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DERIVATIVE INSTRUMENTS AND HEDGING | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING | NOTE 15 - DERIVATIVE INSTRUMENTS AND HEDGING We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity swaps 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 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for further information. Our commodity contracts are classified as Level 2 as values were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. The following table presents the notional amount of our outstanding hedge contracts:
|  |  |  |  |  | Notional Amount
|  |  |  |  |  | December 31,
Commodity Contracts |  | Unit of Measure |  | Maturity Dates |  | 2022 |  | 2021
Natural Gas |  | MMBtu |  | January 2023 - May 2025 |  | 127,790,000 |  | 92,591,000
Zinc |  | Metric tons |  | Not Applicable |  | — |  | 16,092
Electricity |  | Megawatt hours |  | January 2023 - December 2023 |  | 432,043 |  | —
Tin |  | Metric tons |  | January 2023 - December 2023 |  | 180 |  | —
The following table presents the fair value of our cash flow hedges and the classification on the Statements of Consolidated Financial Position:
|  | December 31,
Balance Sheet Location (In millions) |  | 2022 |  | 2021
Other current assets |  | $ | 15 |  |  | $ | 40 |
Other non-current assets |  | 30 |  |  | — |
Other current liabilities |  | (87) |  |  | (10) |
Other non-current liabilities |  | (10) |  |  | (4) |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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