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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 57 million and 105 million bushels of corn as of September 30, 2025 and December 31, 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 23 million and 24 million mmbtus of natural gas as of September 30, 2025 and December 31, 2024. Foreign currency hedging: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $429 million and $408 million as of September 30, 2025 and December 31, 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $160 million and $113 million as of September 30, 2025 and December 31, 2024. We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $405 million and $447 million as of September 30, 2025 and December 31, 2024. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $455 million and $448 million as of September 30, 2025 and December 31, 2024. The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:
|  | (Losses) Gains included in AOCL as of
|  | September 30, 2025 |  | December 31, 2024
Commodity contracts, net of income tax effect of $4 and $— |  | $ | (12) |  |  | $ | (1) |
Foreign currency contracts, net of income tax effect of $3 and $4 |  | 7 |  |  | 7 |
Interest rate contracts, net of income tax effect of $1 |  | (2) |  |  | (2) |
Total |  | $ | (7) |  |  | $ | 4 |
As of September 30, 2025, AOCL included $6 million of net losses (net of income taxes of $2 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next twelve months. The fair value and balance sheet location of our derivative instruments, presented gross on the Condensed Consolidated Balance Sheets, were as follows:
|  | Fair Value of Hedging Instruments as of September 30, 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 |  | $ | 3 |  |  | $ | 19 |  |  | $ | 22 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 7 |
Other non-current assets |  | 1 |  |  | 2 |  |  | 3 |  |  | — |  |  | 1 |  |  | 1 |
Assets |  | 4 |  |  | 21 |  |  | 25 |  |  | 1 |  |  | 7 |  |  | 8 |
Accounts payable |  | 10 |  |  | 10 |  |  | 20 |  |  | 2 |  |  | 4 |  |  | 6 |
Other non-current liabilities |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Liabilities |  | 10 |  |  | 11 |  |  | 21 |  |  | 2 |  |  | 4 |  |  | 6 |
Net Assets/(Liabilities) |  | $ | (6) |  |  | $ | 10 |  |  | $ | 4 |  |  | $ | (1) |  |  | $ | 3 |  |  | $ | 2 |
|  | 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 |
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
|  | (Losses) Gains Recognized in OCL on Derivatives |  |  |  | (Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships |  | Three Months Ended September 30, |  | Income Statement Location |  | Three Months Ended September 30,
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Commodity contracts |  | $ | (11) |  |  | $ | (5) |  |  | Cost of sales |  | $ | (8) |  |  | $ | (28) |
Foreign currency contracts |  | 1 |  |  | 12 |  |  | Net sales/Cost of sales |  | 7 |  |  | — |
Total |  | $ | (10) |  |  | $ | 7 |  |  |  |  | $ | (1) |  |  | $ | (28) |
|  | (Losses) Gains Recognized in OCL on Derivatives |  |  |  | (Losses) Gains Reclassified from AOCL into Income |  |
Derivatives in Cash Flow Hedging Relationships |  | Nine Months Ended September 30, |  | Income Statement Location |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Commodity contracts |  | $ | (22) |  |  | $ | (76) |  |  | Cost of sales |  | $ | (7) |  |  | $ | (93) |  |  |
Foreign currency contracts |  | 16 |  |  | 14 |  |  | Net sales/Cost of sales |  | 17 |  |  | 1 |  |  |
Total |  | $ | (6) |  |  | $ | (62) |  |  |  |  | $ | 10 |  |  | $ | (92) |  |  |

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