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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)

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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

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

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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