v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of financial instruments used in hedging transactions were as follows:

In millionsMarch 31, 2026December 31, 2025
Electricity contracts (MWh)1.6 1.9 
Natural gas contracts (MWh)9.2 12.1 
Carbon credit contracts (tons)0.2 0.1 
External debt (EUR)€2,725 €3,293 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table shows gains or losses recognized in AOCL, net of tax, related to derivative instruments: 

 Gain (Loss) Recognized in AOCL on Derivatives
 Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$137 $(52)
Derivatives in Net Investment Hedging Relationships:
External debt$22 $8 
Schedule of Derivative Instruments, Gain (Loss)
The amounts of gains and losses recognized in the statement of operations on financial instruments used in hedging transactions were as follows:

 Gain (Loss) Reclassified from AOCL Into Income Location of Gain (Loss)
Reclassified from AOCL
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$(1)$1 Cost of products sold
 Gain (Loss) Recognized in IncomeLocation of Gain (Loss)
In Statement
of Operations
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$3 $5 Cost of products sold
Derivatives Not Designated as Hedging Instruments:
Commodity contracts$(18)$(6)Cost of products sold
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table provides a summary of the impact of our derivative instruments in the balance sheet:
 
AssetsLiabilities
In millionsMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contracts – cash flow$50 $2 $2 $63 
Derivatives not designated as hedging instruments
Commodity contracts174 67 83 27 
Total derivatives$224 (a)$69 (b)$85 (c)$90 (d)
 
(a)Includes $164 million recorded in Other current assets and $60 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(b)Includes $47 million recorded in Other current assets and $22 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(c)Includes $72 million recorded in Other current liabilities and $13 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
(d)Includes $73 million recorded in Other current liabilities and $17 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.