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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Instruments | Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows:
|  |  | As of June 30, 2025 |  | As of December 31, 2024
|  |  | Asset Derivatives |  | Liability Derivatives |  | Asset Derivatives |  | Liability Derivatives
| Type of Hedge (1) |  | (in millions)
Derivatives designated as accounting hedges (2): |  |  |  |  |  |  |  |  |
Foreign currency contracts | NIH |  | $ | — |  |  | $ | 344 |  |  | $ | 5 |  |  | $ | 5 |
Interest rate contracts | CF |  | — |  |  | 3 |  |  | 2 |  |  | 11 |
Cross-currency swap contracts | CF/NIH |  | 212 |  |  | 554 |  |  | 382 |  |  | 69 |
|  |  | $ | 212 |  |  | $ | 901 |  |  | $ | 389 |  |  | $ | 85 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  | $ | 190 |  |  | $ | 192 |  |  | $ | 302 |  |  | $ | 118 |
Commodity contracts |  |  | 794 |  |  | 718 |  |  | 2,205 |  |  | 1,522 |
Interest rate contracts |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
|  |  | $ | 987 |  |  | $ | 910 |  |  | $ | 2,510 |  |  | $ | 1,640 |
Total fair value |  |  | $ | 1,199 |  |  | $ | 1,811 |  |  | $ | 2,899 |  |  | $ | 1,725 |
(1)Derivative contracts designated as either cash flow ("CF") or net investment hedging ("NIH") instruments. (2)We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 7, Debt and Borrowing Arrangements. Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote.
Fair Value of Offsetting Assets | We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:
| As of June 30, 2025 | As of December 31, 2024
| (in millions)
Other current assets | $ | 1,008 |  |  | $ | 2,545 |
Other assets | 191 |  |  | 354 |
Other current liabilities | 1,202 |  |  | 1,641 |
Other liabilities | 609 |  |  | 84 |
Fair Value of Offsetting Liabilities | We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:
| As of June 30, 2025 | As of December 31, 2024
| (in millions)
Other current assets | $ | 1,008 |  |  | $ | 2,545 |
Other assets | 191 |  |  | 354 |
Other current liabilities | 1,202 |  |  | 1,641 |
Other liabilities | 609 |  |  | 84 |
Summary of Derivative Instrument Fair Value Measurement Inputs | The fair values (asset/(liability)) of our derivative instruments were determined using:
| As of June 30, 2025
| Total Fair Value of Net Asset/(Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (in millions)
Foreign currency contracts | $ | (346) |  |  | $ | — |  |  | $ | (346) |  |  | $ | — |
Commodity contracts | 76 |  |  | 28 |  |  | 48 |  |  | — |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |
Cross-currency swap contracts | (342) |  |  | — |  |  | (342) |  |  | — |
Total derivatives | $ | (612) |  |  | $ | 28 |  |  | $ | (640) |  |  | $ | — |
| As of December 31, 2024
| Total Fair Value of Net Asset/(Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (in millions)
Foreign currency contracts | $ | 184 |  |  | $ | — |  |  | $ | 184 |  |  | $ | — |
Commodity contracts | 683 |  |  | (111) |  |  | 794 |  |  | — |
Interest rate contracts | (6) |  |  | — |  |  | (6) |  |  | — |
Cross-currency swap contracts | 313 |  |  | — |  |  | 313 |  |  | — |
Total derivatives | $ | 1,174 |  |  | $ | (111) |  |  | $ | 1,285 |  |  | $ | — |
Schedule of Notional Values of Derivative Instruments | The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were:
| Notional Amount
| As of June 30, 2025 |  | As of December 31, 2024
| (in millions)
Foreign currency contracts | $ | 20,667 |  |  | $ | 13,724 |
Commodity contracts | 13,973 |  |  | 16,210 |
Interest rate contracts | 2,089 |  |  | 4,189 |
Cross-currency swap contracts | 7,219 |  |  | 9,608 |
Non-U.S. dollar debt designated as net investment hedges: |  |  |
Euro notes | 3,755 |  |  | 3,298 |
Swiss franc notes | 252 |  |  | 220 |
Canadian dollar notes | 478 |  |  | 869 |
Schedule of Net Investment Hedges | Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
| (in millions)
(Loss)/gain on NIH contracts (1) | $ | (799) |  |  | $ | 22 |  |  | $ | (1,000) |  |  | $ | 242 |  |  |  |  |
Amounts excluded from the assessment of hedge effectiveness (2) | 67 |  |  | 46 |  |  | 124 |  |  | 87 |  |  |  |  |
(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses). (2)We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net. Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
| (in millions)
Euro notes | $ | (310) |  |  | $ | 24 |  |  | $ | (457) |  |  | $ | 103 |  |  |  |  |
Swiss franc notes | (26) |  |  | (1) |  |  | (32) |  |  | 25 |  |  |  |  |
Canadian notes | (25) |  |  | 4 |  |  | (25) |  |  | 14 |  |  |  |  |
Summary of Economic Hedges | Pre-tax gains/(losses) recorded in net earnings for economic hedges were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
| (in millions)
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |
Cost of sales | $ | (34) |  |  | $ | (2) |  |  | $ | (165) |  |  | $ | 23 |  |  |  |  |
Selling, general and administrative expenses | (6) |  |  | (6) |  |  | (6) |  |  | 1 |  |  |  |  |
Interest and other expense, net | (63) |  |  | 9 |  |  | 27 |  |  | 65 |  |  |  |  |
Commodity contracts - Cost of sales | 19 |  |  | (255) |  |  | (390) |  |  | 929 |  |  |  |  |
Interest rate contracts - Interest and other expense, net | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |
Total | $ | (83) |  |  | $ | (253) |  |  | $ | (533) |  |  | $ | 1,019 |  |  |  |  |
Schedule of Contingent Consideration | The following is a summary of our contingent consideration liability activity:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  | (in millions)
Liability at beginning of period | $ | 167 |  |  | $ | 703 |  |  | $ | 179 |  |  | $ | 680 |
Changes in fair value | (26) |  |  | 12 |  |  | (38) |  |  | 35 |
Payments | — |  |  | (54) |  |  | — |  |  | (54) |
Currency | 1 |  |  | — |  |  | 1 |  |  | — |
Liability at end of period | $ | 142 |  |  | $ | 661 |  |  | $ | 142 |  |  | $ | 661 |

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