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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Pre-tax Effects of Derivative Instruments Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
 
For the Three Months Ended
March 31,
 
Location of
Gain/(Loss)
Recognized
in Earnings
 
2019
 
2018
 
 
(in millions)
 
 
Currency exchange contracts:
 
 
 
 
 
Intercompany loans and
   forecasted interest payments
$
61

 
$
7

 
Interest and other expense, net
Forecasted transactions
5

 
(7
)
 
Cost of sales
Forecasted transactions
—

 
(5
)
 
Interest and other expense, net
Forecasted transactions
—

 
(3
)
 
Selling, general and administrative expenses
Commodity contracts
14

 
149

 
Cost of sales
Total
$
80

 
$
141

 
 
Cash flow hedges  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Earnings/(Losses), Net of Taxes Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings/(losses) included:
 
For the Three Months Ended
March 31,
 
2019
 
2018
 
(in millions)
Accumulated (loss)/gain at beginning of period
$
(167
)
 
$
(113
)
Transfer of realized (gains)/losses in fair value to earnings
—

 
(14
)
Unrealized gain/(loss) in fair value
(69
)
 
(32
)
Accumulated (loss)/gain at end of period
$
(236
)
 
$
(159
)
Schedule of Pre-tax Effects of Derivative Instruments After-tax gains/(losses) reclassified from accumulated other comprehensive earnings/(losses) into net earnings were:
 
For the Three Months Ended
March 31,
 
2019
 
2018
 
(in millions)
Interest rate contracts
$
—

 
$
14


After-tax gains/(losses) recognized in other comprehensive earnings/(losses) were:
 
For the Three Months Ended
March 31,
 
2019
 
2018
 
(in millions)
Interest rate contracts
$
(69
)
 
$
(32
)
Net investment hedge debt  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Hedges of Net Investments in International Operations After-tax gains/(losses) related to hedges of net investments in international operations in the form of euro, British pound sterling, Swiss franc and Canadian dollar-denominated debt were recorded within the cumulative translation adjustment section of other comprehensive income and were:
 
For the Three Months Ended
March 31,
 
2019
 
2018
 
(in millions)
Euro notes
$
58

 
$
(75
)
British pound sterling notes
(6
)
 
(13
)
Swiss franc notes
13

 
(26
)
Canadian notes
(7
)
 
(2
)
Derivative  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Fair Value of Derivatives Instruments Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:
 
As of March 31, 2019
 
As of December 31, 2018
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
 
(in millions)
Derivatives designated as
accounting hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
30

 
$
307

 
$
17

 
$
355

Net investment hedge derivative contracts (1)
350

 
31

 
337

 
28

 
$
380

 
$
338

 
$
354

 
$
383

Derivatives not designated as
   accounting hedges:
 
 
 
 
 
 
 
Currency exchange contracts
$
69

 
$
28

 
$
72

 
$
37

Commodity contracts
121

 
133

 
191

 
210

 
$
190

 
$
161

 
$
263

 
$
247

Total fair value
$
570

 
$
499

 
$
617

 
$
630


(1)
Net investment hedge contracts consist of cross-currency interest rate swaps and forward contracts. We also designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 9, Debt and Borrowing Arrangements. Both net investment hedge derivative contracts and non-U.S. dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.
Schedule of Derivative Instruments Fair Value and Measurement Inputs The fair values (asset/(liability)) of our derivative instruments were determined using:
 
As of March 31, 2019
 
Total
Fair Value of Net
Asset/(Liability)
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in millions)
Currency exchange contracts
$
41

 
$
—

 
$
41

 
$
—

Commodity contracts
(12
)
 
4

 
(16
)
 
—

Interest rate contracts
(277
)
 
—

 
(277
)
 
—

Net investment hedge contracts
319

 
—

 
319

 
—

Total derivatives
$
71

 
$
4

 
$
67

 
$
—

 
As of December 31, 2018
 
Total
Fair Value of Net
Asset/(Liability)
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in millions)
Currency exchange contracts
$
35

 
$
—

 
$
35

 
$
—

Commodity contracts
(19
)
 
(1
)
 
(18
)
 
—

Interest rate contracts
(338
)
 
—

 
(338
)
 
—

Net investment hedge contracts
309

 
—

 
309

 
—

Total derivatives
$
(13
)
 
$
(1
)
 
$
(12
)
 
$
—
Schedule of Notional Values of Derivative Instruments The net notional values of our hedging instruments were:
 
Notional Amount
 
As of March 31, 2019
 
As of December 31, 2018
 
(in millions)
Currency exchange contracts:
 
 
 
Intercompany loans and forecasted interest payments
$
2,565

 
$
3,239

Forecasted transactions
2,617

 
2,396

Commodity contracts
683

 
393

Interest rate contracts
7,631

 
8,679

Net investment hedges:
 
 
 
Net investment hedge derivative contracts
6,685

 
6,678

Non-U.S. dollar debt designated as net investment hedges
 
 
 
Euro notes
3,438

 
3,514

British pound sterling notes
343

 
336

Swiss franc notes
1,407

 
1,424

Canadian dollar notes
449

 
440