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Derivatives Instruments and Hedging Activities (Tables)
12 Months Ended
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)