v3.25.4

Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments |
Balance Sheet Classification of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Fair Value of | ​
​ | ​ | ​ | Hedge Assets | ​ | Hedge Liabilities | ​
​ |  | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 | ​
Derivatives designated as hedging instruments: | ​ ​ ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​
Commodity forward contracts and collars (a) | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | 2 | ​ | $ | 6 | ​
Fair value hedges of foreign exchange risk (b) | ​ | ​ | ​ | 1 | ​ | ​ | 8 | ​ | ​ | 78 | ​ | ​ | 69 | ​
Net investment hedges (c) | ​ | ​ | ​ | 11 | ​ | ​ | 7 | ​ | ​ | 207 | ​ | ​ | 29 | ​
Total derivatives accounted for as hedges | ​ | ​ | $ | 12 | ​ | $ | 15 | ​ | $ | 287 | ​ | $ | 104 | ​
Derivatives not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts (d) | ​ | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 10 | ​
Total derivatives | ​ | ​ | $ | 14 | ​ | $ | 17 | ​ | $ | 287 | ​ | $ | 114 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | $ | 14 | ​ | $ | 17 | ​ | $ | 71 | ​ | $ | 12 | ​
Noncurrent | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 216 | ​ | ​ | 102 | ​
Total derivatives | ​ | ​ | $ | 14 | ​ | $ | 17 | ​ | $ | 287 | ​ | $ | 114 | ​
​
(a) | The notional amount of the commodity forward contracts and collars was approximately 9 million British Thermal Units (“BTUs”) and 28 million BTUs at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2027 at December 31, 2025 and December 31, 2024.
(b) | The notional amounts of the fair value hedges of foreign exchange risk were $400 million and $816 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates were in 2030 at December 31, 2025 and December 31, 2024.
(c) | The notional amounts of the net investment hedges were €1,176 million and €483 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2028 at December 31, 2025 and 2026 at December 31, 2024.
(d) | The notional amounts of the foreign exchange derivative contracts were $526 million and $680 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2026 at December 31, 2025 and 2025 at December 31, 2024.
​
Effects of derivative instruments on the results of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (Loss) Recognized in OCI (Effective Portion) | ​ | Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
Derivatives designated as hedging instruments: |  | 2025 | ​ | 2024 | ​ | 2023 | ​ | 2025 | ​ | 2024 | ​ | 2023
Cash Flow Hedges | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
Commodity forward contracts and collars (a) | ​ | $ | 4 | ​ | $ | (3) | ​ | $ | (27) | ​ | $ | ​ | ​ | $ | (10) | ​ | $ | (21)
Cash flow hedges of foreign exchange risk (b) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4)
Net Investment Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Investment Hedges | ​ | ​ | (104) | ​ | ​ | 36 | ​ | ​ | (21) | ​ | ​ | 12 | ​ | ​ | 6 | ​ | ​ | 5
​ | ​ | $ | (100) | ​ | $ | 33 | ​ | $ | (51) | ​ | $ | 12 | ​ | $ | (4) | ​ | $ | (20)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Loss Recognized in Other income (expense), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedges: |  | 2025 | ​ | 2024 | ​ | 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts | ​ ​ ​ | $ | 28 | ​ ​ ​ | $ | (36) | ​ ​ ​ | $ | (12) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) other income (expense), net
​

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