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DERIVATIVE INSTRUMENTS AND HEDGING | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING | NOTE 12 - 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. 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 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME 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
Commodity Contracts |  | Unit of Measure |  | Maturity Dates |  | June 30, 2024 |  | December 31, 2023
Natural Gas |  | MMBtu |  | July 2024 - May 2027 |  | 158,920,000 |  |  | 168,590,000 |
Electricity |  | Megawatt hours |  | July 2024 - July 2027 |  | 3,527,025 |  |  | 3,501,898 |
At June 30, 2024, we estimate $98 million of net losses related to our hedge contracts will reclassify from Accumulated other comprehensive income into Cost of goods sold during the next 12 months. These estimates are based on June 30, 2024 fair values, some of which will change before their actual reclassification into Cost of goods sold. The following table presents the fair value of our outstanding cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position:
Balance Sheet Location (In millions) |  | June 30, 2024 |  | December 31, 2023
Other current assets |  | $ | 1 |  |  | $ | — |
Other non-current assets |  | 1 |  |  | 1 |
Other current liabilities |  | (69) |  |  | (105) |
Other non-current liabilities |  | (25) |  |  | (52) |

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