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v3.25.2

Basis of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Reconciliation of Cash and Cash Equivalents | The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of June 30, 2025 and 2024 (in millions).
| June 30, 2025 |  | June 30, 2024
Cash and cash equivalents | $ | 1,057 |  |  | $ | 764 |
Restricted cash and restricted cash equivalents (included in segregated cash and investments) | 4,887 |  |  | 3,507 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 5,944 |  |  | $ | 4,271 |
Schedule of Reconciliation of Restricted Cash and Restricted Cash Equivalents | The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of June 30, 2025 and 2024 (in millions).
| June 30, 2025 |  | June 30, 2024
Cash and cash equivalents | $ | 1,057 |  |  | $ | 764 |
Restricted cash and restricted cash equivalents (included in segregated cash and investments) | 4,887 |  |  | 3,507 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 5,944 |  |  | $ | 4,271 |
Schedule of Changes to the Allowance for Estimated Uncollectible Amounts | Changes to the allowance for estimated uncollectible accounts were as follows (in millions).
| Three Months Ended June 30,
| 2025 |  | 2024
Opening balance, April 1 | $ | 158 |  |  | $ | 216 |
Provisions (reversals), net | 5 |  |  | (12) |
Write-offs against allowance | (13) |  |  | (3) |
Recoveries and other | 3 |  |  | (7) |
Closing balance, June 30 | $ | 153 |  |  | $ | 194 |
| Six Months Ended June 30,
| 2025 |  | 2024
Opening balance, January 1 | $ | 167 |  |  | $ | 215 |
Provisions (reversals), net | 7 |  |  | (7) |
Write-offs against allowance | (26) |  |  | (16) |
Recoveries and other | 5 |  |  | 2 |
Closing balance, June 30 | $ | 153 |  |  | $ | 194 |
Schedule of Inventories | The following table sets forth the Company’s inventories as of June 30, 2025 and December 31, 2024 (in millions).
| June 30, 2025 |  | December 31, 2024
Raw materials and supplies (1) | $ | 1,694 |  |  | $ | 1,922 |
Finished goods | 2,670 |  |  | 2,689 |
Market inventories | 5,359 |  |  | 6,961 |
Total inventories | $ | 9,723 |  |  | $ | 11,572 |
(1) Includes work in process inventories which were not material as of June 30, 2025 and December 31, 2024.
Schedule of Net Property, Plant, and Equipment | The Company’s net property, plant, and equipment consisted of the following as of June 30, 2025 and December 31, 2024 (in millions).
| June 30, 2025 |  | December 31, 2024
Land | $ | 606 |  |  | $ | 566 |
Buildings | 6,368 |  |  | 6,143 |
Machinery and equipment | 21,414 |  |  | 20,636 |
Construction in progress | 1,476 |  |  | 1,553 |
| 29,864 |  |  | 28,898 |
Accumulated depreciation | (18,722) |  |  | (18,061) |
Net Property, Plant, and Equipment | $ | 11,142 |  |  | $ | 10,837 |
Schedule of Changes in Redeemable Non-Controlling Interests | Changes to the Company's redeemable non-controlling interests for the three and six months ended June 30, 2025 and 2024 were as follows (in millions):
| Three Months Ended June 30,
| 2025 |  | 2024
Opening balance, April 1 | $ | 255 |  |  | $ | 307 |
Net (loss) attributable to redeemable non-controlling interests | (1) |  |  | (4) |
Currency translation adjustments and other | (5) |  |  | (1) |
Closing balance, June 30 | $ | 249 |  |  | $ | 302 |
| Six Months Ended June 30,
| 2025 |  | 2024
Opening balance, January 1 | $ | 253 |  |  | $ | 320 |
Net (loss) attributable to redeemable non-controlling interests | (3) |  |  | (15) |
Currency translation adjustments and other | (1) |  |  | (3) |
Closing balance, June 30 | $ | 249 |  |  | $ | 302 |

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