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Derivatives Instruments and Hedging Activities (Tables)

6 Months Ended

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