v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table is a summary of the notional amount and fair value of derivatives outstanding at June 30, 2026 and December 31, 2025 for consolidated subsidiaries:
Fair Value
Notional AmountsAssets (a)Liabilities (a)
(Millions of dollars)June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Derivatives Not Designated as Hedging Instruments:
Currency contracts:
Balance sheet items$9,686 $9,509 $71 $79 $62 $34 
Forecasted transactions 200 164 1 3 2 1 
Total$9,886 $9,673 $72 $82 $64 $35 
Derivatives Designated as Hedging Instruments:
Currency contracts:
       Forecasted transactions$656 $560 $7 $24 $9 $1 
Forward exchange transactions3,337 3,420 85 6 — 28 
Commodity contracts N/AN/A27 5 12 10 
Total Hedges$3,993 $3,980 $119 $35 $21 $39 
Total Derivatives$13,879 $13,653 $191 $117 $85 $74 
(a)Amounts as of June 30, 2026 and December 31, 2025, respectively, included current assets of $181 million and $107 million which are recorded in prepaid and other current assets; long-term assets of $10 million and $10 million which are recorded in other long-term assets; current liabilities of $78 million and $72 million which are recorded in other current liabilities; and long-term liabilities of $7 million and $2 million which are recorded in other long-term liabilities.
Schedule of Derivative Instruments Not Designated as Hedging Instruments
The following table summarizes the impact of the company’s derivatives on the consolidated statement of income:
Amount of Pre-Tax Gain (Loss)
Recognized in Earnings *
Quarter Ended June 30,Six Months Ended June 30,
(Millions of dollars)2026202520262025
Derivatives Not Designated as Hedging Instruments
Currency contracts:
Balance sheet items
Debt-related$86 $(36)$46 $(125)
Other balance sheet items(5)12 (12)13 
Total$81 $(24)$34 $(112)
* The gains (losses) on balance sheet items are offset by gains (losses) recorded on the underlying hedged assets and liabilities. Accordingly, the gains (losses) for the derivatives and the underlying hedged assets and liabilities pertaining to debt-related items are recorded in the consolidated statement of income as interest expense-net. Other balance sheet items' gains (losses) are recorded in the consolidated statement of income as other income (expenses)-net.