Derivative Instruments & Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023 (in millions).

	December 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	272	$	102	$	187	$	122
Commodity Contracts	828		760		1,343		957
Total	$	1,100	$	862	$	1,530	$	1,079

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 years ended December 31, 2024, 2023, and 2022 (in millions).

			Cost of				Other expense (income) - net
			products		Interest
	Revenues		sold		Expense				Total
For the Year Ended December 31, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	29	$	(388)	$	—	$	142
Commodity Contracts	—		391		—		—
Total gain (loss) recognized in earnings	$	29	$	3	$	—	$	142	$	174
For the Year Ended December 31, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(33)	$	322	$	—	$	43
Commodity Contracts	—		619		—		—
Debt Conversion Option	—		—		6		—
Total gain (loss) recognized in earnings	$	(33)	$	941	$	6	$	43	$	957
For the Year Ended December 31, 2022
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(42)	$	367	$	—	$	194
Commodity Contracts	—		(120)		—		—
Debt Conversion Option	—		—		9		—
Total gain (loss) recognized in earnings	$	(42)	$	247	$	9	$	194	$	408

The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2024 and 2023 (in millions).

	December 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	3	$	—	$	16	$	—
Interest Rate Contracts	5		—		—		—
Foreign Currency Contracts	—		110		—		22
Total	$	8	$	110	$	16	$	22

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been included in the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023, and 2022 (in millions).

	Cost of products sold
For the Year Ended December 31, 2024
Pre-tax gains (losses) on:
Commodity Contracts	$	(77)
For the Year Ended December 31, 2023
Pre-tax gains (losses) on:
Commodity Contracts	$	322
For the Year Ended December 31, 2022
Pre-tax gains (losses) on:
Commodity Contracts	$	351