Derivative Instruments & Hedging Activities (Tables)

12 Months Ended

Dec. 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 December 31, 2025 and 2024 (in millions).

	December 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	108	$	54	$	272	$	102
Commodity Contracts	822		613		828		760
Total	$	930	$	667	$	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 years ended December 31, 2025, 2024, and 2023 (in millions).

			Cost of				Other expense (income) - net
			products		Interest
	Revenues		sold		Expense				Total
For the Year Ended December 31, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(66)	$	269	$	—	$	(144)
Commodity Contracts	—		478		—		—
Total gain (loss) recognized in earnings	$	(66)	$	747	$	—	$	(144)	$	537
For the Year Ended December 31, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	29	$	(388)	$	—	$	142
Commodity Contracts	—		391		—		—
Debt Conversion Option	—		—		—		—
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

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

	December 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	—	$	—	$	3	$	—
Foreign Currency Contracts	—		90		—		110
Interest Rate Contracts	17		—		5		—
Total	$	17	$	90	$	8	$	110

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).

	December 31,
	2025		2024		2023
Pre-tax losses on:
Commodity Contracts	$	(4)	$	(77)	$	322