v3.26.1
Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Derivative Instruments and Other Financial Instruments
The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025:

AssetsLiabilities

Account		Fair ValueAccountFair Value
Derivative instrumentsJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Foreign currency contracts(1)
Other current assets$27 $18 Other accruals$32 $22 
Commodity contractsOther current assets— — Other accruals1 — 
$27 $18 $33 $22 
Other financial instruments
Marketable securitiesOther current assets$83 $107 
(1) As of June 30, 2026, the fair value of economic hedges was $5 and $10, which was included within Other current assets and Other accruals, respectively.
As of December 31, 2025, the fair value of economic hedges was $10 and $4, which was included within Other current assets and Other accruals, respectively.
Schedule of Notional Values
The following table presents the notional values of the financial instruments used in our hedge activities:

June 30, 2026December 31, 2025
Foreign Currency Contracts$3,751 $3,535 
Foreign Currency Debt4,305 3,942 
Commodity Contracts16 16 
Schedule of Gains (Losses) Recognized in Statements of Income
The following table presents the location and amount of gain (loss) on fair value hedges and economic hedges recognized in the Company’s Condensed Consolidated Statements of Income for three and six months ended June 30, 2026 and 2025.

Gain (Loss) Recognized in Income
Location of Gain (Loss) Recognized in IncomeThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivative instruments:
Foreign currency contracts(1)
Selling, general and administrative expenses$(32)$84 $(73)$129 
(1) For the three and six months ended June 30, 2026, the amount of gain(loss) on economic hedges was ($11) and ($50), respectively.
For the three and six months ended June 30, 2025, the amount of gain(loss) on economic hedges was $54 and $79, respectively.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI for the three and six months ended June 30, 2026 and 2025:

Gain (Loss) Recognized in AOCI
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Hedging instruments:
Foreign currency contracts$(8)$(22)$(7)$(29)
Foreign currency debt33 (348)142 (515)
Total gain (loss) on net investment hedges$25 $(370)$135 $(544)