v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of financial instruments used in hedging transactions were as follows:

In millionsJune 30, 2026December 31, 2025
Electricity contracts (MWh)1.6 1.9 
Natural gas contracts (MWh)10.1 12.1 
Carbon credit contracts (tons)0.2 0.1 
External debt (EUR)€2,818 €3,293 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table shows gains or losses recognized in AOCL, net of tax, related to derivative instruments: 

Gain (Loss) Recognized in AOCL on Derivatives
Three Months Ended
June 30		Six Months Ended
June 30
In millions2026202520262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$(45)$— $92 $(52)
Derivatives in Net Investment Hedging Relationships:
External debt$30 $(85)$52 $(77)
Schedule of Derivative Instruments, Gain (Loss)
The amounts of gains and losses recognized in the statement of operations on financial instruments used in hedging transactions were as follows:
Gain (Loss) Reclassified from AOCL Into Income Location of Gain (Loss)
Reclassified from AOCL
Three Months Ended
June 30		Six Months Ended
June 30
In millions2026202520262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$— $(7)$(1)$(6)Cost of products sold
Interest rate contract— (1)— (1)Interest expense, net
Total$— $(8)$(1)$(7)

Gain (Loss) Recognized in IncomeLocation of Gain (Loss)
In Statement
of Operations
Three Months Ended
June 30		Six Months Ended
June 30
In millions2026202520262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$13 $(28)$16 $(23)Cost of products sold
Derivatives Not Designated as Hedging Instruments:
Commodity contracts$3 $20 (15)14 Cost of products sold
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table provides a summary of the impact of our derivative instruments in the balance sheet:
 
AssetsLiabilities
In millionsJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contracts – cash flow$57 $2 $10 $63 
Derivatives not designated as hedging instruments
Commodity contracts60 67 30 27 
Total derivatives$117 (a)$69 (b)$40 (c)$90 (d)
 
(a)Includes $86 million recorded in Other current assets and $31 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(b)Includes $47 million recorded in Other current assets and $22 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(c)Includes $35 million recorded in Other current liabilities and $5 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
(d)Includes $73 million recorded in Other current liabilities and $17 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.