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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Notional Amounts (In millions) | March 31, 2021 | December 31, 2020 | March 31, 2020
Derivatives designated as hedging instruments: |  |  |
Foreign currency contracts | $ | 1,030 |  | $ | 1,164 |  | $ | 751 |
Commodity contracts | $ | 239 |  | $ | 383 |  | $ | 418 |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency contracts | $ | 715 |  | $ | 647 |  | $ | 644 |
Commodity contracts | $ | 154 |  | $ | — |  | $ | 59 |
Fair Value of Derivatives Instruments |
|  | March 31, 2021
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the interim Condensed Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | 38 |  | $ | — |  | $ | 38 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 52 | (32) |  | 20 |
Total asset derivatives |  | $ | 90 |  | $ | (32) |  | $ | 58 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 16 |  | $ | — |  | $ | 16 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 46 | (30) |  | 16 |
Total liability derivatives |  | $ | 62 |  | $ | (30) |  | $ | 32 |
|  | December 31, 2020
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | 15 |  | $ | — |  | $ | 15 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 40 |  | (40) |  | — |
Total asset derivatives |  | $ | 55 |  | $ | (40) |  | $ | 15 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 38 |  | $ | — |  | $ | 38 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 97 |  | (40) |  | 57 |
Total liability derivatives |  | $ | 135 |  | $ | (40) |  | $ | 95 |
|  | March 31, 2020
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the interim Condensed Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | 36 |  | $ | — |  | $ | 36 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 230 |  | (110) |  | 120 |
Total asset derivatives |  | $ | 266 |  | $ | (110) |  | $ | 156 |
Liability derivatives: |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 108 |  | $ | (103) |  | $ | 5 |
Total liability derivatives |  | $ | 108 |  | $ | (103) |  | $ | 5 |
1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Effect of Derivatives |
| Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax |  |
| Three Months Ended March 31, |
(In millions) | 2021 | 2020 |  |
Derivatives designated as hedging instruments: |  |  |  |
Net investment hedges: |  |  |  |
Foreign currency contracts | $ | 21 |  | $ | 9 |  |  |
Cash flow hedges: |  |  |  |
Foreign currency contracts | 31 |  | 19 |  |  |
Commodity contracts | 36 |  | (34) |  |  |
Total derivatives designated as hedging instruments | $ | 88 |  | $ | (6) |  |  |
1.OCI is defined as other comprehensive income (loss).
| Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 |  |
| Three Months Ended March 31, |
(In millions) | 2021 | 2020 |  |
Derivatives designated as hedging instruments: |  |  |  |
Cash flow hedges: |  |  |  |
Foreign currency contracts 2 | $ | 1 |  | $ | — |  |  |
Commodity contracts 2 | 4 |  | (7) |  |  |
Total derivatives designated as hedging instruments | $ | 5 |  | $ | (7) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts 3 | $ | 16 |  | $ | 165 |  |  |
Foreign currency contracts 2 | 2 |  | — |  |  |
Commodity contracts 2 | (12) |  | 9 |  |  |
Total derivatives not designated as hedging instruments | 6 |  | 174 |  |  |
Total derivatives | $ | 11 |  | $ | 167 |  |  |
1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2.Recorded in cost of goods sold. 3.Gain recognized in other income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 - Supplementary Information, for additional information.
Schedule of Realized Gains (Losses) |
Investing Results | Three Months Ended March 31,
(In millions) | 2021
Proceeds from sales of available-for-sale securities | $ | 161 |
Gross realized losses | (6) |
Total | $ | 155 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value |
March 31, 2021 | 12 months or more
(In millions) | Fair value | Gross unrealized losses
U.S. Treasuries | $ | 65 |  | $ | — |
Commodity Contract [Member] |
Derivative [Line Items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| Three Months Ended March 31, |
(In millions) | 2021 | 2020 |  |
Beginning balance | $ | (16) |  | $ | 2 |  |  |
Additions and revaluations of derivatives designated as cash flow hedges | 30 |  | (22) |  |  |
Clearance of hedge results to earnings | (4) |  | 5 |  |  |
Ending balance | $ | 10 |  | $ | (15) |  |  |
Foreign Currency Contract [Member] |
Derivative [Line Items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| Three Months Ended March 31, |
(In millions) | 2021 | 2020 |
Beginning balance | $ | (17) |  | $ | — |  |
Additions and revaluations of derivatives designated as cash flow hedges | 25 |  | 16 |  |
Clearance of hedge results to earnings | (2) |  | — |  |
Ending balance | $ | 6 |  | $ | 16 |  |

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