Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021.

	December 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	154	$	275	$	217	$	116
Commodity Contracts	1,337		1,248		1,276		1,759
Debt Conversion Option	—		6		—		15
Total	$	1,491	$	1,529	$	1,493	$	1,890

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, 2022, 2021, and 2020.

			Cost of				Other expense (income) - net
			products		Interest
(In millions)	Revenues		sold		Expense
For the Year Ended December 31, 2022
Consolidated Statement of Earnings	$	101,556	$	93,986	$	396	$	(358)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(42)	$	367	$	—	$	194
Commodity Contracts	—		(120)		—		—
Debt Conversion Option	—		—		9		—
Total gain (loss) recognized in earnings	$	(42)	$	247	$	9	$	194	$	408
For the Year Ended December 31, 2021
Consolidated Statement of Earnings	$	85,249	$	79,262	$	265	$	(94)
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)	$	19	$	189	$	(1,535)
For the Year Ended December 31, 2020
Consolidated Statement of Earnings	$	64,355	$	59,902	$	339	$	(255)
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)	$	(17)	$	(153)	$	(706)

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, 2022 and 2021.

	December 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	—	$	20	$	86	$	—
Interest Rate Contracts	109		—		46		—
Foreign Currency Contracts	104		—		21		75
Total	$	213	$	20	$	153	$	75

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, 2022, 2021, and 2020.

			Cost of products sold		Interest expense		Other expense (income) - net
(In millions)	Revenues
For the Year Ended December 31, 2022
Consolidated Statement of Earnings	$	101,556	$	93,986	$	396	$	(358)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	—		351		—		—
Interest Contracts	1		—		—		—
Total gain (loss) recognized in earnings	$	1	$	351	$	—	$	—	$	352
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:
Commodity Contracts	$	—	$	490	$	—	$	—
Interest Rate Contracts	(16)		—		—		—
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:
Commodity Contracts	$	7	$	27	$	—	$	(2)
Interest Rate Contracts	(75)		—		(2)		—
Total gain (loss) recognized in earnings	$	(68)	$	27	$	(2)	$	(2)	$	(45)