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