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Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation 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 June 30, 2026 and 2025 (in millions).

June 30,
20262025
Cash and cash equivalents$1,060 $1,057 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,397 4,887 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,457 $5,944 
Schedule of Reconciliation of Restricted Cash and Restricted 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 June 30, 2026 and 2025 (in millions).

June 30,
20262025
Cash and cash equivalents$1,060 $1,057 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,397 4,887 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,457 $5,944 
Schedule of Changes to the Allowance for Estimated Uncollectible Amounts
Changes to the allowance for estimated uncollectible accounts were as follows (in millions).

Three Months Ended June 30,
20262025
Opening balance, April 1$162 $158 
Provisions (reversals), net8 5 
Write-offs against allowance(14)(13)
Recoveries and other
— 3 
Closing balance, June 30$156 $153 
Six Months Ended June 30,
20262025
Opening balance, January 1$160 $167 
Provisions (reversals), net16 7 
Write-offs against allowance(20)(26)
Recoveries and other— 5 
Closing balance, June 30$156 $153 
Schedule of Inventories
The following table sets forth the Company’s inventories as of June 30, 2026 and December 31, 2025 (in millions).
June 30, 2026December 31, 2025
Raw materials and supplies (1)
$1,594 $1,740 
Finished goods2,408 2,407 
Market inventories6,584 6,222 
Total inventories$10,586 $10,369 

(1) Includes work in process inventories which were not material.
Schedule of Net Property, Plant, and Equipment
The Company’s property, plant, and equipment consisted of the following as of June 30, 2026 and December 31, 2025 (in millions).

June 30, 2026December 31, 2025
Land$604 $607 
Buildings6,384 6,440 
Machinery and equipment22,066 22,042 
Construction in progress1,043 1,110 
30,097 30,199 
Accumulated depreciation(19,118)(19,020)
Property, Plant, and Equipment, Net$10,979 $11,179 
Schedule of Changes in Redeemable Non-Controlling Interests
Changes to the Company's redeemable non-controlling interests for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):

Three Months Ended June 30,
20262025
Opening balance, April 1$292 $255 
Net income (loss) attributable to redeemable non-controlling interests3 (1)
Currency translation adjustments and other
(3)(5)
Closing balance, June 30$292 $249 
Six Months Ended June 30,
20262025
Opening balance, January 1$287 $253 
Net income (loss) attributable to redeemable non-controlling interests8 (3)
Currency translation adjustments and other
(3)(1)
Closing balance, June 30$292 $249