v3.26.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments
The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2026 and December 31, 2025 (in millions).
September 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$174 $94 $108 $54 
Commodity Contracts1,301 1,103 822 613 
Total$1,475 $1,197 $930 $667 


The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2026 and 2025 (in millions).
Cost ofOther expense
products(income) -
RevenuessoldnetTotal
Three Months Ended September 30, 2026
Pre-tax gains (losses) on:
Foreign Currency Contracts$(14)$61 $(5)
Commodity Contracts— (453)— 
Total gains (losses) recognized in earnings$(14)$(392)$(5)$(411)
Three Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(19)$73 $4 
Commodity Contracts— 115 — 
Total gains (losses) recognized in earnings$(19)$188 $4 $173 
Cost ofOther expense
products(income) -
RevenuessoldnetTotal
Nine Months Ended September 30, 2026
Pre-tax gains (losses) on:
Foreign Currency Contracts$(51)$286 $46 
Commodity Contracts— (753)— 
Total gains (losses) recognized in earnings$(51)$(467)$46 $(472)
Nine Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(65)$304 $(154)
Commodity Contracts— 513 — 
Total gains (losses) recognized in earnings$(65)$817 $(154)$598 
The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2026 and December 31, 2025 (in millions).

September 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$43 $3 $— $90 
Interest Rate Contracts— 11 17 — 
Total$43 $14 $17 $90 
The following table sets forth the pre-tax gain (loss) on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2026 and 2025 (in millions).

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Pre-tax gain (loss) on:
Commodity Contracts$4 $(22)$(103)$(16)