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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Other Derivatives Not Designated as Hedging Instruments | The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2020 and 2019.
| December 31, 2020 |  | December 31, 2019
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | 283 |  |  | $ | 270 |  |  | $ | 125 |  |  | $ | 120 |
Commodity Contracts | 2,764 |  |  | 2,034 |  |  | 478 |  |  | 574 |
Debt Conversion Option | — |  |  | 34 |  |  | — |  |  | — |
Total | $ | 3,047 |  |  | $ | 2,338 |  |  | $ | 603 |  |  | $ | 694 |
The following table sets 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 years ended December 31, 2020, 2019, and 2018.
|  |  | Cost of |  | Other expense (income) - net |  |  |  |  |  |
|  |  | products |  |  | Interest |  |  |  |
(In millions) | Revenues |  | sold |  |  | Expense |  |  |  |
For the Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,355 |  |  | $ | 59,902 |  |  | $ | (278) |  |  | $ | 339 |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 28 |  |  | $ | (496) |  |  | $ | (153) |  |  | $ | — |  |  |  |  |
Commodity Contracts | — |  |  | (68) |  |  | — |  |  |  |  |  |  |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | (17) |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 28 |  |  | $ | (564) |  |  | $ | (153) |  |  | $ | (17) |  |  | $ | (706) |  |  |
For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,656 |  |  | $ | 60,509 |  |  | $ | 7 |  |  | $ | 402 |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 9 |  |  | $ | 32 |  |  | $ | (21) |  |  | $ | — |  |  |  |  |
Commodity Contracts | — |  |  | 24 |  |  | — |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 9 |  |  | $ | 56 |  |  | $ | (21) |  |  | $ | — |  |  | $ | 44 |  |  |
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,341 |  |  | $ | 60,160 |  |  | $ | 101 |  |  | $ | 364 |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 5 |  |  | $ | (139) |  |  | $ | (177) |  |  | $ | — |  |  |  |  |
Commodity Contracts | — |  |  | 258 |  |  | — |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 5 |  |  | $ | 119 |  |  | $ | (177) |  |  | $ | — |  |  | $ | (53) |  |  |
Schedule Of Derivatives Designated As Hedging Instruments | The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2020 and 2019.
| December 31, 2020 |  | December 31, 2019
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | — |  |  | $ | 265 |  |  | $ | 13 |  |  | $ | 5 |
Interest Rate Contracts | 61 |  |  | 15 |  |  | 3 |  |  | 43 |
Total | $ | 61 |  |  | $ | 280 |  |  | $ | 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 statement of earnings for the years ended December 31, 2020, 2019, and 2018.
|  |  | Cost of products sold |  | Interest expense |  | Other expense (income) - net |  |  |
(In millions) | Revenues |  |  |  |  |  |
For the Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,355 |  |  | $ | 59,902 |  |  | $ | 339 |  |  | $ | (278) |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Interest Contracts | (75) |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  |  |
Commodity Contracts | 7 |  |  | 27 |  |  | — |  |  | (2) |  |  |  |
Total gain (loss) recognized in earnings | $ | (68) |  |  | $ | 27 |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | (45) |  |
For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,656 |  |  | $ | 60,509 |  |  | 402 |  |  | $ | 7 |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (46) |  |  |  |
Commodity Contracts | (44) |  |  | (11) |  |  | — |  |  | — |  |  |  |
Total gain (loss) recognized in earnings | $ | (44) |  |  | $ | (11) |  |  | $ | 1 |  |  | $ | (46) |  |  | $ | (100) |  |
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 64,341 |  |  | $ | 60,160 |  |  | $ | 364 |  |  | $ | 101 |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |
Commodity Contracts | 36 |  |  | (113) |  |  | — |  |  | — |  |  |  |
Total gain (loss) recognized in earnings | $ | 36 |  |  | $ | (113) |  |  | $ | 1 |  |  | $ | — |  |  | $ | (76) |  |

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