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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gain (Loss) Recognized in Earnings
The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

Gain (Loss) Recognized in Earnings
Statement of Income Classification
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$14 $2 $11 $(19)
Operating expenses— (2)— (2)
Interest expense(10)(4)(15)(1)
Foreign currency contractsOther income (expense), net(18)4 (18)14 
Total$(14)$— $(22)$(8)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of June 30, 2025, we have the following notional amounts related to outstanding derivative instruments:
Notional Contract Volumes
by Year of Maturity
Total Outstanding Notional20252026Unit of Measure
Derivatives not designated as hedging instruments:
NYMEX futures (WTI) - short970,000970,000—Barrels
Forward crude oil contracts - long640,000460,000180,000Barrels
Forward crude oil contracts - short
368,000368,000—Barrels
Foreign currency forward contracts522,000,000240,589,800281,410,200
Canadian dollar
Forward commodity contracts (platinum)34,6287,48727,141Troy ounces
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 
(In millions)
June 30, 2025
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$1 $— $1 $— $— $— 
Commodity forward contracts - long
2 — 2 — — — 
Commodity forward contracts - short
— — — 1 — 1 
Foreign currency forward contracts— — — 10 — 10 
$3 $— $3 $11 $— $11 
Total net balance$3 $11 
Balance sheet classification:Prepayments and other$3 Accrued liabilities$11 

Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In millions)
December 31, 2024
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $1 $— $1 
Commodity forward contracts - long
1 — 1 1 — 1 
Foreign currency forward contracts18 — 18 — — — 
$19 $— $19 $2 $— $2 
Total net balance$19 $2 
Balance sheet classification:Prepayments and other$19 Accrued liabilities$2