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Derivatives Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cash Flow Hedges Included in AOCI | The derivative instruments designated as cash flow hedges included in AOCL as of March 31, 2023 and December 31, 2022, are reflected below:
Derivatives in Cash Flow Hedging Relationships |  | Gains (Losses) included in AOCL as of
(in millions) |  | March 31, 2023 |  | December 31, 2022
Commodity contracts, net of income tax effect of $17 and $3, respectively |  | $ | (48) |  |  | $ | 8 |
Foreign currency contracts, net of income tax effect of $— |  | 1 |  |  | 1 |
Interest rate contracts, net of income tax effect of $1 |  | (3) |  |  | (3) |
Total |  | $ | (50) |  |  | $ | 6 |
Schedule of Fair Value and Balance Sheet Location of Derivative Instruments | The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below:
|  | Fair Value of Hedging Instruments as of March 31, 2023
|  | 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 |  | $ | 10 |  |  | $ | 21 |  |  | $ | 31 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 11 |
Other assets |  | 1 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Assets |  | 11 |  |  | 24 |  |  | 35 |  |  | 2 |  |  | 9 |  |  | 11 |
Accounts payable and accrued liabilities |  | 71 |  |  | 13 |  |  | 84 |  |  | 2 |  |  | 11 |  |  | 13 |
Non-current liabilities |  | 5 |  |  | 7 |  |  | 12 |  |  | — |  |  | — |  |  | — |
Liabilities |  | 76 |  |  | 20 |  |  | 96 |  |  | 2 |  |  | 11 |  |  | 13 |
Net Assets/(Liabilities) |  | $ | (65) |  |  | $ | 4 |  |  | $ | (61) |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |
|  | Fair Value of Hedging Instruments as of December 31, 2022
|  | 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 |  | $ | 28 |  |  | $ | 20 |  |  | $ | 48 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Other assets |  | 1 |  | 6 |  | 7 |  | — |  | — |  |  | — |
Assets |  | 29 |  | 26 |  | 55 |  | — |  | 5 |  | 5
Accounts payable and accrued liabilities |  | 22 |  | 23 |  | 45 |  | 1 |  | 6 |  | 7
Non-current liabilities |  | 3 |  | 9 |  | 12 |  | — |  | — |  |  | — |
Liabilities |  | 25 |  | 32 |  | 57 |  | 1 |  | 6 |  | 7
Net Assets/(Liabilities) |  | $ | 4 |  |  | $ | (6) |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (2) |
Schedule of Amount of Gains and Losses Recognized in OCI and Income Statement Location | Additional information relating to our derivative instruments is presented below:
Derivatives in Cash Flow |  | Gains (Losses) Recognized in AOCL on Derivatives |  |  |  | Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships |  | Three Months Ended March 31, |  | Income Statement |  | Three Months Ended March 31,
(in millions) |  | 2023 |  | 2022 |  | Location |  | 2023 |  | 2022
Commodity contracts |  | $ | (67) |  |  | $ | 171 |  |  | Cost of sales |  | $ | 9 |  |  | $ | 44 |
Foreign currency contracts |  | 9 |  |  | 5 |  |  | Net sales/Cost of sales |  | 9 |  |  | 2 |
Interest rate contracts |  | — |  |  | — |  |  | Financing costs, net |  | — |  |  | — |
Total |  | $ | (58) |  |  | $ | 176 |  |  |  |  | $ | 18 |  |  | $ | 46 |

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