v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows:
 As of June 30, 2025As of December 31, 2024
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
 
Type of Hedge (1)
(in millions)
Derivatives designated as
accounting hedges (2):
Foreign currency contracts
NIH
$— $344 $5 $5 
Interest rate contracts
CF
— 3 2 11 
Cross-currency swap contracts
CF/NIH
212 554 382 69 
$212 $901 $389 $85 
Derivatives not designated as
   accounting hedges:
Foreign currency contracts
$190 $192 $302 $118 
Commodity contracts794 718 2,205 1,522 
Interest rate contracts3 — 3 — 
$987 $910 $2,510 $1,640 
Total fair value$1,199 $1,811 $2,899 $1,725 

(1)Derivative contracts designated as either cash flow ("CF") or net investment hedging ("NIH") instruments.
(2)We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 7, Debt and Borrowing Arrangements. Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote.
Fair Value of Offsetting Assets
We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

 As of June 30, 2025As of December 31, 2024
 (in millions)
Other current assets
$1,008 $2,545 
Other assets
191 354 
Other current liabilities
1,202 1,641 
Other liabilities
609 84 
Fair Value of Offsetting Liabilities
We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

 As of June 30, 2025As of December 31, 2024
 (in millions)
Other current assets
$1,008 $2,545 
Other assets
191 354 
Other current liabilities
1,202 1,641 
Other liabilities
609 84 
Summary of Derivative Instrument Fair Value Measurement Inputs
The fair values (asset/(liability)) of our derivative instruments were determined using:
 As of June 30, 2025
 Total
Fair Value of Net
Asset/(Liability)		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Foreign currency contracts
$(346)$— $(346)$— 
Commodity contracts76 28 48 — 
Interest rate contracts— — — — 
Cross-currency swap contracts
(342)— (342)— 
Total derivatives$(612)$28 $(640)$— 
 As of December 31, 2024
 Total
Fair Value of Net
Asset/(Liability)		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Foreign currency contracts
$184 $— $184 $— 
Commodity contracts683 (111)794 — 
Interest rate contracts(6)— (6)— 
Cross-currency swap contracts
313 — 313 — 
Total derivatives$1,174 $(111)$1,285 $— 
Schedule of Notional Values of Derivative Instruments
The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were:
 Notional Amount
 As of June 30,
2025		As of December 31, 2024
 (in millions)
Foreign currency contracts
$20,667 $13,724 
Commodity contracts
13,973 16,210 
Interest rate contracts2,089 4,189 
Cross-currency swap contracts
7,219 9,608 
Non-U.S. dollar debt designated as net investment hedges:
Euro notes3,755 3,298 
Swiss franc notes252 220 
Canadian dollar notes478 869 
Schedule of Net Investment Hedges
Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)
(Loss)/gain on NIH contracts (1)
$(799)$22 $(1,000)$242 
Amounts excluded from the assessment of hedge effectiveness (2)
67 46 124 87 

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).
(2)We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.
Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:

 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)
Euro notes$(310)$24 $(457)$103 
Swiss franc notes(26)(1)(32)25 
Canadian notes(25)4 (25)14 
Summary of Economic Hedges Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)
Foreign currency contracts:
Cost of sales
$(34)$(2)$(165)$23 
Selling, general and administrative expenses
(6)(6)(6)1 
Interest and other expense, net
(63)9 27 65 
Commodity contracts - Cost of sales
19 (255)(390)929 
Interest rate contracts - Interest and other expense, net
1 1 1 1 
Total$(83)$(253)$(533)$1,019 
Schedule of Contingent Consideration
The following is a summary of our contingent consideration liability activity:

 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)(in millions)
Liability at beginning of period$167 $703 $179 $680 
Changes in fair value
(26)12 (38)35 
Payments
— (54)— (54)
Currency
1 — 1 — 
Liability at end of period$142 $661 $142 $661