XML 56 R30.htm IDEA: XBRL DOCUMENT
v3.25.2

HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at June 30, 2025 and December 31, 2024.
|  |  |  | Fair Value of |  |  |  |
|  | Notional Amount |  | Hedge Assets |  | Hedge Liabilities |  | Maximum Term (Months)
Millions of dollars |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Derivatives accounted for as hedges(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swaps/options |  | $ | 352 |  |  | $ | 204 |  |  | $ | 16 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 9 |  |  | (CF) |  | 30 |  | 24
Foreign exchange forwards/options |  | 812 |  |  | 967 |  |  | 1 |  |  | 52 |  |  | 36 |  |  | 2 |  |  | (CF/NI) |  | 15 |  | 15
Cross-currency swaps(2) |  | 618 |  |  | 618 |  |  | 4 |  |  | 6 |  |  | 123 |  |  | 47 |  |  | (CF) |  | 44 |  | 50
Total derivatives accounted for as hedges |  |  |  |  |  | $ | 21 |  |  | $ | 63 |  |  | $ | 169 |  |  | $ | 58 |  |  |  |  |  |  |
Derivatives not accounted for as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards/options |  | 934 |  |  | 473 |  |  | 2 |  |  | 5 |  |  | 15 |  |  | 1 |  |  | N/A |  | 13 |  | 12
Total derivatives not accounted for as hedges |  |  |  |  |  | 2 |  |  | 5 |  |  | 15 |  |  | 1 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 23 |  |  | $ | 68 |  |  | $ | 184 |  |  | $ | 59 |  |  |  |  |  |  |
Current |  |  |  |  |  | $ | 16 |  |  | $ | 65 |  |  | $ | 59 |  |  | $ | 11 |  |  |  |  |  |  |
Noncurrent |  |  |  |  |  | 7 |  |  | 3 |  |  | 125 |  |  | 48 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 23 |  |  | $ | 68 |  |  | $ | 184 |  |  | $ | 59 |  |  |  |  |  |  |
(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges. (2)Change in cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss) | The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented:
|  |  |  | Three Months Ended June 30,
|  |  | Gain (Loss) Recognized in OCI (Effective Portion ) (3)(5)
Millions of dollars |  |  | 2025 |  | 2024
Cash flow hedges |  |  |  |  |  |  |  |
Commodity swaps/options |  | $ | (1) |  |  | $ | 14 |
Foreign exchange forwards/options(6) |  | (47) |  |  | 29 |
Cross-currency swaps(6) |  | (60) |  |  | 9 |
|  | $ | (108) |  |  | $ | 52 |
|  |  |  |  |  | Three Months Ended June 30,
|  | Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(4)(5)
Cash Flow Hedges - Millions of dollars |  |  | 2025 |  | 2024
Commodity swaps/options |  | Cost of products sold |  | $ | (2) |  |  | $ | 2 |
Foreign exchange forwards/options |  | Net sales |  | (1) |  |  | — |
Foreign exchange forwards/options |  | Cost of products sold |  | 3 |  |  | (3) |
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | 3 |  |  | 3 |
Cross-currency swaps(6) |  | Interest and sundry (income) expense |  | (59) |  |  | 5 |
|  |  |  | $ | (56) |  |  | $ | 7 |
|  |  |  |  |  | Three Months Ended June 30,
|  | Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges |  | Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars |  |  | 2025 |  | 2024
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | $ | (25) |  |  | $ | 10 |
(3)Change in gain (loss) recognized in OCI (effective portion) for the three months ended June 30, 2025 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. (4)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended June 30, 2025 was primarily driven by fluctuations in currency, commodity prices and interest rates. (5)The tax impact of the cash flow hedges was $14 million and $(14) million for the three months ended June 30, 2025 and 2024, respectively. (6)Change in foreign exchange forwards/options and cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.
|  |  |  | Six Months Ended June 30,
|  |  | Gain (Loss) Recognized in OCI (Effective Portion) (7)(9)
Millions of dollars |  |  | 2025 |  | 2024
Cash flow hedges |  |  |  |  |  |  |  |
Commodity swaps/options |  | $ | 4 |  |  | $ | 19 |
Foreign exchange forwards/options(10) |  | (72) |  |  | 44 |
Cross-currency swaps(10) |  | (77) |  |  | 22 |
|  | $ | (145) |  |  | $ | 85 |
|  |  |  |  |  | Six Months Ended June 30,
|  | Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(8)(9)
Cash Flow Hedges - Millions of dollars |  |  | 2025 |  | 2024
Commodity swaps/options |  | Cost of products sold |  | $ | (1) |  |  | $ | — |
Foreign exchange forwards/options |  | Net sales |  | (1) |  |  | 1 |
Foreign exchange forwards/options |  | Cost of products sold |  | 8 |  |  | (16) |
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | 13 |  |  | 2 |
Cross-currency swaps(10) |  | Interest and sundry (income) expense |  | (87) |  |  | 22 |
Interest rate derivatives(11) |  | Interest and sundry (income) expense |  | 30 |  |  | — |
|  |  |  | $ | (38) |  |  | $ | 9 |
|  |  |  |  |  | Six Months Ended June 30,
|  | Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges |  | Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars |  |  | 2025 |  | 2024
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | $ | (36) |  |  | $ | 8 |
(7)Change in gain (loss) recognized in OCI (effective portion) for the six months ended June 30, 2025 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. (8)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the six months ended June 30, 2025 was primarily driven by fluctuations in currency, commodity prices and interest rates. (9)The tax impact of the cash flow hedges was $30 million and $(23) million for the six months ended June 30, 2025 and 2024, respectively. (10)Change in foreign exchange forwards/options and cross-currency swaps is primarily driven by the currency change in the Euro year-over-year. (11)The OCI release on the interest rate derivative was driven by an assessment in the period which determined that the forecasted debt transaction was determined to be not probable of occurring.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration