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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2018
Derivatives |
Gain (loss) on derivative instruments designated as cash flow hedges |
|  |  |  | Pretax Gain (Loss) Recognized in |  |  |
|  | Pretax Gain (Loss) |  | Income on Effective Portion of |  | Ineffective Portion of Gain |
|  | Recognized in Other |  | Derivative as a Result of |  | (Loss) on Derivative and |
|  | Comprehensive |  | Reclassification from |  | Amount Excluded from |
|  | Income on Effective |  | Accumulated Other |  | Effectiveness Testing |
Three months ended March 31, 2018 |  | Portion of Derivative |  | Comprehensive Income |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |  | Location |  | Amount |
Foreign currency forward/option contracts |  | $ | (79) |  | Cost of sales |  | $ | (34) |  | Cost of sales |  | $ | — |
Interest rate swap contracts |  |  | (3) |  | Interest expense |  |  | — |  | Interest expense |  |  | — |
Total |  | $ | (82) |  |  |  | $ | (34) |  |  |  | $ | — |
Three months ended March 31, 2017 |  | Portion of Derivative |  | Comprehensive Income |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |  | Location |  | Amount |
Foreign currency forward/option contracts |  | $ | (100) |  | Cost of sales |  | $ | 18 |  | Cost of sales |  | $ | — |
Interest rate swap contracts |  |  | (1) |  | Interest expense |  |  | — |  | Interest expense |  |  | — |
Total |  | $ | (101) |  |  |  | $ | 18 |  |  |  | $ | — |
Gain (loss) on derivative instruments designated as fair value hedges |
|  | Gain (Loss) on Derivative |  | Gain (Loss) on Hedged Item |
Three months ended March 31, 2018 |  | Recognized in Income |  | Recognized in Income |
(Millions) |  | Location |  | Amount |  | Location |  | Amount |
Interest rate swap contracts |  | Interest expense |  | $ | (11) |  | Interest expense |  | $ | 11 |
Total |  |  |  | $ | (11) |  |  |  | $ | 11 |
Three months ended March 31, 2017 |  |  |  |  |
(Millions) |  | Location |  | Amount |  | Location |  | Amount |
Interest rate swap contracts |  | Interest expense |  | $ | (5) |  | Interest expense |  | $ | 5 |
Total |  |  |  | $ | (5) |  |  |  | $ | 5 |
Gain (loss) on derivative and non-derivative instruments designated as net investment hedges |
|  | Pretax Gain (Loss) |  |  |  |  |  |
|  | Recognized as |  |  |  |  |  |
|  | Cumulative Translation |  |  |
|  | within Other |  | Ineffective Portion of Gain (Loss) on |
|  | Comprehensive Income |  | Instrument and Amount Excluded |
|  | on Effective Portion of |  | from Effectiveness Testing |
Three months ended March 31, 2018 |  | Instrument |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |
Foreign currency denominated debt |  | $ | (128) |  | Cost of sales |  | $ | (2) |
Foreign currency forward contracts |  |  | (6) |  | Cost of sales |  |  | (1) |
Total |  | $ | (134) |  |  |  | $ | (3) |
Three months ended March 31, 2017 |  | Comprehensive Income |  | Instrument and Amount Excluded |
(Millions) |  | Amount |  | Location |  | Amount |
Foreign currency denominated debt |  | $ | (121) |  | N/A |  | $ | — |
Foreign currency forward contracts |  |  | (20) |  | Cost of sales |  |  | 2 |
Total |  | $ | (141) |  |  |  | $ | 2 |
Gain (loss) on derivative instruments not designated as hedging instruments |
|  | Three months ended March 31, 2018 |
|  | Gain (Loss) on Derivative Recognized in |
|  | Income |
(Millions) |  | Location |  | Amount |
Foreign currency forward/option contracts |  | Cost of sales |  | $ | (3) |
Foreign currency forward contracts |  | Interest expense |  |  | 23 |
Total |  |  |  | $ | 20 |
|  | Three months ended March 31, 2017 |
|  | Gain (Loss) on Derivative Recognized in |
|  | Income |
(Millions) |  | Location |  | Amount |
Foreign currency forward/option contracts |  | Cost of sales |  | $ | (1) |
Foreign currency forward contracts |  | Interest expense |  |  | 42 |
Total |  |  |  | $ | 41 |
Location and Fair Value of Derivative Instruments |
|  | Gross |  | Assets |  | Liabilities |
March 31, 2018 |  | Notional |  |  |  | Fair |  |  |  | Fair |
