Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023.

	March 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	145	$	94	$	187	$	122
Commodity Contracts	1,351		883		1,343		957
Total	$	1,496	$	977	$	1,530	$	1,079

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, 2024 and 2023.

					Other (income) expense - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2024
Consolidated Statement of Earnings	$	21,847	$	20,188	$	(26)	$	166
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	1	$	(63)	$	54	$	—
Commodity Contracts	—		197		—		—
Total gain (loss) recognized in earnings	$	1	$	134	$	54	$	—	$	189
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

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2024 and December 31, 2023.

	March 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	11	$	—	$	16	$	—
Foreign Currency Contracts	42		—		—		22
Total	$	53	$	—	$	16	$	22

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, 2024 and 2023.

	Cost of products sold
(In millions)
Three Months Ended March 31, 2024
Consolidated Statement of Earnings	$	20,188
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	19
Total gain (loss) recognized in earnings	$	19	$	19
Three Months Ended March 31, 2023
Consolidated Statement of Earnings	$	21,992
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(104)
Total gain (loss) recognized in earnings	$	(104)	$	(104)