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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 are as follows:
|  | (Losses) gains included in AOCL as of
|  | September 30, 2024 |  | December 31, 2023
Commodity contracts, net of income tax effect of $12 and $17 |  | $ | (34) |  |  | $ | (46) |
Foreign currency contracts, net of income tax effect of $4 and $1 |  | 10 |  |  | — |
Interest rate contracts, net of income tax effect of $1 |  | (2) |  |  | (2) |
Total |  | $ | (26) |  |  | $ | (48) |
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 as follows:
|  | Fair Value of Hedging Instruments as of September 30, 2024
|  | Designated Hedging Instruments |  | Non-Designated Hedging Instruments
|  | Commodity Contracts |  | Foreign Currency Contracts |  | Total |  | Commodity Contracts |  | Foreign Currency Contracts |  | Total
Accounts receivable, net |  | $ | 6 |  |  | $ | 12 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |
Other non-current assets |  | 1 |  |  | 5 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Assets |  | 7 |  |  | 17 |  |  | 24 |  |  | — |  |  | 6 |  |  | 6 |
Accounts payable |  | 27 |  |  | 3 |  |  | 30 |  |  | 1 |  |  | 7 |  |  | 8 |
Other non-current liabilities |  | 1 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Liabilities |  | 28 |  |  | 6 |  |  | 34 |  |  | 1 |  |  | 7 |  |  | 8 |
Net Assets/(Liabilities) |  | $ | (21) |  |  | $ | 11 |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (2) |
|  | Fair Value of Hedging Instruments as of December 31, 2023
|  | Designated Hedging Instruments |  | Non-Designated Hedging Instruments
|  | Commodity Contracts |  | Foreign Currency Contracts |  | Total |  | Commodity Contracts |  | Foreign Currency Contracts |  | Total
Accounts receivable, net |  | $ | 6 |  |  | $ | 11 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Other non-current assets |  | — |  | 4 |  | 4 |  | — |  | — |  |  | — |
Assets |  | 6 |  | 15 |  | 21 |  | — |  | 5 |  | 5
Accounts payable |  | 44 |  | 14 |  | 58 |  | 2 |  | 12 |  | 14
Other non-current liabilities |  | 2 |  | 2 |  | 4 |  | — |  | — |  |  | — |
Liabilities |  | 46 |  | 16 |  | 62 |  | 2 |  | 12 |  | 14
Net Assets/(Liabilities) |  | $ | (40) |  |  | $ | (1) |  |  | $ | (41) |  |  | $ | (2) |  |  | $ | (7) |  |  | $ | (9) |
Schedule of amount of gains and losses recognized in OCI and income statement location | Additional information relating to our derivative instruments in cash flow hedging relationships is as follows:
|  | (Losses) Gains Recognized in AOCL on Derivatives |  |  |  | (Losses) Gains Reclassified from AOCL into Income
|  | Three Months Ended September 30, |  | Income Statement |  | Three Months Ended September 30,
|  | 2024 |  | 2023 |  | Location |  | 2024 |  | 2023
Commodity contracts |  | $ | (5) |  |  | $ | (10) |  |  | Cost of sales |  | $ | (28) |  |  | $ | (37) |
Foreign currency contracts |  | 12 |  |  | 4 |  |  | Net sales/Cost of sales |  | — |  |  | 3 |
Total |  | $ | 7 |  |  | $ | (6) |  |  |  |  | $ | (28) |  |  | $ | (34) |
|  | (Losses) Gains Recognized in AOCL on Derivatives |  |  |  | (Losses) Gains Reclassified from AOCL into Income
|  | Nine Months Ended September 30, |  | Income Statement |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | Location |  | 2024 |  | 2023
Commodity contracts |  | $ | (76) |  |  | $ | (132) |  |  | Cost of sales |  | $ | (93) |  |  | $ | (46) |
Foreign currency contracts |  | 14 |  |  | 9 |  |  | Net sales/Cost of sales |  | 1 |  |  | 10 |
Total |  | $ | (62) |  |  | $ | (123) |  |  |  |  | $ | (92) |  |  | $ | (36) |

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