XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Derivatives And Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2022, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
Commodity | Quantity Hedged |  | Unit of Measure |  | Notional Amount (Approximate USD Equivalent)
| (in thousands) |  | (in millions)
Copper | 118,494 |  |  | pounds |  | $ | 415 |
Foreign Currency | Quantity Hedged |  | Unit of Measure |  | Notional Amount (Approximate USD Equivalent)
| (in millions)
Mexican Peso | 14,478 |  |  | MXN |  | $ | 720 |
Chinese Yuan Renminbi | 2,574 |  |  | RMB |  | 360 |
Euro | 122 |  |  | EUR |  | 120 |
Polish Zloty | 664 |  |  | PLN |  | 135 |
Hungarian Forint | 23,895 |  |  | HUF |  | 55 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative financial instruments recorded in the consolidated balance sheets as of September 30, 2022 and December 31, 2021 are as follows:
| Asset Derivatives |  | Liability Derivatives |  | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
| Balance Sheet Location |  | September 30, 2022 |  | Balance Sheet Location |  | September 30, 2022 |  | September 30, 2022
| (in millions)
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Commodity derivatives | Other current assets |  | $ | — |  |  | Accrued liabilities |  | $ | 55 |  |  |
Foreign currency derivatives* | Other current assets |  | 29 |  |  | Other current assets |  | 9 |  |  | $ | 20 |
Foreign currency derivatives* | Accrued liabilities |  | 17 |  |  | Accrued liabilities |  | 21 |  |  | (4) |
Commodity derivatives | Other long-term assets |  | — |  |  | Other long-term liabilities |  | 30 |  |  |
Foreign currency derivatives* | Other long-term assets |  | 13 |  |  | Other long-term assets |  | 3 |  |  | 10 |
Foreign currency derivatives* | Other long-term liabilities |  | 2 |  |  | Other long-term liabilities |  | 4 |  |  | (2) |
Total derivatives designated as hedges |  | $ | 61 |  |  |  |  | $ | 122 |  |  |
| Asset Derivatives |  | Liability Derivatives |  | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
| Balance Sheet Location |  | December 31, 2021 |  | Balance Sheet Location |  | December 31, 2021 |  | December 31, 2021
| (in millions)
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Commodity derivatives | Other current assets |  | $ | 27 |  |  | Accrued liabilities |  | $ | — |  |  |
Foreign currency derivatives* | Other current assets |  | 15 |  |  | Other current assets |  | 9 |  |  | $ | 6 |
Foreign currency derivatives* | Accrued liabilities |  | 5 |  |  | Accrued liabilities |  | 16 |  |  | (11) |
Commodity derivatives | Other long-term assets |  | 2 |  |  | Other long-term liabilities |  | — |  |  |
Foreign currency derivatives* | Other long-term assets |  | 2 |  |  | Other long-term assets |  | 1 |  |  | 1 |
Foreign currency derivatives* | Other long-term liabilities |  | 1 |  |  | Other long-term liabilities |  | 8 |  |  | (7) |
Derivatives designated as net investment hedges: |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | — |  |  | Accrued liabilities |  | 1 |  |  |
Total derivatives designated as hedges |  | $ | 52 |  |  |  |  | $ | 35 |  |  |
Derivatives not designated: |  |  |  |  |  |  |  |
Commodity derivatives | Other current assets |  | $ | 5 |  |  | Accrued liabilities |  | $ | — |  |  |
Foreign currency derivatives* | Accrued liabilities |  | — |  |  | Accrued liabilities |  | 1 |  |  | (1) |
Total derivatives not designated as hedges |  | $ | 5 |  |  |  |  | $ | 1 |  |  |
* Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The pre-tax effect of derivative financial instruments in the consolidated statements of operations and consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021 is as follows:
Three Months Ended September 30, 2022 | (Loss) Gain Recognized in OCI |  | (Loss) Gain Reclassified from OCI into Income
| (in millions)
Derivatives designated as cash flow hedges: |  |  |
Commodity derivatives | $ | (40) |  |  | $ | (13) |
Foreign currency derivatives | 23 |  |  | 7 |
Derivatives designated as net investment hedges: |  |  |
Foreign currency derivatives | 6 |  |  | — |
Total | $ | (11) |  |  | $ | (6) |
| Loss Recognized in Income
| (in millions)
Derivatives not designated: |
Foreign currency derivatives | $ | (8) |
Total | $ | (8) |
Three Months Ended September 30, 2021 | Loss Recognized in OCI |  | Gain Reclassified from OCI into Income
| (in millions)
Derivatives designated as cash flow hedges: |  |  |
Commodity derivatives | $ | (16) |  |  | $ | 15 |
Foreign currency derivatives | (24) |  |  | 3 |
Derivatives designated as net investment hedges: |  |  |
Foreign currency derivatives | (4) |  |  | — |
Total | $ | (44) |  |  | $ | 18 |
| Loss Recognized in Income
| (in millions)
Derivatives not designated: |
Foreign currency derivatives | $ | (3) |
Total | $ | (3) |
Nine Months Ended September 30, 2022 | (Loss) Gain Recognized in OCI |  | Gain Reclassified from OCI into Income
| (in millions)
Derivatives designated as cash flow hedges: |  |  |
Commodity derivatives | $ | (108) |  |  | $ | 7 |
Foreign currency derivatives | 48 |  |  | 10 |
Derivatives designated as net investment hedges: |  |  |
Foreign currency derivatives | 10 |  |  | — |
Total | $ | (50) |  |  | $ | 17 |
| Loss Recognized in Income
| (in millions)
Derivatives not designated: |
Foreign currency derivatives | $ | (15) |
Total | $ | (15) |
Nine Months Ended September 30, 2021 | Gain (Loss) Recognized in OCI |  | Gain Reclassified from OCI into Income
| (in millions)
Derivatives designated as cash flow hedges: |  |  |
Commodity derivatives | $ | 35 |  |  | $ | 54 |
Foreign currency derivatives | (31) |  |  | 3 |
Derivatives designated as net investment hedges: |  |  |
Foreign currency derivatives | (11) |  |  | — |
Total | $ | (7) |  |  | $ | 57 |
| Gain (Loss) Recognized in Income
| (in millions)
Derivatives not designated: |
Commodity derivatives | $ | 1 |
Foreign currency derivatives | (5) |
Total | $ | (4) |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + 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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration