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Derivative Instruments and Hedging Activities
 9 Months Ended
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 InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$3 $19 $22 $1 $6 $7 
Other non-current assets1 2 3 — 1 1 
Assets4 21 25 1 7 8 
Accounts payable10 10 20 2 4 6 
Other non-current liabilities— 1 1 — — — 
Liabilities10 11 21 2 4 6 
Net Assets/(Liabilities)$(6)$10 $4 $(1)$3 $2 
Fair Value of Hedging Instruments as of December 31, 2024
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$18 $15 $33 $1 $11 $12 
Other non-current assets1 4 5 — 2 2 
Assets19 19 38 1 13 14 
Accounts payable8 8 16 1 2 3 
Other non-current liabilities— 2 2 — — — 
Liabilities8 10 18 1 2 3 
Net Assets/(Liabilities)$11 $9 $20 $— $11 $11 
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
(Losses) Gains
Recognized in OCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended September 30,Income Statement
Location		Three Months Ended September 30,
2025202420252024
Commodity contracts$(11)$(5)Cost of sales$(8)$(28)
Foreign currency contracts1 12 Net sales/Cost of sales7 — 
Total$(10)$7 $(1)$(28)
(Losses) Gains
Recognized in OCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsNine Months Ended September 30,Income Statement
Location		Nine Months Ended September 30,
2025202420252024
Commodity contracts$(22)$(76)Cost of sales$(7)$(93)
Foreign currency contracts16 14 Net sales/Cost of sales17 1 
Total$(6)$(62)$10 $(92)