v3.20.4
Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OCI $ (582) $ 476 $ 220
Amount of Gains/(Losses) Recognized in OCI [1],[2] 12 0  
Amount of Gains/(Losses) Recognized in OCI [1] (1,077) 421  
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [3] (21) 664 $ (27)
Other Nonoperating Income (Expense) [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OID [1] 178 (172)  
Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[2] (1) (1)  
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 133 808  
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OCI [1],[4] (649) 339  
Amount of Gains/(Losses) Recognized in OCI [1] (501) (313)  
Amount of Gains/(Losses) Reclassified from OCI into OID and COS 172 [1] 247  
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] (77) 525  
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 0 0  
Designated as Hedging Instrument [Member] | Interest rate contracts [Member] | Other Nonoperating Income (Expense) [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OID [1] 369 900  
Hedged Item [1] (369) (900)  
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OCI [1] 8 34  
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member] | Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain/(Losses) Reclassified from OCI into OID and COS [1] 0 0  
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OCI [1],[5] (183) 36  
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member] | Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain/(Losses) Reclassified from OCI into OID and COS [1],[5] 0 0  
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount excluded from effectiveness testing [1],[2] 55 136  
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts [Member] | Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount excluded from effectiveness testing [1],[2] 57 140  
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign exchange contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount excluded from effectiveness testing [1],[2] 181 188  
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign exchange contracts [Member] | Other (Income) Deductions And Cost Of Sales [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount excluded from effectiveness testing [1],[2] 154 144  
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Other Nonoperating Income (Expense) [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gains/(Losses) Recognized in OID [1] $ 178 $ (172)  
[1] OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the consolidated statements of income. OCI = Other comprehensive income/(loss), included in the consolidated statements of comprehensive income.
[2] The amounts reclassified from OCI were reclassified into OID.
[3] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[4] The amounts reclassified from OCI into COS were:
•a net gain of $172 million in 2020 (including a gain of $22 million reported in Income from discontinued operations––net of tax); and
•a net gain of $247 million in 2019 (including a gain of $46 million reported in Income from discontinued operations––net of tax).
The remaining amounts were reclassified from OCI into OID. Based on year-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $341 million within the next 12 months into income. The maximum length of time over which we are hedging future foreign exchange cash flow relates to our $1.8 billion U.K. pound debt maturing in 2043.
[5] Long-term debt includes foreign currency borrowings with carrying values of $2.1 billion as of December 31, 2020, which are used as hedging instruments in net investment hedge relationships.