Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents

The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of March 31, 2026 and 2025 (in millions).


	March 31,
	2026		2025
Cash and cash equivalents	$	591	$	864
Restricted cash and restricted cash equivalents (included in segregated cash and investments)	5,521		3,192
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	6,112	$	4,056

Schedule of Reconciliation of Restricted Cash and Restricted Cash Equivalents


	March 31,
	2026		2025
Cash and cash equivalents	$	591	$	864
Restricted cash and restricted cash equivalents (included in segregated cash and investments)	5,521		3,192
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	6,112	$	4,056

Schedule of Changes to the Allowance for Estimated Uncollectible Amounts

Changes to the allowance for estimated uncollectible accounts were as follows (in millions).


	Three Months Ended March 31,
	2026		2025
Opening balance, January 1	$	160	$	167
Provisions (reversals), net	8		2

Write-offs against allowance	(6)		(14)

Recoveries and other	—		3
Closing balance, March 31	$	162	$	158

Schedule of Inventories

The following table sets forth the Company’s inventories as of March 31, 2026 and December 31, 2025 (in millions).


	March 31, 2026		December 31, 2025
Raw materials and supplies (1)	$	1,666	$	1,740
Finished goods	2,505		2,407
Market inventories	7,570		6,222
Total inventories	$	11,741	$	10,369

(1) Includes work in process inventories which were not material as of March 31, 2026 and December 31, 2025.

Schedule of Net Property, Plant, and Equipment

The Company’s property, plant, and equipment consisted of the following as of March 31, 2026 and December 31, 2025 (in millions).


	March 31, 2026		December 31, 2025
Land	$	600	$	607
Buildings	6,376		6,440
Machinery and equipment	22,003		22,042
Construction in progress	995		1,110
	29,974		30,199
Accumulated depreciation	(19,002)		(19,020)
Property, Plant, and Equipment, Net	$	10,972	$	11,179

Schedule of Changes in Redeemable Non-Controlling Interests

Changes to the Company's redeemable non-controlling interests for the three months ended March 31, 2026 and 2025 were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Opening balance, January 1	$	287	$	253
Net income (loss)	5		(2)

Remeasurement	8		—
Currency translation adjustments and other	(8)		4
Closing balance, March 31	$	292	$	255

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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