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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Cash and cash equivalents$1,015 $611 $1,368 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,490 3,313 4,022 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,505 $3,924 $5,390 
Schedule of Restrictions on Cash and Cash Equivalents
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Cash and cash equivalents$1,015 $611 $1,368 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,490 3,313 4,022 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,505 $3,924 $5,390 
Schedule of Changes in Allowance for Estimated Uncollectible Accounts
Changes to the allowance for estimated uncollectible accounts for the years ended December 31, 2025 and 2024 are as follows (in millions):
Year Ended December 31
20252024
Opening balance, January 1 $167 $215 
Provisions (reversals), net27 (16)
Write-offs against allowance(39)(32)
Recoveries and other5 — 
Closing balance, December 31$160 $167 
Schedule of Inventories
The following table sets forth the Company’s inventories as of December 31, 2025 and 2024 (in millions).

December 31, 2025December 31, 2024
Raw materials and supplies (1)
$1,740 $1,922 
Finished goods2,407 2,689 
Market inventories6,222 6,961 
Total inventories$10,369 $11,572 

(1) Includes work in process inventories which were not material as of December 31, 2025 and 2024.
Schedule of Net Property, Plant and Equipment
The Company’s property, plant, and equipment consisted of the following as of December 31, 2025 and 2024 (in millions).

December 31, 2025December 31, 2024
Land$607 $566 
Buildings6,440 6,143 
Machinery and equipment22,042 20,636 
Construction in progress1,110 1,553 
 30,199 28,898 
Accumulated depreciation(19,020)(18,061)
Property, Plant, and Equipment, Net$11,179 $10,837 
Schedule of Changes in Outstanding Payment Obligations
Changes to the outstanding payment obligations for the years ended December 31, 2025 and 2024 were as follows (in millions):

Year Ended December 31,
20252024
Opening balance, January 1$222 $274 
Obligations confirmed974 948 
Obligations paid(895)(1,000)
Closing balance, December 31$301 $222 
Schedule of Changes in Redeemable Non-controlling Interest
Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions):
Year Ended December 31,
202520242023
Opening balance, January 1$253 $320 $299 
Net income (loss)(3)(21)(6)
Acquisitions— (18)— 
Remeasurement42 — — 
Currency translation adjustments and other(5)(28)27 
Closing balance, December 31$287 $253 $320