XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023 and 2022.
| December 31, 2023 |  | December 31, 2022
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Foreign Currency Contracts | $ | 187 |  |  | $ | 122 |  |  | $ | 154 |  |  | $ | 275 |
Commodity Contracts | 1,343 |  |  | 957 |  |  | 1,337 |  |  | 1,248 |
Debt Conversion Option | — |  |  | — |  |  | — |  |  | 6 |
Total | $ | 1,530 |  |  | $ | 1,079 |  |  | $ | 1,491 |  |  | $ | 1,529 |
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, 2023, 2022, and 2021.
|  |  | Cost of |  |  |  | Other expense (income) - net |  |  |  |
|  |  | products |  | Interest |  |  |  |  |
(In millions) | Revenues |  | sold |  | Expense |  |  |  |  |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 93,935 |  |  | $ | 86,422 |  |  | $ | 647 |  |  | $ | (176) |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (33) |  |  | $ | 322 |  |  | $ | — |  |  | $ | 43 |  |  |  |  |
Commodity Contracts | — |  |  | 619 |  |  | — |  |  | — |  |  |  |  |
Debt Conversion Option | — |  |  | — |  |  | 6 |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (33) |  |  | $ | 941 |  |  | $ | 6 |  |  | $ | 43 |  |  | $ | 957 |  |  |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 101,556 |  |  | $ | 93,986 |  |  | $ | 396 |  |  | $ | (358) |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (42) |  |  | $ | 367 |  |  | $ | — |  |  | $ | 194 |  |  |  |  |
Commodity Contracts | — |  |  | (120) |  |  | — |  |  | — |  |  |  |  |
Debt Conversion Option | — |  |  | — |  |  | 9 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (42) |  |  | $ | 247 |  |  | $ | 9 |  |  | $ | 194 |  |  | $ | 408 |  |  |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 85,249 |  |  | $ | 79,262 |  |  | $ | 265 |  |  | $ | (94) |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 3 |  |  | $ | (140) |  |  | $ | — |  |  | $ | 189 |  |  |  |  |
Commodity Contracts | — |  |  | (1,606) |  |  | — |  |  | — |  |  |  |  |
Debt Conversion Option | — |  |  | — |  |  | 19 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 3 |  |  | $ | (1,746) |  |  | $ | 19 |  |  | $ | 189 |  |  | $ | (1,535) |  |  |
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, 2023 and 2022.
| December 31, 2023 |  | December 31, 2022
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (In millions)
Commodity Contracts | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |
Interest Rate Contracts | — |  |  | — |  |  | 109 |  |  | — |
Foreign Currency Contracts | — |  |  | 22 |  |  | 104 |  |  | — |
Total | $ | 16 |  |  | $ | 22 |  |  | $ | 213 |  |  | $ | 20 |
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, 2023, 2022, and 2021.
|  |  | Cost of products sold |  |  |  |  |  |  |
(In millions) | Revenues |  |  |  |  |  |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 93,935 |  |  | $ | 86,422 |  |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts | — |  |  | 322 |  |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | — |  |  | $ | 322 |  |  |  |  |  |  | $ | 322 |  |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 101,556 |  |  | $ | 93,986 |  |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 351 |  |  |  |  |  |  |  |
Interest Rate Contracts | 1 |  |  | — |  |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 1 |  |  | $ | 351 |  |  |  |  |  |  | $ | 352 |  |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Earnings | $ | 85,249 |  |  | $ | 79,262 |  |  |  |  |  |  |  |
Effective amounts recognized in earnings |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts | $ | — |  |  | $ | 490 |  |  |  |  |  |  |  |
Interest Rate Contracts | (16) |  |  | — |  |  |  |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (16) |  |  | $ | 490 |  |  |  |  |  |  | $ | 474 |  |

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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration