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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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 Three Months Ended March 31,																		Location of Gain/(Loss) Recognized in Earnings
			2021						2020
			(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments			$	70					$	(73)																	Interest and other expense, net
Forecasted transactions			50						26																		Cost of sales
Forecasted transactions			(16)						1																		Interest and other expense, net
Forecasted transactions			2						(1)																		Selling, general and administrative expenses
Commodity contracts			94						(197)																		Cost of sales
Total			$	200					$	(244)

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,
			2021						2020
			(in millions)
Accumulated (loss)/gain at beginning of period			$	(161)					$	(213)
Transfer of realized losses/(gains) in fair value    to earnings			5						81
Unrealized (loss)/gain in fair value			(3)						(23)
Accumulated (loss)/gain at end of period			$	(159)					$	(155)

Schedule of 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,
			2021						2020
			(in millions)
Interest rate contracts			$	(5)					$	(81)

Within interest and other expense, net, due to changes in forecasted debt, we recognized losses related to forward-starting interest rate swaps of $79 million ($103 million pre-tax) in the three months ended March 31, 2020.

After-tax gains/(losses) recognized in other comprehensive earnings/(losses) were:

			For the Three Months Ended March 31,
			2021						2020
			(in millions)
Currency exchange contracts – forecasted transactions			$	(1)					$	—
Interest rate contracts			(2)						(23)
Total			$	(3)					$	(23)

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 March 31,
			2021						2020
			(in millions)
After-tax gain/(loss) on NIH contracts(1)			$	59					$	332

(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 March 31,
			2021						2020
			(in millions)
Amounts excluded from the assessment of hedge effectiveness(1)			$	20					$	33

(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 March 31,
			2021						2020
			(in millions)
Euro notes			$	124					$	42
British pound sterling notes			(2)						17
Swiss franc notes			56						(6)
Canadian notes			(5)						27

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, 2021												As of December 31, 2020
			Asset Derivatives						Liability Derivatives						Asset Derivatives						Liability Derivatives
			(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts			$	13					$	193					$	12					$	340
Net investment hedge derivative contracts (1)			118						58						114						129
			$	131					$	251					$	126					$	469
Derivatives not designated as    accounting hedges:
Currency exchange contracts			$	141					$	73					$	134					$	119
Commodity contracts			249						104						205						128
			$	390					$	177					$	339					$	247
Total fair value			$	521					$	428					$	465					$	716

(1)Net investment hedge derivative contracts consist of cross-currency interest rate swaps, forward contracts and options. 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 March 31, 2021
			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			$	68					$	—					$	68					$	—
Commodity contracts			145						68						77						—
Interest rate contracts			(180)						—						(180)						—
Net investment hedge contracts			60						—						60						—
Total derivatives			$	93					$	68					$	25					$	—

			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)					$	—

Schedule of Notional Values of Derivative Instruments

The notional values of our hedging instruments were:

			Notional Amount
			As of March 31, 2021						As of December 31, 2020
			(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments			$	2,218					$	2,184
Forecasted transactions			3,845						4,169
Commodity contracts			6,088						7,947
Interest rate contracts			3,500						3,500
Net investment hedges:
Net investment hedge derivative contracts			4,720						4,551
Non-U.S. dollar debt designated as net investment hedges
Euro notes			3,737						3,744
British pound sterling notes			363						360
Swiss franc notes			1,102						1,175
Canadian dollar notes			478						472

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