v3.26.1
Financial Instruments and Risk Management (Tables)
3 Months Ended
Mar. 31, 2026
Financial Instruments and Risk Management  
Schedule of additional information related to the commercial risk management instruments

($ in millions)

March 31, 2026

Commercial risk area

Commodity

Currency

  ​ ​ ​

Interest Rate

  ​ ​ ​

Net Investment

Notional amount of contracts

$

1,720

$

3,375

$

600

1,050

Net gain (loss) included in AOCI, after-tax

44

1

2

$

(63)

Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months

41

1

2

Longest duration of forecasted hedge transactions in years

2

2

1

3

Schedule of fair value of derivative instruments

March 31, 2026

($ in millions)

Balance Sheet Location

  ​ ​ ​

Derivatives
Designated
as Hedging
Instruments

  ​ ​ ​

Derivatives not
Designated as
Hedging
Instruments

  ​ ​ ​

Total

Assets:

Commodity contracts

$

136

$

$

136

Currency contracts

28

28

Interest rate and other contracts

3

3

Total current derivative contracts

Other current assets

$

139

$

28

$

167

Commodity contracts

$

6

$

$

6

Total noncurrent derivative contracts

Other noncurrent assets

$

6

$

$

6

 

Liabilities:

Commodity contracts

$

91

$

$

91

Currency contracts

7

7

Interest rate and other contracts

2

2

Net investment hedge

23

23

Total current derivative contracts

Other current liabilities

$

114

$

9

$

123

Commodity contracts

$

1

$

$

1

Net investment hedge

51

51

Total noncurrent derivative contracts

Other noncurrent liabilities

$

52

$

$

52

December 31, 2025

($ in millions)

Balance Sheet Location

Derivatives
Designated
as Hedging
Instruments

  ​ ​ ​

Derivatives not
Designated as
Hedging
Instruments

  ​ ​ ​

Total

Assets:

Commodity contracts

$

72

$

$

72

Currency contracts

14

14

Interest rate and other contracts

1

2

3

Total current derivative contracts

Other current assets

$

73

$

16

$

89

Currency contracts

$

5

$

$

5

Total noncurrent derivative contracts

Other noncurrent assets

$

5

$

$

5

 

Liabilities:

Commodity contracts

$

41

$

1

$

42

Currency contracts

35

17

52

Total current derivative contracts

Other current liabilities

$

76

$

18

$

94

Commodity contracts

$

1

$

$

1

Other contracts

98

98

Total noncurrent derivative contracts

Other noncurrent liabilities

$

99

$

$

99

Schedule of impact on earnings from derivative instruments

Three Months Ended March 31,

2026

2025

($ in millions)

  ​ ​ ​

Location of Gain (Loss)
Recognized in Earnings on Derivatives

  ​ ​ ​

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

  ​ ​ ​

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

  ​ ​ ​

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

Commodity contracts - manage exposure to customer pricing

Net sales

$

(42)

$

$

(5)

$

Commodity contracts - manage exposure to supplier pricing

Cost of sales

28

(12)

3

Interest rate contracts - manage exposure for outstanding debt

Interest expense

1

Currency contracts - manage currency exposure

Selling, general and administrative

11

9

(28)

(71)

Equity contracts

Selling, general and administrative

8

(5)

Total

$

(2)

$

5

$

(30)

$

(76)

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

Three Months Ended March 31,

($ in millions)

  ​ ​ ​

2026

  ​ ​ ​

2025

Amounts reclassified into earnings:

Commodity contracts

$

14

$

2

Interest rate contracts

(1)

Currency exchange contracts

(11)

28

Change in fair value of hedges:

Commodity contracts

6

Interest rate contracts

3

(4)

Currency exchange contracts

9

(28)

Net investment hedge

19

(30)

Currency and tax impacts

(4)

7

$

35

$

(25)