XML 39 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020.

 June 30, 2021December 31, 2020
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Foreign Currency Contracts$324 $74 $283 $270 
Commodity Contracts1,868 1,929 2,764 2,034 
Debt Conversion Option— 24 — 34 
Total$2,192 $2,027 $3,047 $2,338 

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, 2021 and 2020.
Other expense (income) - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Three Months Ended June 30, 2021
Consolidated Statement of Earnings$22,926 $21,463 $49 $40 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(43)$214 $(45)$— 
Commodity Contracts— (673)— — 
Debt Conversion Option— — — 30 
Total gain (loss) recognized in earnings$(43)$(459)$(45)$30 $(517)
Three Months Ended June 30, 2020
Consolidated Statement of Earnings$16,281 $15,173 $(56)$87 
Pre-tax gains (losses) on:
Foreign Currency Contracts$11 $(76)$(52)$— 
Commodity Contracts— (29)— — 
Total gain (loss) recognized in earnings$11 $(105)$(52)$— $(146)
Other expense (income) - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Six Months Ended June 30, 2021
Consolidated Statement of Earnings$41,819 $38,808 $16 $127 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(13)$(48)$75 $— 
Commodity Contracts— (1,455)— — 
Debt Conversion Option— — — 10 
Total gain (loss) recognized in earnings$(13)$(1,503)$75 $10 $(1,431)
Six Months Ended June 30, 2020
Consolidated Statement of Earnings$31,251 $29,192 $(80)$170 
Pre-tax gains (losses) on:
Foreign Currency Contracts$46 $(661)$72 $— 
Commodity Contracts— 593 55 — 
Total gain (loss) recognized in earnings$46 $(68)$127 $— $105 
The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2021 and December 31, 2020.

 June 30, 2021December 31, 2020
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Foreign Currency Contracts$— $178 $— $265 
Interest Rate Contracts89 1 61 15 
Total$89 $179 $61 $280 

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, 2021 and 2020.

Cost of products soldInterest expense
(In millions)Revenues
Three Months Ended June 30, 2021
Consolidated Statement of Earnings$22,926 $21,463 $40 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$— $239 $— 
Interest Contracts(1)— — 
Total gain (loss) recognized in earnings$(1)$239 $— $238 
Three Months Ended June 30, 2020
Consolidated Statement of Earnings$16,281 $15,173 $87 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$3 $(36)$— 
Interest Contracts(16)— (8)
Total gain (loss) recognized in earnings$(13)$(36)$(8)$(57)
Cost of products soldInterest expense
(In millions)Revenues
Six Months Ended June 30, 2021
Consolidated Statement of Earnings$41,819 $38,808 $127 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$— $328 $— 
Interest Contracts(15)— — 
Total gain (loss) recognized in earnings$(15)$328 $— $313 
Six Months Ended June 30, 2020
Consolidated Statement of Earnings$31,251 $29,192 $170 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$8 $(60)$— 
Interest Contracts(41)— (8)
Total gain (loss) recognized in earnings$(33)$(60)$(8)$(101)