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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 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 March 31, 2025 and December 31, 2024 (in millions).
| March 31, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign Currency Contracts | $ | 117 |  |  | $ | 61 |  |  | $ | 272 |  |  | $ | 102 |
Commodity Contracts | 782 |  |  | 733 |  |  | 828 |  |  | 760 |
Total | $ | 899 |  |  | $ | 794 |  |  | $ | 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 three months ended March 31, 2025 and 2024 (in millions).
|  |  | Cost of |  | Other |  |  |  |
|  |  | products |  | (income) - |  |  |  |
| Revenues |  | sold |  | net |  |  |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (25) |  |  | $ | 150 |  |  | $ | (68) |  |  |  |  |
Commodity Contracts | — |  |  | 112 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (25) |  |  | $ | 262 |  |  | $ | (68) |  |  |  |  | $ | 169 |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 1 |  |  | $ | (63) |  |  | $ | 54 |  |  |  |  |
Commodity Contracts | — |  |  | 197 |  |  | — |  |  |  |  |
Total gain recognized in earnings | $ | 1 |  |  | $ | 134 |  |  | $ | 54 |  |  |  |  | $ | 189 |
The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2025 and December 31, 2024 (in millions).
| March 31, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Commodity Contracts | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Foreign Currency Contracts | 28 |  |  | 53 |  |  | — |  |  | 110 |
Interest Rate Contracts | 15 |  |  | — |  |  | 5 |  |  | — |
Total | $ | 43 |  |  | $ | 53 |  |  | $ | 8 |  |  | $ | 110 |
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024 (in millions).
|  |  | Cost of products sold |  |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains on: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | $ | 17 |  |  |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gains on: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | $ | 19 |  |  |  |  |  |  |  |  |  |  |

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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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