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Derivatives Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivatives Instruments and Hedging Activities |
Schedule of cash flow hedges included in AOCI | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash Flow Hedging Relationships | ​ | Gains (Losses) included in AOCL as of December 31, | ​
(in millions) | ​ | 2021 | ​ | 2020 | ​
Commodity contracts, net of income tax effect of $19 and $16, respectively | ​ | $ | 51 | ​ | $ | 47 | ​
Foreign currency contracts, net of income tax effect of $ — | ​ | ​ | — | ​ | ​ | (1) | ​
Interest rate contracts, net of income tax effect of $1 | ​ | ​ | (3) | ​ | ​ | (4) | ​
Total | ​ | $ | 48 | ​ | $ | 42 | ​
Schedule of location and amount of assets and liabilities reported in balance sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Hedging Instruments as of December 31, 2021 | ​
​ | ​ | Designated Hedging Instruments (in millions) | ​ | Non-Designated Hedging Instruments (in millions) | ​
Balance Sheet Location | ​ | ​ | Commodity Contracts | ​ | ​ | Foreign Currency Contracts | ​ | Total | ​ | ​ | Commodity Contracts | ​ | ​ | Foreign Currency Contracts | ​ | Total | ​
Accounts receivable, net | ​ | $ | 45 | ​ | $ | 9 | ​ | $ | 54 | ​ | $ | 4 | ​ | $ | 3 | ​ | $ | 7 | ​
Other assets | ​ | ​ | 7 | ​ | ​ | 6 | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Assets | ​ | ​ | 52 | ​ | ​ | 15 | ​ | ​ | 67 | ​ | ​ | 4 | ​ | ​ | 3 | ​ | ​ | 7 | ​
Accounts payable and accrued liabilities | ​ | ​ | 5 | ​ | ​ | 12 | ​ | ​ | 17 | ​ | ​ | 2 | ​ | ​ | 4 | ​ | ​ | 6 | ​
Non-current liabilities | ​ | ​ | 2 | ​ | ​ | 6 | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​
Liabilities | ​ | ​ | 7 | ​ | ​ | 18 | ​ | ​ | 25 | ​ | ​ | 2 | ​ | ​ | 5 | ​ | ​ | 7 | ​
Net (Liabilities)/Assets | ​ | $ | 45 | ​ | $ | (3) | ​ | $ | 42 | ​ | $ | 2 | ​ | $ | (2) | ​ | $ | — | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | Total | ​ | ​ | Commodity Contracts | ​ | ​ | Foreign Currency 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) | ​
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 OCL on Derivatives | ​ | Income Statement | ​ | Gains (Losses) Reclassified from AOCL into Income | ​
(in millions) | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | Location | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Commodity contracts | ​ | $ | 218 | ​ | $ | 17 | ​ | $ | (24) | ​ | Cost of sales | ​ | $ | 211 | ​ | $ | (62) | ​ | $ | (12) | ​
Foreign currency contracts | ​ | ​ | — | ​ | ​ | (7) | ​ | ​ | 5 | ​ | Net sales/Cost of sales | ​ | ​ | (1) | ​ | ​ | (2) | ​ | ​ | — | ​
Interest rate contracts | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | — | ​ | Financing costs | ​ | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (2) | ​
Total | ​ | $ | 218 | ​ | $ | 5 | ​ | $ | (19) | ​ | ​ | ​ | $ | 209 | ​ | $ | (65) | ​ | $ | (14) | ​
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 | 2021 | ​ | 2020 | ​ | 2019 | ​ | of Hedged Items | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Interest rate contracts | Financing costs | $ | — | ​ | $ | (1) | ​ | $ | 2 | ​ | Financing costs | ​ | $ | — | ​ | $ | 1 | ​ | $ | (2) | ​

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