Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026 and December 31, 2025 (in millions).


	June 30, 2026				December 31, 2025
	Assets		Liabilities		Assets		Liabilities


Foreign Currency Contracts	$	216	$	143	$	108	$	54

Commodity Contracts	941		989		822		613

Total	$	1,157	$	1,132	$	930	$	667

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, 2026 and 2025 (in millions).


			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Three Months Ended June 30, 2026


Pre-tax gains (losses) on:





Foreign Currency Contracts	$	(13)	$	61	$	34
Commodity Contracts	—		574		—

Total gains (loss) recognized in earnings	$	(13)	$	635	$	34	$	656

Three Months Ended June 30, 2025


Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(22)	$	81	$	(90)
Commodity Contracts	—		327		—

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


			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Six Months Ended June 30, 2026


Pre-tax gains (losses) on:





Foreign Currency Contracts	$	(37)	$	225	$	51
Commodity Contracts	—		(300)		—

Total gains (loss) recognized in earnings	$	(37)	$	(75)	$	51	$	(61)

Six Months Ended June 30, 2025


Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(46)	$	231	$	(158)
Commodity Contracts	—		440		—

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

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2026 and December 31, 2025 (in millions).


	June 30, 2026				December 31, 2025
	Assets		Liabilities		Assets		Liabilities

Foreign Currency Contracts	$	50	$	2	$	—	$	90
Interest Rate Contracts	6		—		17		—
Total	$	56	$	2	$	17	$	90

The following table sets forth the pre-tax gain (loss) 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, 2026 and 2025 (in millions).


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Pre-tax gain (loss) on:
Commodity Contracts	$	(111)	$	(11)	$	(107)	$	6