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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (in millions).

 March 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$117 $61 $272 $102 
Commodity Contracts782 733 828 760 
Total$899 $794 $1,100 $862 

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 three months ended March 31, 2025 and 2024 (in millions).

 Cost ofOther
products(income) -
RevenuessoldnetTotal
Three Months Ended March 31, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(25)$150 $(68)
Commodity Contracts— 112 — 
Total gain (loss) recognized in earnings$(25)$262 $(68)$169 
Three Months Ended March 31, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts$1 $(63)$54 
Commodity Contracts— 197 — 
Total gain recognized in earnings$1 $134 $54 $189 
The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2025 and December 31, 2024 (in millions).

 March 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Commodity Contracts$— $— $3 $— 
Foreign Currency Contracts28 53 — 110 
Interest Rate Contracts15 — 5 — 
Total$43 $53 $8 $110 

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024 (in millions).
Cost of products sold
Three Months Ended March 31, 2025
Pre-tax gains on:
Commodity Contracts$17 
Three Months Ended March 31, 2024
Pre-tax gains on:
Commodity Contracts$19