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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30,												For the Nine Months Ended September 30,												Location of Gain/(Loss) Recognized in Earnings
			2020						2019						2020						2019
			(in millions)
Currency exchange contracts:
Intercompany loans and    forecasted interest payments			$	7					$	60					$	(73)					$	71					Interest and other expense, net
Forecasted transactions			28						50						50						30						Cost of sales
Forecasted transactions			6						(1)						(3)						(2)						Interest and other expense, net
Forecasted transactions			(1)						(1)						(2)						(6)						Selling, general and administrative expenses
Commodity contracts			136						(38)						(47)						28						Cost of sales
Total			$	176					$	70					$	(75)					$	121

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 September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
			(in millions)
Accumulated (loss)/gain at beginning of period			$	(154)					$	(295)					$	(213)					$	(168)
Transfer of realized losses/(gains) in fair value to earnings			65						111						153						123
Unrealized (loss)/gain in fair value			(69)						(75)						(98)						(214)
Accumulated (loss)/gain at end of period			$	(158)					$	(259)					$	(158)					$	(259)

Net investment hedges

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Hedges of Net Investments in International Operations

The impacts of the net investment hedge derivative contracts on other comprehensive earnings and net earnings were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
			(in millions)
After-tax gain/(loss) on NIH contracts(1)			$	(223)					$	193					$	(6)					$	260

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
			(in millions)
Amounts excluded from the assessment of    hedge effectiveness(1)			$	28					$	34					$	92					$	101

(1)We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

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 September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
			(in millions)
Euro notes			$	(122)					$	111					$	(135)					$	133
British pound sterling notes			(10)						8						7						9
Swiss franc notes			(27)						24						(47)						16
Canadian notes			(6)						4						9						(10)

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 September 30, 2020												As of December 31, 2019
			Asset Derivatives						Liability Derivatives						Asset Derivatives						Liability Derivatives
			(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts			$	13					$	176					$	19					$	190
Net investment hedge derivative contracts (1)			275						74						312						65
			$	288					$	250					$	331					$	255
Derivatives not designated as accounting hedges:
Currency exchange contracts			$	88					$	74					$	67					$	50
Commodity contracts			170						162						201						120
			$	258					$	236					$	268					$	170
Total fair value			$	546					$	486					$	599					$	425

(1)Net investment hedge derivative 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 8, 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 September 30, 2020
			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			$	14					$	—					$	14					$	—
Commodity contracts			8						18						(10)						—
Interest rate contracts			(163)						—						(163)						—
Net investment hedge contracts			201						—						201						—
Total derivatives			$	60					$	18					$	42					$	—

			As of December 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			$	17					$	—					$	17					$	—
Commodity contracts			81						27						54						—
Interest rate contracts			(171)						—						(171)						—
Net investment hedge contracts			247						—						247						—
Total derivatives			$	174					$	27					$	147					$	—

Schedule of Notional Values of Derivative Instruments

The notional values of our hedging instruments were:

			Notional Amount
			As of September 30, 2020						As of December 31, 2019
			(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments			$	2,206					$	2,474
Forecasted transactions			4,117						3,993
Commodity contracts			8,136						7,238
Interest rate contracts			3,500						5,250
Net investment hedges:
Net investment hedge derivative contracts			6,168						6,864
Non-U.S. dollar debt designated as net investment hedges
Euro notes			3,592						3,436
British pound sterling notes			340						349
Swiss franc notes			1,276						1,448
Canadian dollar notes			450						462

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