v3.25.3
FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Exchange Derivative Contracts Outstanding
At September 30, 2025, the following notional amounts related to foreign currency derivative contracts were outstanding, which mature through September 2027:
(in millions)Notional Amount*
Traded CurrencyNotional in Traded CurrencyNotional in Approximate U.S. Dollar
Euro352 $412 
U.S. Dollar394 $394 
Mexican Peso3,110 $169 
Polish Zloty606 $166 
Korean Won56,911 $40 
Swiss Franc30 $38 
Hungarian Forint11,738 $35 
British Pound23 $31 
*Table above excludes non-significant traded currency with total notional amounts less than $10 million U.S. Dollar equivalent as of September 30, 2025.
Schedule of Foreign Exchange Contracts, Statement of Financial Position At September 30, 2025 and December 31, 2024, the following cross-currency swap contracts were outstanding and mature through August 2030:
Cross-currency swaps
(in millions)September 30, 2025December 31, 2024
U.S. Dollar to Euro:
Fixed receiving notional$400 $1,100 
Fixed paying notional€355 €976 
U.S. Dollar to Euro:
Fixed receiving notional$500 $— 
Fixed paying notional€450 €— 
U.S. Dollar to Euro:
Fixed receiving notional$200 $— 
Fixed paying notional€179 €— 
U.S. Dollar to Euro:
Fixed receiving notional$500 $500 
Fixed paying notional€470 €470 
U.S. Dollar to Japanese yen:
Fixed receiving notional$100 $100 
Fixed paying notional¥12,724 ¥12,724 
Schedule of Derivatives Instruments in Statements of Financial Position
At September 30, 2025 and December 31, 2024, the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to or receivable from counterparties for derivative instruments under ASC Topic 815, “Derivatives and Hedging”:
(in millions)AssetsLiabilities
Derivatives designated as hedging instruments Under 815:LocationSeptember 30, 2025December 31, 2024LocationSeptember 30, 2025December 31, 2024
Foreign currencyPrepayments and other current assets$15 $18 Other current liabilities$16 $23 
Foreign currencyOther non-current assets$3 $5 Other non-current liabilities$4 $5 
Net investment hedgesOther non-current assets$17 $84 Other non-current liabilities$98 $— 
Derivatives not designated as hedging instruments:
Foreign currencyPrepayments and other current assets$— $1 Other current liabilities$— $4 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less for designated hedges. The amount expected to be reclassified to income in one year or less assumes no change in the current relationship of the hedged item at September 30, 2025 market rates.
(in millions)Deferred gain (loss) in AOCI atGain (loss) expected to be reclassified to income in one year or less
Contract TypeSeptember 30, 2025December 31, 2024
Cash flow hedges:
Foreign currency$1 $(7)$(1)
Net investment hedges:
    Cross-currency swaps$(82)$84 $— 
    Foreign currency-denominated debt31 168 — 
Total$(50)$245 $(1)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below shows deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less for designated hedges. The amount expected to be reclassified to income in one year or less assumes no change in the current relationship of the hedged item at September 30, 2025 market rates.
(in millions)Deferred gain (loss) in AOCI atGain (loss) expected to be reclassified to income in one year or less
Contract TypeSeptember 30, 2025December 31, 2024
Cash flow hedges:
Foreign currency$1 $(7)$(1)
Net investment hedges:
    Cross-currency swaps$(82)$84 $— 
    Foreign currency-denominated debt31 168 — 
Total$(50)$245 $(1)
Gains and losses on derivative instruments designated as net investment hedges were recognized in other comprehensive income (loss) during the periods presented below.

(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Net investment hedges2025202420252024
Cross-currency swaps$27 $(33)$(166)$5 
Foreign currency-denominated debt$(3)$(42)$(137)$(10)
Schedule of Derivative Instruments
Derivative instruments designated as hedging instruments as defined by ASC Topic 815 held during the period resulted in the gains and losses recorded in income shown in the table below.
Three Months Ended September 30, 2025
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$3,591 $2,927 $341 $30 
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$(11)
Gain (loss) reclassified from AOCI to income$1 $(2)$— $— 
Nine Months Ended September 30, 2025
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$10,744 $8,801 $973 $182 
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$— 
Gain (loss) reclassified from AOCI to income$1 $(8)$(2)$— 
Three Months Ended September 30, 2024
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$3,449 $2,813 $340 $130 
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$23 
Gain (loss) reclassified from AOCI to income$1 $4 $— $— 
Nine Months Ended September 30, 2024
(in millions)Net salesCost of salesSelling, general and administrative expensesOther comprehensive income (loss)
Total amounts of earnings and other comprehensive income (loss) line items in which the effects of cash flow hedges are recorded$10,647 $8,682 $1,010 $20 
Gain (loss) on cash flow hedging relationships:
Foreign currency:
Gain (loss) recognized in other comprehensive income$19 
Gain (loss) reclassified from AOCI to income$1 $26 $— $— 
Schedule of Derivative Instruments, Gain (Loss)
Derivatives designated as net investment hedge instruments, as defined by ASC Topic 815, held during the period resulted in the following gains recorded in Interest expense on components excluded from the assessment of effectiveness:
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Net investment hedges2025202420252024
Cross-currency swaps$6 $6 $18 $17 
Schedule of Derivatives Not Designated as Hedging Instruments
Derivatives not designated as hedging instruments are used to hedge remeasurement exposures of monetary assets and liabilities denominated in currencies other than the operating units’ functional currency. These derivatives resulted in gains (losses) recorded in income as shown in the table below.
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
Contract TypeLocation2025202420252024
Foreign currencySelling, general and administrative expenses$1 $1 $(2)$1