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Financial Instruments, Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments, Derivatives and Hedging Activities

Schedule of cash flow hedges included in AOCI


Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) included in AOCI as of December 31,
(in millions)	2020		2019
Commodity contracts, net of income tax effect of $16 and $5, respectively	$	47	$	(11)
Foreign currency contracts, net of income tax effect of $— and $1, respectively		(1)		3
Interest rate contracts, net of income tax effect of $1 and $ —, respectively		(4)		(1)
Total	$	42	$	(9)

Schedule of location and amount of assets and liabilities reported in balance sheet


	Fair Value of Hedging Instruments as of December 31, 2020
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	50	$	7	$	—	$	57	$	3	$	4	$	—	$	7
Other assets		4		—		—		4		—		1		—		1
Assets		54		7		—		61		3		5		—		8
Accounts payable and accrued liabilities		4		12		—		16		1		8		—		9
Non-current liabilities		2		—		—		2		—		2		—		2
Liabilities		6		12		—		18		1		10		—		11
Net (Liabilities)/Assets	$	48	$	(5)	$	—	$	43	$	2	$	(5)	$	—	$	(3)


	Fair Value of Hedging Instruments as of December 31, 2019
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	5	$	7	$	—	$	12	$	2	$	4	$	—	$	6
Other assets		1		3		1		5		—		1		—		1
Assets		6		10		1		17		2		5		—		7
Accounts payable and accrued liabilities		13		4		—		17		1		8		—		9
Non-current liabilities		4		4		—		8		—		2		—		2
Liabilities		17		8		—		25		1		10		—		11
Net (Liabilities)/Assets	$	(11)	$	2	$	1	$	(8)	$	1	$	(5)	$	—	$	(4)

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	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Interest Rate Contracts:
Long-Term Debt	$	—	$	(201)	$	—	$	(1)

Schedule of amount of gains and losses recognized in OCI and location and income statement location


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) Recognized in OCI on Derivatives						Income Statement	Gains (Losses) Reclassified from AOCI into Income
(in millions)	Year Ended December 31,						Location	Year Ended December 31,
	2020		2019		2018			2020		2019		2018
Commodity contracts	$	17	$	(24)	$	8	Cost of sales	$	(62)	$	(12)	$	(6)
Foreign currency contracts		(7)		5		—	Net sales/cost of sales		(2)		—		1
Interest rate contracts		(5)		—		—	Financing costs, net		(1)		(2)		(1)
Total	$	5	$	(19)	$	8		$	(65)	$	(14)	$	(6)

Schedule of location and amount of gain (loss) recognized in income

Derivatives in Fair Value Hedging Relationships

Income Statement Location of Derivatives Designated as

Gains (Losses) Recognized in Income

Income Statement Location

Gains (Losses) Recognized in Income

(in millions)

Hedging Instruments

Year Ended December 31,

of Hedged Items

Year Ended December 31,

2020

2019

2018

2020

2019

2018

Interest rate contracts

Financing costs, net

(1)

(2)

Financing costs, net

(2)

Schedule of fair value of financial instruments and derivatives


	As of December 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		69		53		16		—		24		7		17		—
Derivative liabilities		29		3		26		—		36		5		31		—
Long-term debt		1,751		—		1,751		—		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.