Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 (in millions).

	September 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	133	$	56	$	272	$	102
Commodity Contracts	959		564		828		760
Total	$	1,092	$	620	$	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 and nine months ended September 30, 2025 and 2024 (in millions).

			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Three Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(19)	$	73	$	4
Commodity Contracts	—		115		—
Total gain (loss) recognized in earnings	$	(19)	$	188	$	4	$	173
Three Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(7)	$	20	$	(63)
Commodity Contracts	—		(17)		—
Total gain (loss) recognized in earnings	$	(7)	$	3	$	(63)	$	(67)

			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Nine Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(65)	$	304	$	(154)
Commodity Contracts	—		513		—
Total gain (loss) recognized in earnings	$	(65)	$	817	$	(154)	$	598
Nine Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	11	$	(197)	$	(2)
Commodity Contracts	—		158		—
Total gain (loss) recognized in earnings	$	11	$	(39)	$	(2)	$	(30)

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

	September 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	—	$	—	$	3	$	—
Foreign Currency Contracts	—		182		—		110
Interest Rate Contracts	20		—		5		—
Total	$	20	$	182	$	8	$	110

The following table sets forth the pre-tax 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 nine months ended September 30, 2025 and 2024 (in millions).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Pre-tax losses on:
Commodity Contracts	$	(22)	$	(49)	$	(16)	$	(52)