v3.26.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for active fair value hedges, as well as remaining amounts for discontinued fair value hedges:
Carrying value of the hedged (and formerly hedged) liabilitiesCumulative amount of fair value hedging adjustment included in carrying value of hedged liabilities for
Location on the consolidated balance sheet (millions)Active hedgesDiscontinued hedges
September 30, 2026December 31, 2025September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Long-term debt$1,507$959$(12)$—$(44)$(44)
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 September 30,Nine months ended September 30,
(Millions)2026202520262025
Foreign currency denominated debt $52 $— $109 $(229)
Foreign currency forward/option contracts and cross-currency swaps(26)8 (12)(149)
Total $26 $8 $97 $(378)
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 September 30,Nine months ended September 30,
Income statement location (millions)2026202520262025
Cost of sales$1 $2 $(2)$(47)
Selling, general and administrative expenses(9)— (9)— 
Other expense (income), net4 6 24 (93)
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 interest rate swaps and foreign currency forward/option contracts, which are presented using the foreign exchange rate at inception.
Gross notional amount (millions)September 30, 2026December 31, 2025
Derivatives designated as hedging instruments$15,740 $10,036 
Derivatives not designated as hedging instruments2,518 2,188 
Schedule of Offsetting Assets
Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
Derivatives subject to master netting agreements (millions)September 30, 2026December 31, 2025
Gross amount of derivative assets presented in the consolidated balance sheet$183 $192 
Gross amount of eligible offsetting recognized derivative liabilities157 175 
Net amount of derivative assets$26 $17 
Schedule of Offsetting Liabilities
Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
Derivatives subject to master netting agreements (millions)September 30, 2026December 31, 2025
Gross amount of derivative liabilities presented in the consolidated balance sheet$311 $330 
Gross amount of eligible offsetting recognized derivative assets157 175 
Net amount of derivative liabilities$154 $155