Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022.

	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	176	$	79	$	154	$	275
Commodity Contracts	1,608		1,102		1,337		1,248
Debt Conversion Option	—		1		—		6
Total	$	1,784	$	1,182	$	1,491	$	1,529

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, 2023 and 2022.

					Other expense (income) - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2023
Consolidated Statement of Earnings	$	24,072	$	21,992	$	(44)	$	147
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(11)	$	95	$	(16)	$	—
Commodity Contracts	—		440		—		—
Debt Conversion Option	—		—		—		5
Total gain (loss) recognized in earnings	$	(11)	$	535	$	(16)	$	5	$	513
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753	$	(33)	$	92
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(38)	$	443	$	23	$	—
Commodity Contracts	—		(1,101)		—		—
Debt Conversion Option	—		—		—		(15)
Total gain (loss) recognized in earnings	$	(38)	$	(658)	$	23	$	(15)	$	(688)

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2023 and December 31, 2022.

	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	—	$	9	$	—	$	20
Foreign Currency Contracts	62		132		104		$	—
Interest Rate Contracts	—		—		109		—
Total	$	62	$	141	$	213	$	20

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, 2023 and 2022.

			Cost of products sold
(In millions)	Revenues
Three Months Ended March 31, 2023
Consolidated Statement of Earnings	$	24,072	$	21,992
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	—		(104)
Total gain (loss) recognized in earnings	$	—	$	(104)	$	(104)
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	—		98
Total gain (loss) recognized in earnings	$	—	$	98	$	98