v3.21.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - EFFECT OF DERIVATIVE INSTRUMENTS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net Investment Hedges    
Derivative Instruments, Gain (Loss)    
Gains and losses on derivatives used as fair value hedges of foreign currency risk / net investment hedges included in other comprehensive income (loss) during the period $ 38 $ 46
Cost of goods sold    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized in income on derivative instruments (754) (277)
Interest expense    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized in income on derivative instruments 7 0
Foreign exchange gains (losses)    
Derivative Instruments, Gain (Loss)    
Gain (loss) recognized in income on derivative instruments 69 (177)
Foreign currency | Fair Value Hedging    
Derivative Instruments, Gain (Loss)    
Gains and losses on derivatives used as fair value hedges of foreign currency risk / net investment hedges included in other comprehensive income (loss) during the period 1 3
Foreign currency | Cash Flow Hedges    
Derivative Instruments, Gain (Loss)    
Gains and losses on derivative instruments used as cash flow hedges included in other comprehensive income (loss) during the period (4) (14)
Amounts released from accumulated other comprehensive income (loss) during the period - Cash flow hedge of foreign currency risk (1) (6)
Foreign currency | Cash Flow Hedges | BP Bunge Bioenergia    
Derivative Instruments, Gain (Loss)    
Gains and losses on derivative instruments used as cash flow hedges included in other comprehensive income (loss) during the period 37 6
Foreign currency | Net Investment Hedges    
Derivative Instruments, Gain (Loss)    
Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period 0 22
Hedge accounting | Foreign currency | Foreign exchange gains (losses)    
Derivative Instruments, Gain (Loss)    
Gain (loss) on hedge accounting (18) 7
Hedge accounting | Interest rate | Interest expense    
Derivative Instruments, Gain (Loss)    
Gain (loss) on hedge accounting 6 0
Economic hedges | Foreign currency | Cost of goods sold    
Derivative Instruments, Gain (Loss)    
Gain (loss) on economic hedges (285) (917)
Economic hedges | Foreign currency | Foreign exchange gains (losses)    
Derivative Instruments, Gain (Loss)    
Gain (loss) on economic hedges 87 (184)
Economic hedges | Commodities | Cost of goods sold    
Derivative Instruments, Gain (Loss)    
Gain (loss) on economic hedges (597) 721
Economic hedges | Other | Cost of goods sold    
Derivative Instruments, Gain (Loss)    
Gain (loss) on economic hedges 128 (81)
Economic hedges | Interest rate | Interest expense    
Derivative Instruments, Gain (Loss)    
Gain (loss) on economic hedges $ 1 $ 0