(Millions) |  | Amount |  | Location |  | Value Amount |  | Location |  | Value Amount |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 2,225 |  | Other current assets |  | $ | 5 |  | Other current liabilities |  | $ | 122 |
Foreign currency forward/option contracts |  |  | 1,313 |  | Other assets |  |  | 11 |  | Other liabilities |  |  | 63 |
Interest rate swap contracts |  |  | 450 |  | Other current assets |  |  | — |  | Other current liabilities |  |  | 2 |
Interest rate swap contracts |  |  | 1,703 |  | Other assets |  |  | 20 |  | Other liabilities |  |  | 18 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  | $ | 36 |  |  |  | $ | 205 |
Derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 6,070 |  | Other current assets |  | $ | 16 |  | Other current liabilities |  | $ | 33 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 16 |  |  |  | $ | 33 |
Total derivative instruments |  |  |  |  |  |  | $ | 52 |  |  |  | $ | 238 |
|  | Gross |  | Assets |  | Liabilities |
December 31, 2017 |  | Notional |  |  |  | Fair |  |  |  | Fair |
(Millions) |  | Amount |  | Location |  | Value Amount |  | Location |  | Value Amount |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 2,204 |  | Other current assets |  | $ | 7 |  | Other current liabilities |  | $ | 109 |
Foreign currency forward/option contracts |  |  | 1,392 |  | Other assets |  |  | 20 |  | Other liabilities |  |  | 56 |
Interest rate swap contracts |  |  | 450 |  | Other current assets |  |  | — |  | Other current liabilities |  |  | 1 |
Interest rate swap contracts |  |  | 1,503 |  | Other assets |  |  | 21 |  | Other liabilities |  |  | 6 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  | $ | 48 |  |  |  | $ | 172 |
Derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 4,974 |  | Other current assets |  | $ | 30 |  | Other current liabilities |  | $ | 25 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 30 |  |  |  | $ | 25 |
Total derivative instruments |  |  |  |  |  |  | $ | 78 |  |  |  | $ | 197 |
Offsetting Assets | Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
|  |  |  | Gross Amounts not Offset in the |  |  |  |
|  |  |  | Consolidated Balance Sheet that are Subject |  |  |  |
|  | Gross Amount of |  | to Master Netting Agreements |  |  |  |
|  | Derivative Assets |  | Gross Amount of |  |  |  |  |
|  | Presented in the |  | Eligible Offsetting |  |  |  |  |
March 31, 2018 |  | Consolidated |  | Recognized |  | Cash Collateral |  | Net Amount of |
(Millions) |  | Balance Sheet |  | Derivative Liabilities |  | Received |  | Derivative Assets |
Derivatives subject to master netting agreements |  | $ | 52 |  | $ | 26 |  | $ | — |  | $ | 26 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 52 |  |  |  |  |  |  |  | $ | 26 |
December 31, 2017 |  |  |  |  |  |  |  |  |
(Millions) |  |  |  |  |  |  |  |  |
Derivatives subject to master netting agreements |  | $ | 78 |  | $ | 27 |  | $ | — |  | $ | 51 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 78 |  |  |  |  |  |  |  | $ | 51 |
Offsetting Liabilities | Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
|  |  |  | Gross Amounts not Offset in the |  |  |  |
|  |  |  | Consolidated Balance Sheet that are Subject |  |  |  |
|  | Gross Amount of |  | to Master Netting Agreements |  |  |  |
|  | Derivative Liabilities |  | Gross Amount of |  |  |  |  |
|  | Presented in the |  | Eligible Offsetting |  |  |  |  |
March 31, 2018 |  | Consolidated |  | Recognized |  | Cash Collateral |  | Net Amount of |
(Millions) |  | Balance Sheet |  | Derivative Assets |  | Pledged |  | Derivative Liabilities |
Derivatives subject to master netting agreements |  | $ | 238 |  | $ | 26 |  | $ | — |  | $ | 212 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 238 |  |  |  |  |  |  |  | $ | 212 |
December 31, 2017 |  |  |  |  |  |  |  |  |
(Millions) |  |  |  |  |  |  |  |  |
Derivatives subject to master netting agreements |  | $ | 197 |  | $ | 27 |  | $ | — |  | $ | 170 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 197 |  |  |  |  |  |  |  | $ | 170 |

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