Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Other Derivatives Not Designated as Hedging Instruments

The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2021 and 2020.

	December 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	217	$	116	$	283	$	270
Commodity Contracts	1,276		1,759		2,764		2,034
Debt Conversion Option	—		15		—		34
Total	$	1,493	$	1,890	$	3,047	$	2,338

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 years ended December 31, 2021, 2020, and 2019.

			Cost of		Other expense (income) - net
			products				Interest
(In millions)	Revenues		sold				Expense
For the Year Ended December 31, 2021
Consolidated Statement of Earnings	$	85,249	$	79,262	$	(94)	$	265
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	3	$	(140)	$	189	$	—
Commodity Contracts	—		(1,606)		—
Debt Conversion Option	—		—		—		19
Total gain (loss) recognized in earnings	$	3	$	(1,746)	$	189	$	19	$	(1,535)
For the Year Ended December 31, 2020
Consolidated Statement of Earnings	$	64,355	$	59,902	$	(255)	$	339
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	28	$	(496)	$	(153)	$	—
Commodity Contracts	—		(68)		—		—
Debt Conversion Option	—		—		—		(17)
Total gain (loss) recognized in earnings	$	28	$	(564)	$	(153)	$	(17)	$	(706)
For the Year Ended December 31, 2019
Consolidated Statement of Earnings	$	64,656	$	60,509	$	11	$	402
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	9	$	32	$	(21)	$	—
Commodity Contracts	—		24		—		—
Total gain (loss) recognized in earnings	$	9	$	56	$	(21)	$	—	$	44

Schedule Of Derivatives Designated As Hedging Instruments

The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2021 and 2020.

	December 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	21	$	75	$	—	$	265
Commodity Contracts	86		—		—		—
Interest Rate Contracts	46		—		61		15
Total	$	153	$	75	$	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 statement of earnings for the years ended December 31, 2021, 2020, and 2019.

			Cost of products sold		Interest expense		Other expense (income) - net
(In millions)	Revenues
For the Year Ended December 31, 2021
Consolidated Statement of Earnings	$	85,249	$	79,262	$	265	$	(94)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Interest Contracts	$	(16)	$	—	$	—	$	—
Commodity Contracts	—		490		—		—
Total gain (loss) recognized in earnings	$	(16)	$	490	$	—	$	—	$	474
For the Year Ended December 31, 2020
Consolidated Statement of Earnings	$	64,355	$	59,902	339		$	(255)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Interest Rate Contracts	$	(75)	$	—	$	(2)	$	—
Commodity Contracts	7		27		—		(2)
Total gain (loss) recognized in earnings	$	(68)	$	27	$	(2)	$	(2)	$	(45)
For the Year Ended December 31, 2019
Consolidated Statement of Earnings	$	64,656	$	60,509	$	402	$	11
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Interest Rate Contracts	$	(46)	$	—	$	1	$	—
Commodity Contracts	(44)		(11)		—		—
Total gain (loss) recognized in earnings	$	(90)	$	(11)	$	1	$	—	$	(100)