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Derivatives (Tables) | 12 Months Ended
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Dec. 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 |
Year ended December 31, 2018 |  | Portion of Derivative |  | Comprehensive Income |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |  | Location |  | Amount |
Foreign currency forward/option contracts |  | $ | 151 |  | Cost of sales |  | $ | (95) |  | Cost of sales |  | $ | — |
Interest rate swap contracts |  |  | (18) |  | Interest expense |  |  | (1) |  | Interest expense |  |  | — |
Total |  | $ | 133 |  |  |  | $ | (96) |  |  |  | $ | — |
Year ended December 31, 2017 |  | Portion of Derivative |  | Comprehensive Income |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |  | Location |  | Amount |
Foreign currency forward/option contracts |  | $ | (305) |  | Cost of sales |  | $ | 8 |  | Cost of sales |  | $ | — |
Interest rate swap contracts |  |  | (6) |  | Interest expense |  |  | (1) |  | Interest expense |  |  | — |
Total |  | $ | (311) |  |  |  | $ | 7 |  |  |  | $ | — |
Year ended December 31, 2016 |  | Portion of Derivative |  | Comprehensive Income |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |  | Location |  | Amount |
Foreign currency forward/option contracts |  | $ | 58 |  | Cost of sales |  | $ | 110 |  | Cost of sales |  | $ | — |
Interest rate swap contracts |  |  | (1) |  | Interest expense |  |  | (1) |  | Interest expense |  |  | — |
Total |  | $ | 57 |  |  |  | $ | 109 |  |  |  | $ | — |
Gain (loss) on derivative instruments designated as fair value hedges |
|  | Gain (Loss) on Derivative |  | Gain (Loss) on Hedged Item |
Year ended December 31, 2018 |  | Recognized in Income |  | Recognized in Income |
(Millions) |  | Location |  | Amount |  | Location |  | Amount |
Interest rate swap contracts |  | Interest expense |  | $ | (5) |  | Interest expense |  | $ | 5 |
Total |  |  |  | $ | (5) |  |  |  | $ | 5 |
Year ended December 31, 2017 |  |  |  |  |
(Millions) |  | Location |  | Amount |  | Location |  | Amount |
Interest rate swap contracts |  | Interest expense |  | $ | (9) |  | Interest expense |  | $ | 9 |
Total |  |  |  | $ | (9) |  |  |  | $ | 9 |
Year ended December 31, 2016 |  |  |  |  |
(Millions) |  | Location |  | Amount |  | Location |  | Amount |
Interest rate swap contracts |  | Interest expense |  | $ | (2) |  | Interest expense |  | $ | 2 |
Total |  |  |  | $ | (2) |  |  |  | $ | 2 |
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 |
Year ended December 31, 2018 |  | Instrument |  | Recognized in Income |
(Millions) |  | Amount |  | Location |  | Amount |
Foreign currency denominated debt |  | $ | 222 |  | Cost of sales |  | $ | (2) |
Foreign currency forward contracts |  |  | 18 |  | Cost of sales |  |  | 4 |
Total |  | $ | 240 |  |  |  | $ | 2 |
Year ended December 31, 2017 |  | Comprehensive Income |  | Instrument and Amount Excluded |
(Millions) |  | Amount |  | Location |  | Amount |
Foreign currency denominated debt |  | $ | (667) |  | N/A |  | $ | — |
Foreign currency forward contracts |  |  | (58) |  | Cost of sales |  |  | 7 |
Total |  | $ | (725) |  |  |  | $ | 7 |
Year ended December 31, 2016 |  | Comprehensive Income |  | Instrument and Amount Excluded |
(Millions) |  | Amount |  | Location |  | Amount |
Foreign currency denominated debt |  | $ | 215 |  | N/A |  | $ | — |
Foreign currency forward contracts |  |  | (9) |  | Cost of sales |  |  | (3) |
Total |  | $ | 206 |  |  |  | $ | (3) |
Gain (loss) on derivative instruments not designated as hedging instruments | The location in the consolidated statements of income and amounts of gains and losses related to derivative instruments not designated as hedging instruments are as follows:
|  | Gain (Loss) on Derivative Recognized in Income |
|  |  |  | Year ended December 31, |
|  |  |  |  | 2018 |  |  | 2017 |  |  | 2016 |
(Millions) |  | Location |  |  | Amount |  |  | Amount |  |  | Amount |
Foreign currency forward/option contracts |  | Cost of sales |  | $ | 13 |  | $ | 11 |  | $ | (14) |
Foreign currency forward contracts |  | Interest expense |  |  | (109) |  |  | (141) |  |  | 9 |
Total |  |  |  | $ | (96) |  | $ | (130) |  | $ | (5) |
Location and Fair Value of Derivative Instruments |
|  | Gross |  | Assets |  | Liabilities |
December 31, 2018 |  | Notional |  |  |  | Fair |  |  |  | Fair |
(Millions) |  | Amount |  | Location |  | Value Amount |  | Location |  | Value Amount |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 2,277 |  | Other current assets |  | $ | 74 |  | Other current liabilities |  | $ | 12 |
Foreign currency forward/option contracts |  |  | 1,099 |  | Other assets |  |  | 39 |  | Other liabilities |  |  | 4 |
Interest rate swap contracts |  |  | 1,000 |  | Other current assets |  |  | — |  | Other current liabilities |  |  | 14 |
Interest rate swap contracts |  |  | 1,403 |  | Other assets |  |  | 19 |  | Other liabilities |  |  | 17 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  | $ | 132 |  |  |  | $ | 47 |
Derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 2,484 |  | Other current assets |  | $ | 14 |  | Other current liabilities |  | $ | 6 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 14 |  |  |  | $ | 6 |
Total derivative instruments |  |  |  |  |  |  | $ | 146 |  |  |  | $ | 53 |
|  | 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 |  |  |  |  |
December 31, 2018 |  | Consolidated |  | Recognized |  | Cash Collateral |  | Net Amount of |
(Millions) |  | Balance Sheet |  | Derivative Liabilities |  | Received |  | Derivative Assets |
Derivatives subject to master netting agreements |  | $ | 146 |  | $ | 38 |  | $ | — |  | $ | 108 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 146 |  |  |  |  |  |  |  | $ | 108 |
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 |  |  |  |  |
December 31, 2018 |  | Consolidated |  | Recognized |  | Cash Collateral |  | Net Amount of |
(Millions) |  | Balance Sheet |  | Derivative Assets |  | Pledged |  | Derivative Liabilities |
Derivatives subject to master netting agreements |  | $ | 53 |  | $ | 38 |  | $ | — |  | $ | 15 |
Derivatives not subject to master netting agreements |  |  | — |  |  |  |  |  |  |  |  | — |
Total |  | $ | 53 |  |  |  |  |  |  |  | $ | 15 |
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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