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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Summary of Derivative Instruments [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Cash Flow Hedges
Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain expected sales and purchases through 2032. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2029.
Derivative Instruments Not Receiving Hedge Accounting Treatment
We hold certain foreign currency forward contracts which do not qualify for hedge accounting treatment. At December 31, 2024, we had agreements to purchase and sell aluminum to address long-term
strategic sourcing objectives and non-U.S. business requirements. These agreements were derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and were priced at prevailing market prices. At December 31, 2025, these agreements have expired and no notional amounts remain.
Notional Amounts and Fair Values
The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows:
Notional
 amounts(1)
Other assetsAccrued
liabilities
202520242025202420252024
Derivatives designated as hedging instruments:
Foreign exchange contracts$5,736 $5,139 $143 $23 ($77)($213)
Commodity contracts435 388 92 65 (1)(12)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts320 103 3 1 (10)(17)
Commodity contracts 129  
Total derivatives$6,491 $5,759 238 89 (88)(242)
Netting arrangements(45)(24)45 24 
Net recorded balance$193 $65 ($43)($218)
(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income/(loss) are presented in the following table:
Years ended December 31, 202520242023
Recognized in Other comprehensive income/(loss), net of taxes:
Foreign exchange contracts$210 ($248)$61 
Commodity contracts52 (10)(20)
Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
Years ended December 31,202520242023
Foreign exchange contracts
Revenues$1 ($1)
Costs and expenses(29)(25)($15)
General and administrative2 (8)(17)
Commodity contracts
Costs and expenses($18)($7)$31 
General and administrative expense6 6 7 
Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the years ended December 31, 2025, 2024 and 2023.
Based on our portfolio of cash flow hedges, we expect to reclassify gains of $16 (pre-tax) out of AOCI into earnings during the next 12 months.
We have derivative instruments with credit-risk-related contingent features. If we default on our five-year credit facility, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years. The fair value of those contracts in a net liability position at December 31, 2025 was $3. For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. At December 31, 2025, there was no collateral posted related to our derivatives.