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DERIVATIVE INSTRUMENTS | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | NOTE 13 - DERIVATIVE INSTRUMENTS We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity swaps and options to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various commodity exposures, including timing differences between when we incur raw material commodity costs and when we receive sales surcharges from our customers based on those raw materials. Independent of any hedging activities, price changes in any of these commodity markets could negatively affect operating costs. Our commodity contracts are designated as cash flow hedges for accounting purposes, and we record the gains and losses for the derivatives in Accumulated other comprehensive income until we reclassify them into Cost of goods sold when we recognize the associated underlying operating costs. Refer to NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for further information. The following table presents the notional amount of our outstanding hedge contracts:
|  |  |  |  |  | (In Millions)
|  |  |  |  |  | March 31, 2022 |  | December 31, 2021
Commodity Contracts |  | Unit of Measure |  | Maturity Dates |  | Notional Amount |  | Notional Amount
Natural gas |  | MMBtu |  | April 2022 - November 2024 |  | 105 |  |  | 93 |
Zinc |  | Pounds |  | April 2022 - December 2022 |  | 27 |  |  | 35 |
The following table presents the fair value of our cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position:
|  | (In Millions)
Balance Sheet Location |  | March 31, 2022 |  | December 31, 2021
Other current assets |  | $ | 140 |  |  | $ | 40 |
Other non-current assets |  | 26 |  |  | — |
Other current liabilities |  | — |  |  | (10) |
Other non-current liabilities |  | — |  |  | (4) |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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