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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024 (in millions).
| June 30, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign Currency Contracts | $ | 181 |  |  | $ | 158 |  |  | $ | 272 |  |  | $ | 102 |
Commodity Contracts | 1,010 |  |  | 708 |  |  | 828 |  |  | 760 |
Total | $ | 1,191 |  |  | $ | 866 |  |  | $ | 1,100 |  |  | $ | 862 |
Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending on the purpose of the contract. Changes in the fair value of commodity contracts are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold. 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, 2025 and 2024 (in millions).
|  |  | Cost of |  | Other |  |  |  |
|  |  | products |  | (income) - |  |  |  |
| Revenues |  | sold |  | net |  |  |  | Total
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (22) |  |  | $ | 81 |  |  | $ | (90) |  |  |  |  |
Commodity Contracts | — |  |  | 327 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (22) |  |  | $ | 408 |  |  | $ | (90) |  |  |  |  | $ | 296 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 18 |  |  | $ | (155) |  |  | $ | 8 |  |  |  |  |
Commodity Contracts | — |  |  | (22) |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 18 |  |  | $ | (177) |  |  | $ | 8 |  |  |  |  | $ | (151) |
|  |  | Cost of |  | Other |  |  |  |
|  |  | products |  | (income) - |  |  |  |
| Revenues |  | sold |  | net |  |  |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (46) |  |  | $ | 231 |  |  | $ | (158) |  |  |  |  |
Commodity Contracts | — |  |  | 440 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (46) |  |  | $ | 671 |  |  | $ | (158) |  |  |  |  | $ | 467 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 19 |  |  | $ | (218) |  |  | $ | 62 |  |  |  |  |
Commodity Contracts | — |  |  | 175 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 19 |  |  | $ | (43) |  |  | $ | 62 |  |  |  |  | $ | 38 |
The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2025 and December 31, 2024 (in millions).
| June 30, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Commodity Contracts | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Foreign Currency Contracts | — |  |  | 254 |  |  | — |  |  | 110 |
Interest Rate Contracts | 19 |  |  | — |  |  | 5 |  |  | — |
Total | $ | 19 |  |  | $ | 254 |  |  | $ | 8 |  |  | $ | 110 |
The following table sets forth the pre-tax gains (losses) 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, 2025 and 2024 (in millions).
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Pre-tax gains on: |  |  |  |  |  |  |
Commodity Contracts | $ | (11) |  |  | $ | (23) |  |  | $ | 6 |  |  | $ | (4) |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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