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Derivatives Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivatives Instruments and Hedging Activities |
Schedule of cash flow hedges included in AOCI | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gains | ​
Derivatives in Cash Flow Hedging Relationships | ​ | (Losses) included in AOCL | ​
(in millions) | ​ | June 30, 2022 | ​ | December 31, 2021 | ​
Commodity contracts, net of income tax effect of $29 and $19, respectively | ​ | $ | 84 | ​ | $ | 51 | ​
Foreign currency contracts, net of income tax effect of $3 and $ -, respectively | ​ | ​ | 5 | ​ | ​ | - | ​
Interest rate contracts, net of income tax effect of $1 | ​ | ​ | (3) | ​ | ​ | (3) | ​
Total | ​ | $ | 86 | ​ | $ | 48 | ​
Schedule of location and amount of assets and liabilities reported in balance sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Hedging Instruments as of June 30, 2022 (in millions) | ​
​ | ​ | Designated Hedging Instruments | ​ | Non-Designated Hedging Instruments | ​
Balance Sheet Location | ​ | ​ | Commodity Contracts | ​ | ​ | Foreign Currency Contracts | ​ | Total | ​ | ​ | Commodity Contracts | ​ | ​ | Foreign Currency Contracts | ​ | Total | ​
Accounts receivable, net | ​ | $ | 86 | ​ | $ | 10 | ​ | $ | 96 | ​ | $ | 2 | ​ | $ | 12 | ​ | $ | 14 | ​
Other assets | ​ | ​ | 6 | ​ | ​ | 7 | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Assets | ​ | ​ | 92 | ​ | ​ | 17 | ​ | ​ | 109 | ​ | ​ | 2 | ​ | ​ | 12 | ​ | ​ | 14 | ​
Accounts payable and accrued liabilities | ​ | ​ | 26 | ​ | ​ | 12 | ​ | ​ | 38 | ​ | ​ | 3 | ​ | ​ | 5 | ​ | ​ | 8 | ​
Non-current liabilities | ​ | ​ | 4 | ​ | ​ | 8 | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​
Liabilities | ​ | ​ | 30 | ​ | ​ | 20 | ​ | ​ | 50 | ​ | ​ | 3 | ​ | ​ | 6 | ​ | ​ | 9 | ​
Net Assets/(Liabilities) | ​ | $ | 62 | ​ | $ | (3) | ​ | $ | 59 | ​ | $ | (1) | ​ | $ | 6 | ​ | $ | 5 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Hedging Instruments as of December 31, 2021 (in millions) | ​
​ | ​ | Designated Hedging Instruments | ​ | Non-Designated Hedging Instruments | ​
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 Assets/(Liabilities) | ​ | $ | 45 | ​ | $ | (3) | ​ | $ | 42 | ​ | $ | 2 | ​ | $ | (2) | ​ | $ | — | ​
Schedule of amount of gains and losses recognized in OCI and location and income statement location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash Flow | ​ | Gains (Losses) Recognized in AOCL on Derivatives | ​ | ​ | ​ | Gains (Losses) Reclassified from AOCL into Income | ​
Hedging Relationships | ​ | Three Months Ended June 30, | ​ | Income Statement | ​ | Three Months Ended June 30, | ​
(in millions) |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021 | ​
Commodity contracts | ​ | $ | (3) | ​ | $ | 149 | ​ | Cost of sales | ​ | $ | 81 | ​ | $ | 110 | ​
Foreign currency contracts | ​ | ​ | 6 | ​ | ​ | (2) | ​ | Net sales/Cost of sales | ​ | ​ | 1 | ​ | ​ | (1) | ​
Interest rate contracts | ​ | ​ | — | ​ | ​ | — | ​ | Financing costs, net | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 3 | ​ | $ | 147 | ​ | ​ | ​ | $ | 82 | ​ | $ | 109 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash-Flow | ​ | Gains Recognized in AOCL on Derivatives | ​ | ​ | ​ | Gains Reclassified from AOCL into Income | ​
Hedging Relationships | ​ | Six Months Ended June 30, | ​ | Income Statement | ​ | Six Months Ended June 30, | ​
(in millions) |  | 2022 |  | 2021 |  | Location |  | 2022 |  | 2021 | ​
Commodity contracts | ​ | $ | 168 | ​ | $ | 176 | ​ | Cost of sales | ​ | $ | 125 | ​ | $ | 109 | ​
Foreign currency contracts | ​ | ​ | 11 | ​ | ​ | — | ​ | Net sales/Cost of sales | ​ | ​ | 3 | ​ | ​ | 1 | ​
Interest rate contracts | ​ | ​ | — | ​ | ​ | — | ​ | Financing costs, net | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 179 | ​ | $ | 176 | ​ | ​ | ​ | $ | 128 | ​ | $ | 110 | ​

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