HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair values of derivative instruments designated and qualified as part of hedging relationship

The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions):

		Fair Value1,2
Derivatives Designated as Hedging Instruments	Financial Statement Line Item Impacted1	December 31, 2025		December 31, 2024
Assets:
Foreign currency contracts	Prepaid expenses and other current assets	$	125	$	311
Foreign currency contracts	Other noncurrent assets	31		82
Commodity contracts	Prepaid expenses and other current assets	—		2
Interest rate contracts	Other noncurrent assets	142		27
Total assets		$	298	$	422
Liabilities:
Foreign currency contracts	Accounts payable and accrued expenses	$	205	$	14
Foreign currency contracts	Other noncurrent liabilities	28		39
Commodity contracts	Accounts payable and accrued expenses	9		—
Interest rate contracts	Accounts payable and accrued expenses	17		—
Interest rate contracts	Other noncurrent liabilities	700		922
Total liabilities		$	959	$	975

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 17 for the net presentation of the Company’s derivative instruments.

2Refer to Note 17 for additional information related to the estimated fair value.

Derivatives Not Designated as Hedging Instruments

The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):

		Fair Value1,2
Derivatives Not Designated as Hedging Instruments	Financial Statement Line Item Impacted1	December 31, 2025		December 31, 2024
Assets:
Foreign currency contracts	Prepaid expenses and other current assets	$	115	$	152
Foreign currency contracts	Other noncurrent assets	18		8
Commodity contracts	Prepaid expenses and other current assets	7		7
Commodity contracts	Assets held for sale	3		—
Total assets		$	143	$	167
Liabilities:
Foreign currency contracts	Accounts payable and accrued expenses	$	66	$	86
Foreign currency contracts	Other noncurrent liabilities	5		12
Foreign currency contracts	Liabilities held for sale	5		—
Commodity contracts	Accounts payable and accrued expenses	10		40
Commodity contracts	Other noncurrent liabilities	1		—
Commodity contracts	Liabilities held for sale	1		—
Other derivative instruments	Accounts payable and accrued expenses	2		6
Total liabilities		$	90	$	144

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 17 for the net presentation of the Company’s derivative instruments.

2Refer to Note 17 for additional information related to the estimated fair value.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)

The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and income (in millions):

	Gain (Loss) Recognized in OCI		Financial Statement Line Item Impacted	Gain (Loss) Reclassified from AOCI into Income
2025
Foreign currency contracts	$	(729)	Net operating revenues	$	(247)
Foreign currency contracts	(2)		Cost of goods sold	7
Foreign currency contracts	—		Interest expense	(4)
Foreign currency contracts	28		Other income (loss) — net	70
Interest rate contracts	16		Interest expense	(3)
Commodity contracts	(17)		Cost of goods sold	(6)
Total	$	(704)		$	(183)
2024
Foreign currency contracts	$	457	Net operating revenues	$	84
Foreign currency contracts	37		Cost of goods sold	16
Foreign currency contracts	—		Interest expense	(4)
Foreign currency contracts	(18)		Other income (loss) — net	(45)
Interest rate contracts	(54)		Interest expense	(2)
Commodity contracts	6		Cost of goods sold	1
Total	$	428		$	50
2023
Foreign currency contracts	$	(128)	Net operating revenues	$	(3)
Foreign currency contracts	19		Cost of goods sold	14
Foreign currency contracts	—		Interest expense	(4)
Foreign currency contracts	35		Other income (loss) — net	17
Commodity contracts	(15)		Cost of goods sold	(14)
Total	$	(89)		$	10

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on income (in millions):

Hedging Instruments and Hedged Items	Financial Statement Line Item Impacted	Gain (Loss) Recognized in Income
2025
Interest rate contracts	Interest expense	$	303
Fixed-rate debt	Interest expense	(292)
Net impact of fair value hedging instruments		$	11
2024
Interest rate contracts	Interest expense	$	173
Fixed-rate debt	Interest expense	(170)
Net impact of fair value hedging instruments		$	3
2023
Interest rate contracts	Interest expense	$	609
Fixed-rate debt	Interest expense	(591)
Net impact of fair value hedging instruments		$	18

The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions):

					Cumulative Amount of Fair Value Hedging Adjustments1
	Carrying Values of Hedged Items				Included in the Carrying Values of Hedged Items				Remaining for Which Hedge Accounting Has Been Discontinued
Balance Sheet Location of Hedged Items	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Current maturities of long-term debt	$	1,491	$	—	$	(10)	$	—	$	—	$	—
Long-term debt	11,648		11,824		(705)		(915)		97		130

1Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.

Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges

The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):

	Notional Values				Gain (Loss) Recognized in OCI
	as of December 31,				Year Ended December 31,
	2025		2024		2025		2024		2023
Foreign currency contracts	$	1,067	$	59	$	8	$	19	$	(6)
Foreign currency denominated debt	14,998		13,221		(1,778)		825		(376)
Total	$	16,065	$	13,280	$	(1,770)	$	844	$	(382)

Derivative instruments, not designated as hedging instruments, gain (loss) in earnings

The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on income (in millions):

Derivatives Not Designated as Hedging Instruments	Financial Statement Line Item Impacted	Gain (Loss) Recognized in Income
		Year Ended December 31,
		2025		2024		2023
Foreign currency contracts	Net operating revenues	$	(204)	$	211	$	(74)
Foreign currency contracts	Cost of goods sold	123		(44)		66
Foreign currency contracts	Other income (loss) — net	192		(107)		(10)
Commodity contracts	Cost of goods sold	(13)		(97)		(137)
Other derivative instruments	Selling, general and administrative expenses	23		17		5
Total		$	121	$	(20)	$	(150)