Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2025 and December 31, 2024 (in millions).


	June 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities


Foreign Currency Contracts	$	181	$	158	$	272	$	102

Commodity Contracts	1,010		708		828		760

Total	$	1,191	$	866	$	1,100	$	862

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending on the purpose of the contract.

Changes in the fair value of commodity contracts are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

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 and six months ended June 30, 2025 and 2024 (in millions).


			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Three Months Ended June 30, 2025


Pre-tax gains (losses) on:





Foreign Currency Contracts	$	(22)	$	81	$	(90)
Commodity Contracts	—		327		—

Total gain (loss) recognized in earnings	$	(22)	$	408	$	(90)	$	296

Three Months Ended June 30, 2024


Pre-tax gains (losses) on:
Foreign Currency Contracts	$	18	$	(155)	$	8
Commodity Contracts	—		(22)		—

Total gain (loss) recognized in earnings	$	18	$	(177)	$	8	$	(151)


			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Six Months Ended June 30, 2025


Pre-tax gains (losses) on:





Foreign Currency Contracts	$	(46)	$	231	$	(158)
Commodity Contracts	—		440		—

Total gain (loss) recognized in earnings	$	(46)	$	671	$	(158)	$	467

Six Months Ended June 30, 2024


Pre-tax gains (losses) on:
Foreign Currency Contracts	$	19	$	(218)	$	62
Commodity Contracts	—		175		—

Total gain (loss) recognized in earnings	$	19	$	(43)	$	62	$	38

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2025 and December 31, 2024 (in millions).


	June 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	—	$	—	$	3	$	—
Foreign Currency Contracts	—		254		—		110
Interest Rate Contracts	19		—		5		—
Total	$	19	$	254	$	8	$	110

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and six months ended June 30, 2025 and 2024 (in millions).


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Pre-tax gains on:
Commodity Contracts	$	(11)	$	(23)	$	6	$	(4)