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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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