Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 (in millions).

	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	166	$	186	$	187	$	122
Commodity Contracts	959		926		1,343		957
Total	$	1,125	$	1,112	$	1,530	$	1,079

The following tables set 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 nine months ended September 30, 2024 and 2023 (in millions).

			Cost of		Other (income) expense - net		Interest
	Revenues		products sold				expense		Total
Three Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(7)	$	20	$	(63)	$	—
Commodity Contracts	—		(17)		—		—
Total gain (loss) recognized in earnings	$	(7)	$	3	$	(63)	$	—	$	(67)
Three Months Ended September 30, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	1	$	(38)	$	96	$	—
Commodity Contracts	—		168		—		—
Total gain (loss) recognized in earnings	$	1	$	130	$	96	$	—	$	227

			Cost of		Other (income) expense - net		Interest
	Revenues		products sold				expense		Total
Nine Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	11	$	(197)	$	(2)	$	—
Commodity Contracts	—		158		—		—
Total gain (loss) recognized in earnings	$	11	$	(39)	$	(2)	$	—	$	(30)
Nine Months Ended September 30, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(25)	$	210	$	123	$	—
Commodity Contracts	—		643		—		—
Debt Conversion Option	—		—		—		6
Total gain (loss) recognized in earnings	$	(25)	$	853	$	123	$	6	$	957

The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023 (in millions).

	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	6	$	—	$	16	$	—
Foreign Currency Contracts	—		36		—		22
Interest Rate Contracts	28		—		—		—
Total	$	34	$	36	$	16	$	22

The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2024 and 2023 (in millions).

	Cost of products sold
Three Months Ended September 30, 2024
Pre-tax gains (losses) on:
Commodity Contracts	$	(49)
Three Months Ended September 30, 2023
Pre-tax gains (losses) on:
Commodity Contracts	$	(132)

	Cost of products sold
Nine Months Ended September 30, 2024
Pre-tax gains (losses) on:
Commodity Contracts	$	(52)
Nine Months Ended September 30, 2023
Pre-tax gains (losses) on:
Commodity Contracts	$	(277)