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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2022
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 not designated as hedging instruments as of September 30, 2022 and December 31, 2021.
| September 30, 2022 |  | December 31, 2021
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | 380 |  |  | $ | 337 |  |  | $ | 217 |  |  | $ | 116 |
Commodity Contracts | 1,373 |  |  | 1,390 |  |  | 1,276 |  |  | 1,759 |
Debt Conversion Option | — |  |  | 3 |  |  | — |  |  | 15 |
Total | $ | 1,753 |  |  | $ | 1,730 |  |  | $ | 1,493 |  |  | $ | 1,890 |
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 nine months ended September 30, 2022 and 2021.
|  |  |  |  | Other expense (income) - net |  |  |  |
|  |  | Cost of |  |  | Interest |  |
(In millions) | Revenues |  | products sold |  |  | expense |  |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 24,683 |  |  | $ | 22,872 |  |  | $ | (67) |  |  | $ | 97 |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (5) |  |  | $ | 6 |  |  | $ | 151 |  |  | $ | — |  |  |
Commodity Contracts | — |  |  | 134 |  |  | — |  |  | — |  |  |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | 8 |  |  |
Total gain (loss) recognized in earnings | $ | (5) |  |  | $ | 140 |  |  | $ | 151 |  |  | $ | 8 |  |  | $ | 294 |
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 20,340 |  |  | $ | 19,014 |  |  | $ | 20 |  |  | $ | 61 |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 13 |  |  | $ | (92) |  |  | $ | 62 |  |  | $ | — |  |  |
Commodity Contracts | — |  |  | 214 |  |  | — |  |  | — |  |  |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | 7 |  |  |
Total gain (loss) recognized in earnings | $ | 13 |  |  | $ | 122 |  |  | $ | 62 |  |  | $ | 7 |  |  | $ | 204 |
|  |  |  |  | Other expense (income) - net |  |  |  |
|  |  | Cost of |  |  | Interest |  |
(In millions) | Revenues |  | products sold |  |  | expense |  |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 75,617 |  |  | $ | 69,809 |  |  | $ | (183) |  |  | $ | 262 |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (30) |  |  | $ | 354 |  |  | $ | 414 |  |  | $ | — |  |  |
Commodity Contracts | — |  |  | 95 |  |  | — |  |  | — |  |  |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | 12 |  |  |
Total gain (loss) recognized in earnings | $ | (30) |  |  | $ | 449 |  |  | $ | 414 |  |  | $ | 12 |  |  | $ | 845 |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 62,159 |  |  | $ | 57,822 |  |  | $ | 36 |  |  | $ | 188 |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | — |  |  | $ | (140) |  |  | $ | 137 |  |  | $ | — |  |  |
Commodity Contracts | — |  |  | (1,241) |  |  | — |  |  | — |  |  |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | 17 |  |  |
Total gain (loss) recognized in earnings | $ | — |  |  | $ | (1,381) |  |  | $ | 137 |  |  | $ | 17 |  |  | $ | (1,227) |
The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2022 and December 31, 2021.
| September 30, 2022 |  | December 31, 2021
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Commodity Contracts | $ | 86 |  |  | $ | — |  |  | $ | 86 |  |  | $ | — |
Foreign Currency Contracts | 371 |  |  | — |  |  | 21 |  |  | $ | 75 |
Interest Rate Contracts | 105 |  |  | — |  |  | 46 |  |  | — |
Total | $ | 562 |  |  | $ | — |  |  | $ | 153 |  |  | $ | 75 |
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 nine months ended September 30, 2022 and 2021.
|  |  | Cost of products sold |  |  |  |  |  |  |  |  |  |
(In millions) | Revenues |  |  |  |  |  |  |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 24,683 |  |  | $ | 22,872 |  |  |  |  |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 117 |  |  |  |  |  |  |  |  |  |  |
Interest Contracts | 1 |  |  | — |  |  |  |  |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 1 |  |  | $ | 117 |  |  |  |  |  |  |  |  |  |  | $ | 118 |
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 20,340 |  |  | $ | 19,014 |  |  |  |  |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 122 |  |  |  |  |  |  |  |  |  |  |
Interest Contracts | — |  |  | — |  |  |  |  |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | — |  |  | $ | 122 |  |  |  |  |  |  |  |  |  |  | $ | 122 |
|  |  | Cost of products sold |  |  |  |  |  |
(In millions) | Revenues |  |  |  |  |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 75,617 |  |  | $ | 69,809 |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 365 |  |  |  |  |  |  |
Interest Contracts | 1 |  |  | — |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 1 |  |  | $ | 365 |  |  |  |  |  |  | $ | 366 |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 62,159 |  |  | $ | 57,822 |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 450 |  |  |  |  |  |  |
Interest Contracts | (15) |  |  | — |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (15) |  |  | $ | 450 |  |  |  |  |  |  | $ | 435 |

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- 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=125515794&loc=SL5618551-113959 + Details
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