v3.26.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Derivative Instruments
NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS
The following table presents the notional amounts of our outstanding derivative instruments by type:
(in millions)September 30, 2026December 31, 2025
Interest rate contracts
Pay-variable interest rate swaps, not designated as hedging instruments$2,014 $— 
Forward starting swaps, not designated as hedging instruments— 2,300 
Forward starting swaps, designated as cash flow hedges— 1,500 
FX contracts
Forward contracts, not designated as hedging instruments4,766 12,436 
Forward contracts, designated as cash flow hedges1,294 597 
Cross-currency contracts, not designated as hedging instruments978 — 
Commodity contracts, not designated as hedging instruments(1)
884 595 
(1)Notional value for commodity contracts is calculated as the expected volume times strike price per unit on a gross basis.
Schedule of derivative instruments in statement of financial position, fair value
Not Designated as Hedging Instruments
The following table summarizes the location of the fair value of our derivative instruments which are not designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are considered Level 2 within the fair value hierarchy.
(in millions)Balance Sheet LocationSeptember 30, 2026December 31, 2025
Assets:
FX contractsPrepaid expenses and other current assets$18 $5 
Cross-currency contractsPrepaid expenses and other current assets11 — 
Commodity contractsPrepaid expenses and other current assets141 47 
Commodity contractsOther non-current assets20 3 
Liabilities:
Interest rate contractsOther current liabilities37 16 
FX contractsOther current liabilities8 38 
Commodity contractsOther current liabilities35 9 
Interest rate contractsOther non-current liabilities503 381 
Cross-currency contractsOther non-current liabilities66 — 
Commodity contractsOther non-current liabilities1 23 
Designated as Hedging Instruments
The following table summarizes the location of the fair value of our derivative instruments which are designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are considered Level 2 within the fair value hierarchy.
(in millions)Balance Sheet LocationSeptember 30, 2026December 31, 2025
Assets:
FX contractsPrepaid expenses and other current assets$101 $2 
FX contractsOther non-current assets5 1 
Interest rate contractsOther non-current assets— 37 
Liabilities:
FX contractsOther current liabilities27 16 
Interest rate contractsOther current liabilities— 2 
Schedule of derivative instruments not designated as hedging instruments
The following table presents the amount of losses (gains), net, recognized in the unaudited Condensed Consolidated Statements of Income related to derivative instruments not designated as hedging instruments under U.S. GAAP during the periods presented. Amounts include both realized and unrealized gains and losses.
Income Statement LocationThird QuarterFirst Nine Months
(in millions)2026202520262025
Interest rate contractsInterest expense, net$147 $(1)$143 $(35)
FX contractsCost of sales— (3)— (6)
FX contractsOther expense (income), net(45)(35)41 (21)
Cross-currency contractsOther expense (income), net35 — 26 — 
Commodity contractsCost of sales(60)(50)(133)(77)
Commodity contractsSG&A expenses(77)(11)(135)(11)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the amount of net (gains) losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income related to derivative instruments designated as cash flow hedging instruments:
Income Statement LocationThird QuarterFirst Nine Months
(in millions)2026202520262025
Interest rate contractsInterest expense, net$(5)$(3)$(14)$(10)
FX contractsCost of sales(12)(4)(3)(17)