Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Reconciliation of Cash and Cash Equivalents |
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of September 30, 2026 and 2025 (in millions).
| | | | | | | | | | | | | September 30, | | 2026 | | 2025 | | Cash and cash equivalents | $ | 711 | | | $ | 1,235 | | | Restricted cash and restricted cash equivalents (included in segregated cash and investments) | 5,029 | | | 4,640 | | | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 5,740 | | | $ | 5,875 | |
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| Schedule of Reconciliation of Restricted Cash and Restricted Cash Equivalents |
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of September 30, 2026 and 2025 (in millions).
| | | | | | | | | | | | | September 30, | | 2026 | | 2025 | | Cash and cash equivalents | $ | 711 | | | $ | 1,235 | | | Restricted cash and restricted cash equivalents (included in segregated cash and investments) | 5,029 | | | 4,640 | | | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 5,740 | | | $ | 5,875 | |
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| Schedule of Changes to the Allowance for Estimated Uncollectible Amounts |
Changes to the allowance for estimated uncollectible accounts were as follows (in millions).
| | | | | | | | | | | | | Three Months Ended September 30, | | 2026 | | 2025 | | Opening balance, July 1 | $ | 156 | | | $ | 153 | | | Provisions (reversals), net | 7 | | | 3 | | | | | | | Write-offs against allowance | (3) | | | (6) | | | | | | Recoveries and other | 1 | | | — | | | Closing balance, September 30 | $ | 161 | | | $ | 150 | | | | | | | Nine Months Ended September 30, | | 2026 | | 2025 | | Opening balance, January 1 | $ | 160 | | | $ | 167 | | | Provisions (reversals), net | 23 | | | 11 | | | | | | | Write-offs against allowance | (23) | | | (33) | | | | | | | Recoveries and other | 1 | | | 5 | | | Closing balance, September 30 | $ | 161 | | | $ | 150 | |
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| Schedule of Inventories |
The following table sets forth the Company’s inventories as of September 30, 2026 and December 31, 2025 (in millions). | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | Raw materials and supplies (1) | $ | 1,723 | | | $ | 1,740 | | | Finished goods | 2,366 | | | 2,407 | | | Market inventories | 7,586 | | | 6,222 | | | Total inventories | $ | 11,675 | | | $ | 10,369 | |
(1) Includes work in process inventories which were not material.
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| Schedule of Net Property, Plant, and Equipment |
The Company’s property, plant, and equipment consisted of the following as of September 30, 2026 and December 31, 2025 (in millions).
| | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Land | $ | 603 | | | $ | 607 | | | Buildings | 6,398 | | | 6,440 | | | Machinery and equipment | 22,218 | | | 22,042 | | | Construction in progress | 1,072 | | | 1,110 | | | 30,291 | | | 30,199 | | | Accumulated depreciation | (19,266) | | | (19,020) | | | Property, Plant, and Equipment, Net | $ | 11,025 | | | $ | 11,179 | |
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| Schedule of Changes in Redeemable Non-Controlling Interests |
Changes to the Company's redeemable non-controlling interests for the three and nine months ended September 30, 2026 and 2025 were as follows (in millions):
| | | | | | | | | | | | | Three Months Ended September 30, | | 2026 | | 2025 | | Opening balance, July 1 | $ | 292 | | | $ | 249 | | | Net income (loss) attributable to redeemable non-controlling interests | 5 | | | 1 | | | | | | | | | | Currency translation adjustments and other | (4) | | | — | | | Closing balance, September 30 | $ | 293 | | | $ | 250 | | | | | | | Nine Months Ended September 30, | | 2026 | | 2025 | | Opening balance, January 1 | $ | 287 | | | $ | 253 | | | Net income (loss) attributable to redeemable non-controlling interests | 13 | | | (2) | | | | | | Currency translation adjustments and other | (7) | | | (1) | | | Closing balance, September 30 | $ | 293 | | | $ | 250 | |
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