Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019.

	March 31, 2020				December 31, 2019
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	99	$	—	$	13	$	5
Interest Rate Contracts	14		56		3		43
Total	$	113	$	56	$	16	$	48

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 months ended March 31, 2020 and 2019.

				Cost of products sold			Interest expense		Other expense (income) - net
(In millions)	Revenues
Three Months Ended March 31, 2020
Consolidated Statement of Earnings	$	14,970		$	14,019		$	83	$	(32	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	5			(24		)	—		—
Interest Contracts	—			—			—		(25		)
Total gain (loss) recognized in earnings	$	5		$	(24	)	$	—	$	(25	)	$	(44	)
Three Months Ended March 31, 2019
Consolidated Statement of Earnings	$	15,304		$	14,376		$	101	$	(8	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(13	)	$	5		$	—	$	—
Total gain (loss) recognized in earnings	$	(13	)	$	5		$	—	$	—		$	(8	)

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2020 and December 31, 2019.

	March 31, 2020				December 31, 2019
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	340	$	624	$	125	$	120
Commodity Contracts	873		789		478		574
Total	$	1,213	$	1,413	$	603	$	694

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 months ended March 31, 2020 and 2019.

						Other expense (income) - net
			Cost of products sold
(In millions)	Revenues
Three Months Ended March 31, 2020
Consolidated Statement of Earnings	$	14,970	$	14,019		$	(32	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	35	$	(585	)	$	124
Commodity Contracts	—		622			55
Total gain (loss) recognized in earnings	$	35	$	37		$	179		$	251
Three Months Ended March 31, 2019
Consolidated Statement of Earnings	$	15,304	$	14,376		$	(8	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	8	$	—		$	(30	)
Commodity Contracts	—		120			—
Total gain (loss) recognized in earnings	$	8	$	120		$	(30	)	$	98