v3.25.4
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivative Contracts
The following table summarizes our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2025 and 2024. Hedge assets and liabilities of our European major domestic appliance business were classified as held for sale through closing of the European major domestic appliance transaction on April 1, 2024 and are excluded from the table below.
  Fair Value ofType of
Hedge		 
Notional AmountHedge AssetsHedge LiabilitiesMaximum Term (Months)
Millions of dollars20252024202520242025202420252024
Derivatives accounted for as hedges(1)
Commodity swaps/options$247 $204 $27 $5 $6 $9 (CF)2424
Foreign exchange forwards/options675 967 3 52 25 2 (CF/NI)1515
Cross-currency swaps(2)
618 618 4 6 107 47 (CF)3850
Interest rate derivatives— — — — — — (CF)00
Total derivatives accounted for as hedges$34 $63 $138 $58 
Derivatives not accounted for as hedges
Commodity swaps/options$— $— $— $— $— $— N/A00
Foreign exchange forwards/options(3)
1,266 473 2 5 8 1 N/A712
Total derivatives not accounted for as hedges$2 $5 $8 $1 
Total derivatives$36 $68 $146 $59 
Current$28 $65 $38 $11 
Noncurrent8 3 108 48 
Total derivatives$36 $68 $146 $59 
(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges.
(2)Change in cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.
(3)Change in foreign exchange forwards/options is primarily driven by proactive actions taken to manage our short-term currency risk.
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss)
The following tables summarize the effects of derivative instruments on our Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025 and 2024:
Gain (Loss)
Recognized in OCI
(Effective Portion)(4)
 Millions of dollars20252024
Cash flow hedges
     Commodity swaps/options$19 $4 
     Foreign exchange forwards/options(6)
(75)96 
     Cross-currency swaps(6)
(61)34 
$(117)$133 
Location of Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)
Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)(4)(5)
Cash Flow Hedges - Millions of dollars20252024
Commodity swaps/options Cost of products sold$(2)$1 
Foreign exchange forwards/optionsNet sales1 1 
Foreign exchange forwards/optionsCost of products sold(6)(5)
Foreign exchange forwards/optionsInterest and sundry (income) expense13 8 
Cross-currency swaps(6)
Interest and sundry (income) expense(83)46 
Interest rate derivatives(7)
Interest expense31 1 
$(46)$52 
Location of Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges		Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars20252024
Foreign exchange forwards/optionsInterest and sundry (income) expense$(42)$28 
(4)Change in gain (loss) recognized in OCI (effective portion) is primarily driven by increases in commodity prices and fluctuations in currency and interest rates. The tax impact of the cash flow hedges was $23 million and $(26) million in 2025 and 2024, respectively.
(5)Change in gain (loss) reclassified from OCI into earnings (effective portion) was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.
(6)Change in foreign exchange forwards/options and cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.
(7)The OCI release on the interest rate derivative was driven by an assessment in the period which determined that the forecasted debt transaction was determined to be not probable of occurring.