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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Effects of Derivative Instruments

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

			For the Years Ended December 31,
			2021						2020						2019
			(in millions)
Currency exchange contracts – forecasted transactions			$	—					$	(2)					$	3
Interest rate contracts			168						(107)						(202)
Total			$	168					$	(109)					$	(199)

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

			For the Years Ended December 31,																		Recognized in Earnings
			2021						2020						2019
			(in millions)
Currency exchange contracts:
Intercompany loans and       forecasted interest payments			$	57					$	(70)					$	100					Interest and other expense, net
Forecasted transactions			80						41						17						Cost of sales
Forecasted transactions			(1)						(4)						(3)						Interest and other expense, net
Forecasted transactions			—						(1)						(8)						Selling, general and administrative expenses
Commodity contracts			385						4						67						Cost of sales
Equity method investment contracts			2						—						—						Gain on equity method investment contracts
Total			$	523					$	(30)					$	173

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,
			2021						2020						2019
			(in millions)
Accumulated (loss)/gain at beginning of period			$	(161)					$	(213)					$	(168)
Transfer of realized (gains)/losses in fair value to earnings			(155)						161						154
Unrealized gain/(loss) in fair value			168						(109)						(199)
Accumulated (loss)/gain at end of period			$	(148)					$	(161)					$	(213)

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,
			2021						2020						2019
			(in millions)
Interest rate contracts			$	155					$	(161)					$	(154)

Net Investment Hedging

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Hedges of Net Investments in International Operations

As of December 31, 2021, the aggregate notional value of these NIH derivative contracts was $3.9 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,
			2021						2020						2019
			(in millions)
After-tax gain/(loss) on NIH contracts(1)			$	63					$	(221)					$	(6)

(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,
			2021						2020						2019
			(in millions)
Amounts excluded from the assessment of    hedge effectiveness(1)			$	75					$	117					$	133

(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,
			2021						2020						2019
			(in millions)
Euro notes			$	211					$	(251)					$	60
British pound sterling notes			3						(8)						(10)
Swiss franc notes			29						(82)						(19)
Canadian notes			(3)						(7)						(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,
			2021												2020
			Asset Derivatives						Liability Derivatives						Asset Derivatives						Liability Derivatives
			(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts			$	27					$	17					$	12					$	340
Net investment hedge derivative contracts (1)			117						45						114						129
			$	144					$	62					$	126					$	469
Derivatives not designated as    accounting hedges:
Currency exchange contracts			$	156					$	40					$	134					$	119
Commodity contracts			387						137						205						128
Equity method investment contracts(2)			—						3						—						—
			$	543					$	180					$	339					$	247
Total fair value			$	687					$	242					$	465					$	716

(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.

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, 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			$	116					$	—					$	116					$	—
Commodity contracts			251						161						90						—
Interest rate contracts			10												10
Net investment hedge contracts			71						—						71						—
Equity method investment contracts			(3)						—						(3)						—
Total derivatives			$	445					$	161					$	284					$	—

			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 gross notional values of our derivative instruments were:

			Notional Amount
			As of December 31,
			2021						2020
			(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments			$	1,891					$	2,184
Forecasted transactions			4,831						4,169
Commodity contracts			9,694						7,947
Interest rate contracts			1,850						3,500
Net investment hedges:
Net investment hedge derivative contracts			3,915						4,551
Non-U.S. dollar debt designated as net investment hedges
Euro notes			3,622						3,744
British pound sterling notes			356						360
Swiss franc notes			811						1,175
Canadian dollar notes			475						472

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