v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gain (Loss) on Derivative and Non-Derivative Instruments Designated as Net Investment Hedges The amounts of pre-tax gain (loss) recognized in OCI related to derivative and non-derivative instruments designated as net investment hedges are as follows.
Pretax gain (loss) recognized as cumulative translation within OCI
Three months ended June 30,Six months ended June 30,
(Millions)2026202520262025
Foreign currency denominated debt $8 $(157)$57 $(229)
Foreign currency forward/option contracts and cross-currency swaps(33)(114)14 (157)
Total $(25)$(271)$71 $(386)
The location and amount of pre-tax (gain) or loss regarding derivatives not designated as hedging instruments follows:
(Gain) or loss on derivatives not designated as hedging instruments
Three months ended June 30,Six months ended June 30,
Income statement location (millions)2026202520262025
Cost of sales$1 $(33)$(3)$(49)
Other expense (income), net1 (71)20 (99)
Schedule of Location, Fair Value, and Gross Notional Amounts of Derivative Instruments
Notional amounts for non-US denominated derivatives are presented at period-end foreign exchange rates, except for certain foreign currency forward/option contracts, which are presented using the foreign exchange rate at inception.
Gross notional amount (millions)
June 30, 2026December 31, 2025
Derivatives designated as hedging instruments
$14,561 $10,036 
Derivatives not designated as hedging instruments
2,394 2,188 
Schedule of Offsetting Assets
Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
Derivatives subject to master netting agreements (millions)June 30, 2026December 31, 2025
Gross amount of derivative assets presented in the consolidated balance sheet$233 $192 
Gross amount of eligible offsetting recognized derivative liabilities188 175 
Net amount of derivative assets$45 $17 
Schedule of Offsetting Liabilities
Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
Derivatives subject to master netting agreements (millions)June 30, 2026December 31, 2025
Gross amount of derivative liabilities presented in the consolidated balance sheet$323 $330 
Gross amount of eligible offsetting recognized derivative assets188 175 
Net amount of derivative liabilities$135 $155