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Financial Instruments - Fair Value of Derivative Instruments (Details) $ in Millions | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Sep. 20, 2021 EUR (€) | Dec. 31, 2020 USD ($)
--- | --- | --- | --- | ---
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | $ 687 |  | $ 465
Liability Derivatives |  |  | 242 |  | 716
0.000% Notes Due September 2024 | Exchangeable Notes |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Debt issued | € |  | € 300,000,000 |  | € 300,000,000 |
Derivatives designated as accounting hedges |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | 144 |  | 126
Liability Derivatives |  |  | 62 |  | 469
Derivatives designated as accounting hedges | Interest rate contracts |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | 27 |  | 12
Liability Derivatives |  |  | 17 |  | 340
Derivatives designated as accounting hedges | Net investment hedge contracts |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives | [1] |  | 117 |  | 114
Liability Derivatives | [1] |  | 45 |  | 129
Derivatives not designated as accounting hedges |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | 543 |  | 339
Liability Derivatives |  |  | 180 |  | 247
Derivatives not designated as accounting hedges | Currency exchange contracts |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | 156 |  | 134
Liability Derivatives |  |  | 40 |  | 119
Derivatives not designated as accounting hedges | Commodity contracts |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives |  |  | 387 |  | 205
Liability Derivatives |  |  | 137 |  | 128
Derivatives not designated as accounting hedges | Equity method investment contracts |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |
Asset Derivatives | [2] |  | 0 |  | 0
Liability Derivatives | [2] |  | $ 3 |  | $ 0
[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.
[2] | Equity method investment contracts consist of the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 9, Debt and Borrowing Arrangements

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