—

 
$
(6
)
 
$
—

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
17,068

 
$
15,887

 
$
89

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
(1
)
 
$
(34
)
 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
1

 
—

 
 
Total gain (loss) recognized in earnings
$
(1
)
 
$
(34
)
 
$
1

 
$
—

 
$
(34
)
 
 
 
Cost of products sold
 
Interest expense
 
Other expense (income) - net
 
 
(In millions)
Revenues
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
31,601

 
$
29,701

 
$
210

 
$
(21
)
 
 

 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings

 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:


 
 
 
 
 
 
 
 
Commodity Contracts
$
(8
)
 
$
6

 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
—

 
(8
)
 
 
Total gain (loss) recognized in earnings
$
(8
)
 
$
6

 
$
—

 
$
(8
)
 
$
(10
)
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018


 
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
32,594

 
$
30,524

 
$
180

 
$
(17
)
 
 

 
 
 
 
 
 
 
 
 
Effective amounts recognized in earnings
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
 
 
Commodity Contracts
$
1

 
$
(28
)
 
$
—

 
$
—

 
 
Interest Contracts
—

 
—

 
1

 
—

 
 
Total gain (loss) recognized in earnings
$
1

 
$
(28
)
 
$
1

 
$
—

 
$
(26
)





The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2019 and December 31, 2018.

 
June 30, 2019
 
December 31, 2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(In millions)
 
 
 
 
 
 
 
 
Foreign Currency Contracts
$
160

 
$
113

 
$
175

 
$
152

Commodity Contracts
461

 
609

 
461

 
589

Total
$
621

 
$
722

 
$
636

 
$
741


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 six months ended June 30, 2019 and 2018.
 
 
 
 
 
Other expense (income) - net
 
 
 
 
 
Cost of products sold
 
 
 
(In millions)
Revenues
 
 
 
 
Three Months Ended June 30, 2019
 
 

 
 
 
 
Consolidated Statement of Earnings
$
16,297

 
$
15,325

 
$
(13
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
(10
)
 
$
51

 
$
14

 
 
Commodity Contracts
—

 
(131
)
 
—

 
 
Total gain (loss) recognized in earnings
$
(10
)
 
$
(80
)
 
$
14

 
$
(76
)
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
17,068

 
$
15,887

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
28

 
$
(186
)
 
$
(126
)
 
 
Commodity Contracts
—

 
392

 
—

 
 
Total gain (loss) recognized in earnings
$
28

 
$
206

 
$
(126
)
 
$
108

 
 
 
 
 
Other expense (income) - net
 
 
 
 
 
Cost of products sold
 
 
 
(In millions)
Revenues
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
31,601

 
$
29,701

 
$
(21
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
(2
)
 
$
51

 
$
(16
)
 
 
Commodity Contracts
—

 
(11
)
 
—

 
 
Total gain (loss) recognized in earnings
$
(2
)
 
$
40

 
$
(16
)
 
$
22

 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
 
 
 
 
 
Consolidated Statement of Earnings
$
32,594

 
$
30,524

 
$
(17
)
 
 
 
 
 
 
 
 
 
 
Pre-tax gains (losses) on:
 
 
 
 
 
 
 
Foreign Currency Contracts
$
25

 
$
(201
)
 
$
(61
)
 
 
Commodity Contracts
—

 
79

 
—

 
 
Total gain (loss) recognized in earnings
$
25

 
$
(122
)
 
$
(61
)
 
$
(158
)