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Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2025

Financial Instruments and Risk Management

Schedule of additional information related to the commercial risk management instruments

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($ in millions)

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September 30, 2025

Commercial risk area

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Commodity

​

Currency

Interest Rate

Net Investment

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional amount of contracts

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$

1,685

​

$

2,894

​

$

600

​

€

1,050

Net gain (loss) included in AOCI, after-tax

​

​

—

​

​

2

​

​

1

​

$

(83)

Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months

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​

—

​

​

2

​

​

1

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Longest duration of forecasted hedge transactions in years

​

​

2

​

​

1

​

​

2

​

​

4

Schedule of fair value of derivative instruments

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	September 30, 2025
($ in millions)	Balance Sheet Location		Derivatives Designated as Hedging Instruments			Derivatives not Designated as Hedging Instruments			Total
​	​	​	​	​	​	​	​	​	​	​
Assets:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	36	​	$	—	​	$	36
Currency contracts	​	​	​	—	​	​	24	​	​	24
Interest rate and other contracts	​	​	​	2	​	​	—	​	​	2
Total current derivative contracts	Other current assets	​	$	38	​	$	24	​	$	62
​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	2	​	$	—	​	$	2
Currency contracts	​	​	​	—	​	​	1	​	​	1
Total noncurrent derivative contracts	Other noncurrent assets	​	$	2	​	$	1	​	$	3
	​	​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	37	​	$	—	​	$	37
Currency contracts	​	​	​	39	​	​	27	​	​	66
Total current derivative contracts	Other current liabilities	​	$	76	​	$	27	​	$	103
​	​	​	​	​	​	​	​	​	​	​
Interest rate and other contracts	​	​	​	1	​	​	—	​	​	1
Net investment hedge	​	​	​	100	​	​	—	​	​	100
Total noncurrent derivative contracts	Other noncurrent liabilities	​	$	101	​	$	—	​	$	101

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	December 31, 2024
($ in millions)	Balance Sheet Location	​	Derivatives Designated as Hedging Instruments			Derivatives not Designated as Hedging Instruments			Total
​	​	​	​	​	​	​	​	​	​	​
Assets:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	26	​	$	—	​	$	26
Currency contracts	​	​	​	—	​	​	36	​	​	36
Interest rate and other contracts	​	​	​	4	​	​	—	​	​	4
Total current derivative contracts	Other current assets	​	$	30	​	$	36	​	$	66
​	​	​	​	​	​	​	​	​	​	​
Currency contracts	​	​	$	51	​	$	—	​	$	51
Interest rate and other contracts	​	​	​	6	​	​	—	​	​	6
Net investment hedge	​	​	​	20	​	​	—	​	​	20
Total noncurrent derivative contracts	Other noncurrent assets	​	$	77	​	$	—	​	$	77
	​	​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	7	​	$	—	​	$	7
Currency contracts	​	​	​	—	​	​	13	​	​	13
Total current derivative contracts	Other current liabilities	​	$	7	​	$	13	​	$	20
​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	1	​	$	—	​	$	1
Other contracts	​	​	​	—	​	​	12	​	​	12
Total noncurrent derivative contracts	Other noncurrent liabilities	​	$	1	​	$	12	​	$	13

Schedule of impact on earnings from derivative instruments

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Three Months Ended September 30,

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2025

​

2024

($ in millions)

Location of Gain (Loss) Recognized in Earnings on Derivatives

Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)

​

Gain (Loss) on Derivatives not Designated as Hedge Instruments

Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)

Gain (Loss) on Derivatives not Designated as Hedge Instruments

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Commodity contracts - manage exposure to customer pricing

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Net sales

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$

6

​

$

—

​

$

1

​

$

—

Commodity contracts - manage exposure to supplier pricing

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Cost of sales

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​

(14)

​

​

(5)

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​

7

​

​

9

Interest rate contracts - manage exposure for outstanding debt

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Interest expense

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1

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—

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3

​

​

—

Currency contracts - manage currency exposure

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Selling, general and administrative

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​

8

​

​

3

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​

(36)

​

​

(29)

Equity contracts

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Selling, general and administrative

​

​

—

​

​

(7)

​

​

—

​

​

9

Total

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​

​

$

1

​

$

(9)

​

$

(25)

​

$

(11)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

​

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Nine Months Ended September 30,

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​

​

​

​

2025

​

2024

​

($ in millions)

Location of Gain (Loss) Recognized in Earnings on Derivatives

Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)

Gain (Loss) on Derivatives not Designated as Hedge Instruments

Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)

Gain (Loss) on Derivatives not Designated as Hedge Instruments

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts - manage exposure to customer pricing

​

Net sales

​

$

18

​

$

—

​

$

(5)

​

$

—

​

Commodity contracts - manage exposure to supplier pricing

​

Cost of sales

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​

(12)

​

​

1

​

​

(3)

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​

3

​

Interest rate contracts - manage exposure for outstanding debt

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Interest expense

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​

4

​

​

—

​

​

9

​

​

—

​

Currency contracts - manage currency exposure

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Selling, general and administrative

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​

(93)

​

​

(167)

​

​

12

​

​

27

​

Equity contracts

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Selling, general and administrative

​

​

—

​

​

(8)

​

​

—

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​

12

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Total

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​

​

$

(83)

​

$

(174)

​

$

13

​

$

42

​

​

​

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

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Three Months Ended September 30,

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Nine Months Ended September 30,

($ in millions)

2025

2024

2025

2024

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Amounts reclassified into earnings:

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Commodity contracts

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$

8

​

$

(8)

​

$

(6)

​

$

8

Interest rate contracts

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​

(1)

​

​

(3)

​

​

(4)

​

​

(9)

Currency exchange contracts

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​

(8)

​

​

36

​

​

93

​

​

(12)

Change in fair value of hedges:

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​

​

​

​

​

​

​

​

​

​

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Commodity contracts

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​

5

​

​

(16)

​

​

(14)

​

​

(6)

Interest rate contracts

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​

1

​

​

(14)

​

​

(5)

​

​

2

Currency exchange contracts

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​

14

​

​

(34)

​

​

(83)

​

​

11

Net investment hedge

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​

7

​

​

(20)

​

​

(99)

​

​

(20)

Currency and tax impacts

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​

(3)

​

​

16

​

​

5

​

​

7

​

​

$

23

​

$

(43)

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$

(113)

​

$

(19)

​

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Topic 815
-SubTopic 10
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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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