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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule of Effects of Derivative Instruments | Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
| For the Years Ended December 31, |  | Recognized in Earnings
| 2020 |  | 2019 |  | 2018 |
| (in millions) |  |
Currency exchange contracts: |  |  |  |  |  |  |
Intercompany loans and forecasted interest payments | $ | (70) |  |  | $ | 100 |  |  | $ | 98 |  |  | Interest and other expense, net
Forecasted transactions | 41 |  |  | 17 |  |  | 103 |  |  | Cost of sales
Forecasted transactions | (4) |  |  | (3) |  |  | (4) |  |  | Interest and other expense, net
Forecasted transactions | (1) |  |  | (8) |  |  | (3) |  |  | Selling, general and administrative expenses
Commodity contracts | 4 |  |  | 67 |  |  | 40 |  |  | Cost of sales
Total | $ | (30) |  |  | $ | 173 |  |  | $ | 234 |  |  |
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 Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
Accumulated (loss)/gain at beginning of period | $ | (213) |  |  | $ | (168) |  |  | $ | (114) |
Transfer of realized (gains)/losses in fair value to earnings | 161 |  |  | 154 |  |  | (9) |
Unrealized gain/(loss) in fair value | (109) |  |  | (199) |  |  | (45) |
Accumulated (loss)/gain at end of period | $ | (161) |  |  | $ | (213) |  |  | $ | (168) |
Schedule of Effects of Derivative Instruments | After-tax gains/(losses) reclassified from accumulated other comprehensive earnings/(losses) into net earnings were:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
Interest rate contracts | $ | (161) |  |  | $ | (154) |  |  | $ | 9 |
Within interest and other expense, net, we recognized losses related to forward starting interest rate swaps of $79 million ($103 million pre-tax) in 2020, a loss of $111 million in 2019 and a gain of $10 million in 2018 due to changes in related forecasted debt. D uring the second quarter of 2019, we also recognized a loss of $12 million related to the net loss on equity method investment transactions noted in Note 7, Equity Method Investments – JDE / Keurig Exchange. After-tax gains/(losses) recognized in other comprehensive earnings/(losses) were:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
Currency exchange contracts – forecasted transactions | $ | (2) |  |  | $ | 3 |  |  | $ | — |
Interest rate contracts | (107) |  |  | (202) |  |  | (45) |
Total | $ | (109) |  |  | $ | (199) |  |  | $ | (45) |
Net Investment Hedging |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule of Hedges of Net Investments in International Operations | As of December 31, 2020, the aggregate notional value of these NIH derivative contracts was $4.6 billion and their impact on other comprehensive earnings and net earnings during the years presented below were as follows:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
After-tax gain/(loss) on NIH contracts(1) | $ | (221) |  |  | $ | (6) |  |  | $ | 191 |
(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 consolidated statement of cash flows.
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
Amounts excluded from the assessment of hedge effectiveness(1) | $ | 117 |  |  | $ | 133 |  |  | $ | 120 |
(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 Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in millions)
Euro notes | $ | (251) |  |  | $ | 60 |  |  | $ | 126 |
British pound sterling notes | (8) |  |  | (10) |  |  | 19 |
Swiss franc notes | (82) |  |  | (19) |  |  | 7 |
Canadian notes | (7) |  |  | (17) |  |  | 17 |
Derivatives |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule of Fair Value of Derivative Instruments | Derivative instruments were recorded at fair value in the consolidated balance sheets as follows:
| As of December 31,
| 2020 |  | 2019
| Asset Derivatives |  | Liability Derivatives |  | Asset Derivatives |  | Liability Derivatives
| (in millions)
Derivatives designated as accounting hedges: |  |  |  |  |  |  |
Interest rate contracts | $ | 12 |  |  | $ | 340 |  |  | $ | 19 |  |  | $ | 190 |
Net investment hedge derivative contracts (1) | 114 |  |  | 129 |  |  | 312 |  |  | 65 |
| $ | 126 |  |  | $ | 469 |  |  | $ | 331 |  |  | $ | 255 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Currency exchange contracts | $ | 134 |  |  | $ | 119 |  |  | $ | 67 |  |  | $ | 50 |
Commodity contracts | 205 |  |  | 128 |  |  | 201 |  |  | 120 |
| $ | 339 |  |  | $ | 247 |  |  | $ | 268 |  |  | $ | 170 |
Total fair value | $ | 465 |  |  | $ | 716 |  |  | $ | 599 |  |  | $ | 425 |
(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 December 31, 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 | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |
Commodity contracts | 77 |  |  | 46 |  |  | 31 |  |  | — |
Interest rate contracts | (328) |  |  | — |  |  | (328) |  |  | — |
Net investment hedge contracts | (15) |  |  | — |  |  | (15) |  |  | — |
Total derivatives | $ | (251) |  |  | $ | 46 |  |  | $ | (297) |  |  | $ | — |
| 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 gross notional values of our derivative instruments were:
| Notional Amount
| As of December 31,
| 2020 |  | 2019
| (in millions)
Currency exchange contracts: |  |  |
Intercompany loans and forecasted interest payments | $ | 2,184 |  |  | $ | 2,474 |
Forecasted transactions | 4,169 |  |  | 3,993 |
Commodity contracts | 7,947 |  |  | 7,238 |
Interest rate contracts | 3,500 |  |  | 5,250 |
Net investment hedges: |  |  |
Net investment hedge derivative contracts | 4,551 |  |  | 6,864 |
Non-U.S. dollar debt designated as net investment hedges |  |  |
Euro notes | 3,744 |  |  | 3,436 |
British pound sterling notes | 360 |  |  | 349 |
Swiss franc notes | 1,175 |  |  | 1,448 |
Canadian dollar notes | 472 |  |  | 462 |

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