Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023.

	June 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	133	$	158	$	187	$	122
Interest Rate Contracts	—		—		—		—
Commodity Contracts	1,121		912		1,343		957
Total	$	1,254	$	1,070	$	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 and six months ended June 30, 2024 and 2023.

					Other (income) expense - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended June 30, 2024
Consolidated Statement of Earnings	$	22,248	$	20,852	$	(9)	$	187
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	18	$	(155)	$	8	$	—
Commodity Contracts	—		(22)		—		—
Total gain (loss) recognized in earnings	$	18	$	(177)	$	8	$	—	$	(151)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings	$	25,190	$	23,307	$	(37)	$	180
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(15)	$	153	$	43	$	—
Commodity Contracts	—		35		—		—
Debt Conversion Option	—		—		—		1
Total gain (loss) recognized in earnings	$	(15)	$	188	$	43	$	1	$	217

					Other (income) expense - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Six Months Ended June 30, 2024
Consolidated Statement of Earnings	$	44,095	$	41,040	$	(35)	$	353
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	19	$	(218)	$	62	$	—
Commodity Contracts	—		175		—		—
Total gain (loss) recognized in earnings	$	19	$	(43)	$	62	$	—	$	38
Six Months Ended June 30, 2023
Consolidated Statement of Earnings	$	49,262	$	45,299	$	(81)	$	327
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(26)	$	248	$	27	$	—
Commodity Contracts	—		475		—		—
Debt Conversion Option	—		—		—		6
Total gain (loss) recognized in earnings	$	(26)	$	723	$	27	$	6	$	730

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2024 and December 31, 2023.

	June 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	9	$	—	$	16	$	—
Foreign Currency Contracts	55		—		—		22
Interest Rate Contracts	5		—		—		—
Total	$	69	$	—	$	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 and six months ended June 30, 2024 and 2023.

	Cost of products sold
(In millions)
Three Months Ended June 30, 2024
Consolidated Statement of Earnings	$	20,852
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(23)
Total gain (loss) recognized in earnings	$	(23)	$	(23)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings	$	23,307
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(41)
Total gain (loss) recognized in earnings	$	(41)	$	(41)

	Cost of products sold
(In millions)
Six Months Ended June 30, 2024
Consolidated Statement of Earnings	$	41,040
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(4)
Total gain (loss) recognized in earnings	$	(4)	$	(4)
Six Months Ended June 30, 2023
Consolidated Statement of Earnings	$	45,299
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(145)
Total gain (loss) recognized in earnings	$	(145)	$	(145)