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Derivative Instruments & Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 (in millions).
| December 31, 2024 |  | December 31, 2023
| Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign Currency Contracts | $ | 272 |  |  | $ | 102 |  |  | $ | 187 |  |  | $ | 122 |
Commodity Contracts | 828 |  |  | 760 |  |  | 1,343 |  |  | 957 |
Total | $ | 1,100 |  |  | $ | 862 |  |  | $ | 1,530 |  |  | $ | 1,079 |
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, 2024, 2023, and 2022 (in millions).
|  |  | Cost of |  |  |  | Other expense (income) - net |  |  |  |
|  |  | products |  | Interest |  |  |  |  |
| Revenues |  | sold |  | Expense |  |  | Total |  |
For the Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 29 |  |  | $ | (388) |  |  | $ | — |  |  | $ | 142 |  |  |  |  |
Commodity Contracts | — |  |  | 391 |  |  | — |  |  | — |  |  |  |  |
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 |  |  |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (42) |  |  | $ | 367 |  |  | $ | — |  |  | $ | 194 |  |  |  |  |
Commodity Contracts | — |  |  | (120) |  |  | — |  |  | — |  |  |  |  |
Debt Conversion Option | — |  |  | — |  |  | 9 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (42) |  |  | $ | 247 |  |  | $ | 9 |  |  | $ | 194 |  |  | $ | 408 |  |  |
The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2024 and 2023 (in millions).
| December 31, 2024 |  | December 31, 2023
| Assets |  | Liabilities |  | Assets |  | Liabilities
Commodity Contracts | $ | 3 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |
Interest Rate Contracts | 5 |  |  | — |  |  | — |  |  | — |
Foreign Currency Contracts | — |  |  | 110 |  |  | — |  |  | 22 |
Total | $ | 8 |  |  | $ | 110 |  |  | $ | 16 |  |  | $ | 22 |
The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been included in the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023, and 2022 (in millions).
|  |  | Cost of products sold |  |  |  |  |  |  |
For the Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | $ | (77) |  |  |  |  |  |  |  |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | $ | 322 |  |  |  |  |  |  |  |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | $ | 351 |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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