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Financial Instruments (Tables)

12 Months Ended

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. During 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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