v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows:
 As of June 30, 2026As of December 31, 2025
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
 
Type of Hedge (1)
(in millions)
Derivatives designated as
accounting hedges (2):
Foreign currency contracts
NIH
$18 $89 $3 $300 
Interest rate contracts
CF/FV
6 14 1 3 
Cross-currency swap contracts
CF/NIH
178 367 238 370 
$202 $470 $242 $673 
Derivatives not designated as
   accounting hedges:
Foreign currency contracts
$178 $221 $161 $182 
Commodity contracts1,089 1,076 422 924 
Interest rate contracts1 — 1 1 
1,268 1,297 584 1,107 
Total fair value$1,470 $1,767 $826 $1,780 

(1)Derivative contracts designated as either cash flow ("CF"), fair value ("FV") or net investment hedging ("NIH") instruments.
(2)We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 5, Debt and Borrowing Arrangements. Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote.
Fair Value of Offsetting Assets
We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

 As of June 30, 2026As of December 31, 2025
 (in millions)
Other current assets$1,207 $664 
Other assets
263 162 
Other current liabilities
1,275 1,328 
Other liabilities
492 452 
Fair Value of Offsetting Liabilities
We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

 As of June 30, 2026As of December 31, 2025
 (in millions)
Other current assets$1,207 $664 
Other assets
263 162 
Other current liabilities
1,275 1,328 
Other liabilities
492 452 
Summary of Derivative Instrument Fair Value Measurement Inputs
The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows:
 As of June 30, 2026
 Total
Fair Value of Net
Asset/(Liability)
Quoted Prices in
Active Markets
for Identical
Assets/(Liabilities)
(Level 1)
Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Foreign currency contracts
$(114)$— $(114)$— 
Commodity contracts13 (18)31 — 
Interest rate contracts(7)— (7)— 
Cross-currency swap contracts
(189)— (189)— 
Total derivatives$(297)$(18)$(279)$— 

 As of December 31, 2025
 Total
Fair Value of Net
Asset/(Liability)
Quoted Prices in
Active Markets
for Identical
Assets/(Liabilities)
(Level 1)
Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Foreign currency contracts
$(318)$— $(318)$— 
Commodity contracts(502)(188)(314)— 
Interest rate contracts(2)— (2)— 
Cross-currency swap contracts
(132)— (132)— 
Total derivatives$(954)$(188)$(766)$— 
Schedule of Notional Values of Derivative Instruments
The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were:
 Notional Amount
 As of June 30, 2026As of December 31, 2025
 (in millions)
Foreign currency contracts
$16,974 $19,853 
Commodity contracts
10,897 14,463 
Interest rate contracts2,731 1,932 
Cross-currency swap contracts
9,652 6,912 
Non-U.S. dollar debt designated as net investment hedges:
Euro notes3,638 3,741 
Canadian dollar notes458 474 
Schedule of Fair Value Hedging Instruments
Fair value hedge pre-tax gains/(losses) recorded within interest and other expense, net were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
Interest rate contracts
Hedged items
$(7)$— $2 $— 
Hedging derivatives
8 — (1)— 
Net impact of fair value hedges
$1 $— $1 $— 

Amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships were:
 Carrying Amount of the Hedged ItemsCumulative Fair Value Hedging Adjustments
 As of June 30, 2026As of December 31, 2025As of June 30, 2026As of December 31, 2025
 (in millions)
Long-term debt
$1,591 $— $(2)$— 
Schedule of Net Investment Hedges
Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
(Loss)/gain on NIH contracts (1)
Foreign currency contracts
$10 $(333)$29 $(394)
Cross-currency swap contracts
(20)(466)91 (606)
Total
$(10)$(799)$120 $(1,000)
Amounts excluded from the assessment of hedge effectiveness (2)
Foreign currency contracts
$16 $34 $43 $48 
Cross-currency swap contracts
44 33 84 76 
Total
$60 $67 $127 $124 

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).
(2)We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.
Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
Euro notes$42 $(310)$103 $(457)
Swiss franc notes— (26)— (32)
Canadian dollar notes
9 (25)16 (25)
Total$51 $(361)$119 $(514)
Summary of Economic Hedges Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
Foreign currency contracts:
Cost of sales
$(22)$(34)$(64)$(165)
Selling, general and administrative expenses
— (6)— (6)
Interest and other expense, net
26 (63)(14)27 
Commodity contracts - Cost of sales
608 19 122 (390)
Interest rate contracts - Interest and other expense, net
— 1 (9)1 
Total$612 $(83)$35 $(533)
Schedule of Contingent Consideration
The following is a summary of our contingent consideration liability activity:

 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
Liability at beginning of period$143 $167 $149 $179 
Changes in fair value
11 (26)3 (38)
Currency
2 1 4 1 
Liability at end of period$156 $142 $156 $142