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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023 were as follows:

						Gains (Losses) included in AOCL as of December 31,
						2024						2023
Commodity contracts, net of income tax effect of $— and $17						$	(1)					$	(46)
Foreign currency contracts, net of income tax effect of $4 and $1						7						—
Interest rate contracts, net of income tax effect of $1						(2)						(2)
Total						$	4					$	(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 Consolidated Balance Sheets, were as follows:

						Fair Value of Hedging Instruments as of December 31, 2024
						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						$	18					$	15					$	33					$	1					$	11					$	12
Other non-current assets						1						4						5						—						2						2
Assets						19						19						38						1						13						14
Accounts payable						8						8						16						1						2						3
Other non-current liabilities						—						2						2						—						—						—
Liabilities						8						10						18						1						2						3
Net Assets/(Liabilities)						$	11					$	9					$	20					$	—					$	11					$	11

						Fair Value of Hedging Instruments as of December 31, 2023
						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						$	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 were as follows:

Derivatives in Cash Flow Hedging Relationships						(Losses) Gains Recognized in OCL on Derivatives																		Income Statement Location						(Losses) Gains Reclassified from AOCL into Income
						2024						2023						2022												2024						2023						2022
Commodity contracts						$	(62)					$	(161)					$	202					Cost of sales						$	(124)					$	(87)					$	261
Foreign currency contracts						14						10						8						Net sales/Cost of sales						4						10						7
Interest rate contracts						—						—						—						Financing costs						—						(1)						—
Total						$	(48)					$	(151)					$	210											$	(120)					$	(78)					$	268

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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.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
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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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