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Financial Instruments (Notes)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 21 to the Consolidated Financial Statements included in the 2024 10-K.

Refer to Note 21 for a summary of the fair value of financial instruments at June 30, 2025 and December 31, 2024.

Debt Securities
The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides investing results from available-for-sale securities for the six months ended June 30, 2025 and 2024:

Investing ResultsSix Months Ended
In millionsJun 30, 2025Jun 30, 2024
Proceeds from sales of available-for-sale securities$220 $1,291 
Gross realized gains$5 $19 
Gross realized losses $(5)$(12)

The following table summarizes contractual maturities of the Company's investments in debt securities:

Contractual Maturities of Debt Securities at Jun 30, 2025
 CostFair Value
In millions
Within one year$120 $113 
One to five years1,151 1,058 
Six to ten years407 403 
After ten years544 447 
Total$2,222 $2,021 

Equity Securities
There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three and six months ended June 30, 2025. There was $1 million of net unrealized gains recognized in earnings on equity securities for the three months ended June 30, 2025 (no unrealized gains or losses for the three months ended June 30, 2024). There was $2 million of net unrealized losses recognized in earnings on equity securities for the six months ended June 30, 2025 (no unrealized gains or losses for the six months ended June 30, 2024).

Investments in Equity SecuritiesJun 30, 2025Dec 31, 2024
In millions
Readily determinable fair value$12 $14 
Not readily determinable fair value$145 $153 
Derivative Instruments
The notional amounts of the Company's derivative instruments at June 30, 2025 and December 31, 2024 were as follows:

Notional Amounts 1
Jun 30, 2025Dec 31, 2024
In millions
Derivatives designated as hedging instruments:
Interest rate contracts$2,572 $1,870 
Foreign currency contracts$6,148 $3,144 
Derivatives not designated as hedging instruments:
Interest rate contracts$884 $14 
Foreign currency contracts$20,332 $9,244 
1.Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration.

The notional amounts of the Company's commodity derivatives at June 30, 2025 and December 31, 2024 were as follows:

Commodity Notionals 1
Jun 30, 2025Dec 31, 2024Notional Volume Unit
Derivatives designated as hedging instruments:
Hydrocarbon derivatives4.7 3.2 million barrels of oil equivalent
Derivatives not designated as hedging instruments:
Hydrocarbon derivatives0.8 1.1 million barrels of oil equivalent
1.Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.

Maximum Maturity Dates of Derivatives Designated as Hedging InstrumentsYear
Interest rate contracts2027
Foreign currency contracts2026
Commodity contracts2028
The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2025 and December 31, 2024:

Fair Value of Derivative InstrumentsJun 30, 2025Dec 31, 2024
In millionsGross
Counterparty and Cash Collateral Netting 1
Net 2
Gross
Counterparty and Cash Collateral Netting 1
Net 2
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 3
$99 $(68)$31 $20 $(20)$— 
Interest rate contracts 4
20 (16)4 — — — 
Foreign currency contracts 3
57 (56)1 33 (15)18 
Foreign currency contracts 4
1 (1)— — — — 
Commodity contracts 3
136 (110)26 25 (14)11 
Commodity contracts 4
108 (95)13 46 (36)10 
Total$421 $(346)$75 $124 $(85)$39 
Derivatives not designated as hedging instruments:
Interest rate contracts 3
$5 $(4)$1 $— $— $— 
Interest rate contracts 4
1 (1)— — — — 
Foreign currency contracts 3
93 (83)10 74 (16)58 
Commodity contracts 3
31 (14)17 16 (1)15 
Commodity contracts 4
5 (4)1 4 (3)1 
Total$135 $(106)$29 $94 $(20)$74 
Total asset derivatives $556 $(452)$104 $218 $(105)$113 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 5
$70 $(68)$2 $46 $(20)$26 
Interest rate contracts 6
16 (16)— — — — 
Foreign currency contracts 5
155 (56)99 75 (15)60 
Foreign currency contracts 6
1 (1)— 40 — 40 
Commodity contracts 5
139 (113)26 16 (14)2 
Commodity contracts 6
103 (96)7 37 (36)1 
Total$484 $(350)$134 $214 $(85)$129 
Derivatives not designated as hedging instruments:
Interest rate contracts 5
$4 $(4)$— $1 $— $1 
Interest rate contracts 6
1 (1)— — — — 
Foreign currency contracts 5
183 (83)100 27 (16)11 
Commodity contracts 5
33 (18)15 8 (1)7 
Commodity contracts 6
5 (4)1 4 (3)1 
Total$226 $(110)$116 $40 $(20)$20 
Total liability derivatives $710 $(460)$250 $254 $(105)$149 
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
2.Represents the net amounts included in the consolidated balance sheets.
3.Included in "Other current assets" in the consolidated balance sheets.
4.Included in "Deferred charges and other assets" in the consolidated balance sheets.
5.Included in "Accrued and other current liabilities" in the consolidated balance sheets.
6.Included in "Other noncurrent obligations" in the consolidated balance sheets.

Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash
collateral of $15 million at June 30, 2025 ($16 million at December 31, 2024). No cash collateral was posted by counterparties with the Company at June 30, 2025 and December 31, 2024.

The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024:

Effect of Derivative Instruments
Gain (loss) recognized in OCI 1
Gain (loss) recognized in income 2
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
In millionsJun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate contracts 3, 4
$— $— $— $— $13 $(23)$33 $(23)
Excluded components 3, 5
4 (4)(1)(42)— — — — 
Cash flow hedges:
Interest rate contracts 3
(1)— — 1 — (7)(1)(9)
Foreign currency contracts 6
36 (8)30 (21)3 4 5 5 
Foreign currency contracts 7
(15)— (15)— — — — — 
Commodity contracts 6
(17)7 (11)22 (5)7 (1)(1)
Excluded components 5, 6
— — — (6)(2)(3)(3)(4)
Excluded components 7
7 — 7 — 3 — 3 — 
Net foreign investment hedges:
Foreign currency contracts(55)6 (82)8 — — — — 
Excluded components 5, 7
4 4 31 10 12 4 19 7 
Total derivatives designated as hedging instruments$(37)$5 $(41)$(28)$24 $(18)$55 $(25)
Derivatives not designated as hedging instruments:
Interest rate contracts 3
$— $— $— $— $2 $1 $2 $1 
Foreign currency contracts 7
— — — — (156)29 (212)60 
Commodity contracts 6
— — — — (12)(6)(17)2 
Total return swap 6
— — — — 35 4 24 26 
Total derivatives not designated as hedging instruments$— $— $— $— $(131)$28 $(203)$89 
Total derivatives$(37)$5 $(41)$(28)$(107)$10 $(148)$64 
1.OCI is defined as other comprehensive income (loss).
2.Pretax amounts.
3.Included in "Interest expense and amortization of debt discount" in the consolidated statements of income.
4.Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item.
5.The excluded components are related to the time value of the derivatives designated as hedges.
6.Included in "Cost of sales" in the consolidated statements of income.
7.Included in "Sundry income (expense) - net" in the consolidated statements of income.

The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months:

Expected Reclassifications from AOCL within the next 12 monthsJun 30, 2025
In millions
Cash flow hedges:
Interest rate contracts$(3)
Commodity contracts$(3)
Foreign currency contracts$(21)
Excluded components$2 
Net foreign investment hedges:
Excluded components$23