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Financial Instruments, Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2020
Financial Instruments, Derivatives and Hedging Activities |
Schedule of cash flow hedges included in AOCI |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash Flow Hedging Relationships | ​ | Gains (Losses) included in AOCI | ​
(in millions) | ​ | March 31, 2020 | ​ | December 31, 2019 | ​
Commodity contracts, net of income tax effect of $13 and $5, respectively | ​ | $ | (33) | ​ | $ | (11) | ​
Foreign currency contracts, net of income tax effect of $ — and $1, respectively | ​ | ​ | (2) | ​ | ​ | 3 | ​
Interest rate contracts, net of income tax effect of $1 and $ — , respectively | ​ | ​ | (4) | ​ | ​ | (1) | ​
Total | ​ | $ | (39) | ​ | $ | (9) | ​
Schedule of location and amount of assets and liabilities reported in balance sheet | ​
Schedule of fair value hedges |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Line item in the statement of financial position in which the hedged item is included (in millions) | ​ | Carrying Amount of the Hedged Assets/(Liabilities) | ​ | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities) | ​
Balance sheet date as of | ​ | March 31, 2020 | ​ | December 31, 2019 | ​ | March 31, 2020 | ​ | December 31, 2019 | ​
Interest Rate Contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-Term Debt | ​ | $ | (204) | ​ | $ | (201) | ​ | $ | (4) | ​ | $ | (1) | ​
Schedule of amount of gains and losses recognized in OCI and location and income statement location |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash Flow | ​ | Gains (Losses) Recognized in OCI on Derivatives | ​ | Income | ​ | Gains (Losses) Reclassified from AOCI into Income | ​
Hedging Relationships | ​ | Three Months Ended March 31, | ​ | Statement | ​ | Three Months Ended March 31, | ​
(in millions) |  | 2020 |  | 2019 |  | Location |  | 2020 |  | 2019 | ​
Commodity contracts | ​ | $ | (37) | ​ | $ | (10) | ​ | Cost of sales | ​ | $ | 7 | ​ | $ | 2 | ​
Foreign currency contracts | ​ | ​ | (5) | ​ | ​ | (2) | ​ | Net sales/Cost of sales | ​ | ​ | (1) | ​ | ​ | (3) | ​
Interest rate contracts | ​ | ​ | (4) | ​ | ​ | — | ​ | Financing costs, net | ​ | ​ | — | ​ | ​ | (1) | ​
Total | ​ | $ | (46) | ​ | $ | (12) | ​ | ​ | ​ | $ | 6 | ​ | $ | (2) | ​
Schedule of location and amount of gain (loss) recognized in income |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Fair Value Hedging | Income Statement Location of | ​ | Gains (Losses) Recognized in Income | ​ | Income Statement | ​ | Gains (Losses) Recognized in Income | ​
Relationships | Derivatives Designated as | ​ | Three Months Ended March 31, | ​ | Location | ​ | Three Months Ended March 31, | ​
(in millions) | Hedging Instruments | ​ | 2020 | ​ | 2019 | ​ | of Hedged Items | ​ | 2020 | ​ | 2019 | ​
Interest rate contracts | Financing costs, net | ​ | $ | 3 | ​ | $ | — | ​ | Financing costs, net | ​ | $ | (3) | ​ | $ | — | ​
​
Schedule of fair value of financial instruments and derivatives |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2020 | ​ | As of December 31, 2019 | ​
(in millions) |  | Total |  | Level 1 (a) |  | Level 2 (b) |  | Level 3 (c) |  | Total |  | Level 1 (a) |  | Level 2 (b) |  | Level 3 (c) |
Available for sale securities | ​ | $ | 11 | ​ | $ | 11 | ​ | $ | — | ​ | $ | — | ​ | $ | 13 | ​ | $ | 13 | ​ | $ | — | ​ | $ | — | ​
Derivative assets | ​ | ​ | 32 | ​ | ​ | 1 | ​ | ​ | 31 | ​ | ​ | — | ​ | ​ | 24 | ​ | ​ | 7 | ​ | ​ | 17 | ​ | ​ | — | ​
Derivative liabilities | ​ | ​ | 77 | ​ | ​ | 34 | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 36 | ​ | ​ | 5 | ​ | ​ | 31 | ​ | ​ | — | ​
Long-term debt | ​ | ​ | 1,914 | ​ | ​ | — | ​ | ​ | 1,914 | ​ | ​ | — | ​ | ​ | 1,751 | ​ | ​ | — | ​ | ​ | 1,751 | ​ | ​ | — | ​
​
| (a) | Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. |
| (b) | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. |
| (c) | Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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