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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
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 accumulated other comprehensive loss (“AOCL”) were as follows:
|  | Gains (Losses) included in AOCL as of
|  | March 31, 2025 |  | December 31, 2024
Commodity contracts, net of income tax effect of $4 and $— |  | $ | 11 |  |  | $ | (1) |
Foreign currency contracts, net of income tax effect of $4 |  | 6 |  |  | 7 |
Interest rate contracts, net of income tax effect of $1 |  | (2) |  |  | (2) |
Total |  | $ | 15 |  |  | $ | 4 |
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, were as follows:
|  | Fair Value of Hedging Instruments as of March 31, 2025
|  | 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 |  | $ | 20 |  |  | $ | 9 |  |  | $ | 29 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 8 |
Other non-current assets |  | 1 |  |  | 5 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Assets |  | 21 |  |  | 14 |  |  | 35 |  |  | 1 |  |  | 7 |  |  | 8 |
Accounts payable |  | 10 |  |  | 8 |  |  | 18 |  |  | 1 |  |  | 3 |  |  | 4 |
Other non-current liabilities |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Liabilities |  | 11 |  |  | 9 |  |  | 20 |  |  | 1 |  |  | 3 |  |  | 4 |
Net Assets/(Liabilities) |  | $ | 10 |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
|  | 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 |
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 were as follows:
|  | Gains (Losses) Recognized in OCL on Derivatives |  |  |  | (Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships |  | Three Months Ended March 31, |  | Income Statement Location |  | Three Months Ended March 31,
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Commodity contracts |  | $ | 13 |  |  | $ | (42) |  |  | Cost of sales |  | $ | (3) |  |  | $ | (33) |
Foreign currency contracts |  | 4 |  |  | 1 |  |  | Net sales/Cost of sales |  | 5 |  |  | — |
Total |  | $ | 17 |  |  | $ | (41) |  |  |  |  | $ | 2 |  |  | $ | (33) |

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