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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions):

									Fair Value at
			Location						June 30, 2023						December 31, 2022
Derivative assets designated as hedging instruments:
Cash flow hedges:
Natural gas forward swaps			Other current assets						$	—					$	2
Derivative liabilities designated as hedging instruments:
Cash flow hedges:
Natural gas forward swaps			Other current liabilities						$	22					$	32
Derivative assets not designated as hedging instruments:
Foreign exchange forward contracts			Other current assets						$	1					$	1
Derivative liabilities not designated as hedging instruments:
Foreign exchange forward contracts			Other current liabilities						$	1					$	2

Schedule of Fair Value Derivative Instruments Statements of Earnings Location

The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions):

						Three Months Ended June 30,						Six Months Ended June 30,
			Location			2023			2022			2023			2022
Derivative activity designated as hedging instruments:
Natural gas cash flow hedges:
Amount of loss (gain) reclassified from AOCI (as defined below) into earnings (a)			Cost of sales			$	14		$	(16)		$	32		$	(26)
Cross-currency swap net investment hedges:
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing			Interest expense, net			$	—		$	—		$	—		$	(1)
Derivative activity not designated as hedging instruments:
Foreign currency:
Amount of (gain) loss recognized in earnings (b)			Other expense (income), net			$	(2)		$	(23)		$	4		$	(28)

(a)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)

(b)Gains related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expense (income), net. Please refer to the “Other Derivatives” section below for additional detail.     

Consolidated Statements of Comprehensive Earnings Activity

The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions):

						Amount of (Gain) Loss Recognized in Comprehensive Earnings
						Three Months Ended June 30,						Six Months Ended June 30,
Hedging Type			Derivative Financial Instrument			2023			2022			2023			2022
Net investment hedge			Cross-currency swaps			$	—		$	(3)		$	—		$	(5)
Cash flow hedge			Natural gas forward swaps			$	(9)		$	10		$	(8)		$	(13)
Cash flow hedge			Treasury interest rate lock			$	—		$	(9)		$	—		$	(19)

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- References

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- 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 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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- 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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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