XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2020 and December 31, 2019.
| June 30, 2020 |  | December 31, 2019
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | 70 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 5 |
Interest Rate Contracts | 10 |  |  | 46 |  |  | 3 |  |  | 43 |
Total | $ | 80 |  |  | $ | 46 |  |  | $ | 16 |  |  | $ | 48 |
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2020 and 2019.
|  |  | Cost of products sold |  | Interest expense |  | Other expense (income) - net |  |
(In millions) | Revenues |  |  |  |  |
Three Months Ended June 30, 2020 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 16,281 |  |  | $ | 15,173 |  |  | $ | 87 |  |  | $ | (67 | ) |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | 3 |  |  | $ | (36 | ) |  | $ | — |  |  | $ | — |  |  |
Interest Contracts | — |  |  | — |  |  | (8 | ) |  | (16 | ) |  |
Total gain (loss) recognized in earnings | $ | 3 |  |  | $ | (36 | ) |  | $ | (8 | ) |  | $ | (16 | ) |  | $ | (57 | )
Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 16,297 |  |  | $ | 15,325 |  |  | $ | 109 |  |  | $ | (13 | ) |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  |
Interest Contracts | — |  |  | — |  |  | — |  |  | (6 | ) |  |
Total gain (loss) recognized in earnings | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (6 | ) |  | $ | — |
|  |  | Cost of products sold |  | Interest expense |  | Other expense (income) - net |  |
(In millions) | Revenues |  |  |  |  |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 31,251 |  |  | $ | 29,192 |  |  | $ | 170 |  |  | $ | (99 | ) |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | 8 |  |  | $ | (60 | ) |  | $ | — |  |  | $ | — |  |  |
Interest Contracts | — |  |  | — |  |  | (8 | ) |  | (41 | ) |  |
Total gain (loss) recognized in earnings | $ | 8 |  |  | $ | (60 | ) |  | $ | (8 | ) |  | $ | (41 | ) |  | $ | (101 | )
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 31,601 |  |  | $ | 29,701 |  |  | $ | 210 |  |  | $ | (21 | ) |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | (8 | ) |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  |
Interest Contracts | — |  |  | — |  |  | — |  |  | (8 | ) |  |
Total gain (loss) recognized in earnings | $ | (8 | ) |  | $ | 6 |  |  | $ | — |  |  | $ | (8 | ) |  | $ | (10 | )
The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2020 and December 31, 2019.
| June 30, 2020 |  | December 31, 2019
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | 239 |  |  | $ | 391 |  |  | $ | 125 |  |  | $ | 120 |
Commodity Contracts | 746 |  |  | 684 |  |  | 478 |  |  | 574 |
Total | $ | 985 |  |  | $ | 1,075 |  |  | $ | 603 |  |  | $ | 694 |
The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2020 and 2019.
|  |  |  |  | Other expense (income) - net |  |
|  |  | Cost of products sold |  |  |
(In millions) | Revenues |  |  |  |
Three Months Ended June 30, 2020 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 16,281 |  |  | $ | 15,173 |  |  | $ | (67 | ) |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 11 |  |  | $ | (76 | ) |  | $ | (52 | ) |  |
Commodity Contracts | — |  |  | (29 | ) |  | — |  |  |
Total gain (loss) recognized in earnings | $ | 11 |  |  | $ | (105 | ) |  | $ | (52 | ) |  | $ | (146 | )
Three Months Ended June 30, 2019 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 16,297 |  |  | $ | 15,325 |  |  | $ | (13 | ) |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (10 | ) |  | $ | 51 |  |  | $ | 14 |  |  |
Commodity Contracts | — |  |  | (131 | ) |  | — |  |  |
Total gain (loss) recognized in earnings | $ | (10 | ) |  | $ | (80 | ) |  | $ | 14 |  |  | $ | (76 | )
|  |  |  |  | Other expense (income) - net |  |
|  |  | Cost of products sold |  |  |
(In millions) | Revenues |  |  |  |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 31,251 |  |  | $ | 29,192 |  |  | $ | (99 | ) |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 46 |  |  | $ | (661 | ) |  | $ | 72 |  |  |
Commodity Contracts | — |  |  | 593 |  |  | 55 |  |  |
Total gain (loss) recognized in earnings | $ | 46 |  |  | $ | (68 | ) |  | $ | 127 |  |  | $ | 105 |
Six Months Ended June 30, 2019 |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 31,601 |  |  | $ | 29,701 |  |  | $ | (21 | ) |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (2 | ) |  | $ | 51 |  |  | $ | (16 | ) |  |
Commodity Contracts | — |  |  | (11 | ) |  | — |  |  |
Total gain (loss) recognized in earnings | $ | (2 | ) |  | $ | 40 |  |  | $ | (16 | ) |  | $ | 22 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration