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HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2023 and 2022. Hedge assets and liabilities of our European major domestic appliance business have been classified as held for sale and are excluded from the table below.
|  |  |  | Fair Value of |  | Type of Hedge |  |
|  | Notional Amount |  | Hedge Assets |  | Hedge Liabilities |  | Maximum Term (Months)
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  | 2023 |  | 2022
Derivatives accounted for as hedges(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swaps/options |  | $ | 193 |  |  | $ | 170 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 17 |  |  | (CF) |  | 24 |  | 24
Foreign exchange forwards/options |  | 952 |  |  | 998 |  |  | 1 |  |  | 24 |  |  | 31 |  |  | 20 |  |  | (CF/NI) |  | 15 |  | 15
Cross-currency swaps |  | 618 |  |  | 618 |  |  | 5 |  |  | 5 |  |  | 79 |  |  | 42 |  |  | (CF) |  | 62 |  | 74
Interest rate derivatives |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (CF) |  | 0 |  | 0
Total derivatives accounted for as hedges |  |  |  |  |  | $ | 10 |  |  | $ | 36 |  |  | $ | 119 |  |  | $ | 79 |  |  |  |  |  |  |
Derivatives not accounted for as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swaps/options |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | N/A |  | 0 |  | 0
Foreign exchange forwards/options (2) |  | 1,569 |  |  | 439 |  |  | 13 |  |  | 5 |  |  | 9 |  |  | 6 |  |  | N/A |  | 10 |  | 5
Total derivatives not accounted for as hedges |  |  |  |  |  | $ | 13 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 6 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 23 |  |  | $ | 41 |  |  | $ | 128 |  |  | $ | 85 |  |  |  |  |  |  |
Current |  |  |  |  |  | $ | 22 |  |  | $ | 40 |  |  | $ | 46 |  |  | $ | 41 |  |  |  |  |  |  |
Noncurrent |  |  |  |  |  | 1 |  |  | 1 |  |  | 82 |  |  | 44 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 23 |  |  | $ | 41 |  |  | $ | 128 |  |  | $ | 85 |  |  |  |  |  |  |
(1)Derivatives accounted for as hedges are considered either cash flow (CF) or net investment (NI) hedges. (2)Foreign exchange forwards/options have increased due to intercompany loan movements related to the anticipated contribution of our European major domestic appliance business.
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) | The following tables summarize the effects of derivative instruments on our Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022:
|  |  |  | Gain (Loss) Recognized in OCI (Effective Portion) (3)
Millions of dollars |  |  |  | 2023 |  | 2022
Cash flow hedges |  |  |  |  |  |
Commodity swaps/options |  |  |  | $ | (13) |  |  | $ | (3) |
Foreign exchange forwards/options |  |  |  | (69) |  |  | 113 |
Cross-currency swaps |  |  |  | (18) |  |  | (47) |
Interest rate derivatives |  |  |  | — |  |  | 56 |
Net investment hedges |  |  |  |  |  |
Foreign currency |  |  |  | — |  |  | (26) |
|  |  |  | $ | (100) |  |  | $ | 93 |
|  | Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(3),(4),(5)
Cash Flow Hedges - Millions of dollars |  | 2023 |  | 2022
Commodity swaps/options (3) |  | Cost of products sold |  | $ | (15) |  |  | $ | 39 |
Foreign exchange forwards/options |  | Net sales |  | (2) |  |  | — |
Foreign exchange forwards/options |  | Cost of products sold |  | (46) |  |  | (26) |
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | 24 |  |  | 130 |
Cross-currency swaps(5) |  | Interest and sundry (income) expense |  | 3 |  |  | (50) |
|  |  |  | $ | (36) |  |  | $ | 93 |
|  | Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges |  | Gain (Loss) Recognized on Derivatives not Accounted for as Hedges (3)
Derivatives not Accounted for as Hedges - Millions of dollars |  |  | 2023 |  | 2022
Foreign exchange forwards/options |  | Interest and sundry (income) expense |  | $ | (35) |  |  | $ | (24) |
(3)Change in gain (loss) recognized in OCI (effective portion) is primarily driven by increases in commodity prices and fluctuations in currency and interest rates. The tax impact of the cash flow hedges was $17 million and $(2) million in 2023 and 2022, respectively. The tax impact of the net investment hedges was $0 million and $6 million in 2023 and 2022, respectively. (4)Change in gain (loss) reclassified from OCI into earnings (effective portion) was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. (5)Change in cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.

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