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HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023.

																		Fair Value of
						Notional Amount												Hedge Assets												Hedge Liabilities																		Maximum Term (Months)
Millions of dollars						2024						2023						2024						2023						2024						2023												2024						2023
Derivatives accounted for as hedges(1)
Commodity swaps/options						$	178					$	193					$	14					$	4					$	2					$	9					(CF)						21						24
Foreign exchange forwards/options						1,015						952						28						1						3						31						(CF/NI)						15						15
Cross-currency swaps						618						618						5						5						60						79						(CF)						56						62
Total derivatives accounted for as hedges																		$	47					$	10					$	65					$	119
Derivatives not accounted for as hedges
Commodity swaps/options						$	—					$	—					$	—					$	—					$	—					$	—					N/A						0						0
Foreign exchange forwards/options (2)						452						1,569						1						13						—						9						N/A						5						10
Total derivatives not accounted for as hedges																		1						13						—						9
Total derivatives																		$	48					$	23					$	65					$	128
Current																		$	45					$	22					$	6					$	46
Noncurrent																		3						1						59						82
Total derivatives																		$	48					$	23					$	65					$	128

(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges.

(2)Foreign exchange forwards/options have decreased due to intercompany loan movements related to the contribution of our European major domestic appliance business.

Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss)

The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented:

																		Three Months Ended June 30,
																		Gain (Loss) Recognized in OCI (Effective Portion ) (3)
Millions of dollars																		2024						2023
Cash flow hedges
Commodity swaps/options																		$	14					$	(22)
Foreign exchange forwards/options																		29						(43)
Cross-currency swaps																		9						(19)
Interest rate derivatives																		—						1
																		$	52					$	(83)
																		Three Months Ended June 30,
						Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)												Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(4)
Cash Flow Hedges - Millions of dollars																		2024						2023
Commodity swaps/options						Cost of products sold												$	2					$	(5)
Foreign exchange forwards/options						Net sales												—						(1)
Foreign exchange forwards/options						Cost of products sold												(3)						(7)
Foreign exchange forwards/options						Interest and sundry (income) expense												3						9
Cross-currency swaps						Interest and sundry (income) expense												5						(5)
Interest rate derivatives						Interest expense												—						1
																		$	7					$	(8)
																		Three Months Ended June 30,
						Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges												Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars																		2024						2023
Foreign exchange forwards/options						Interest and sundry (income) expense												$	10					$	14

(3)Change in gain (loss) recognized in OCI (effective portion) for the three months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(14) million and $18 million for the three months ended June 30, 2024 and 2023, respectively.

(4)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.

																		Six Months Ended June 30,
																		Gain (Loss) Recognized in OCI (Effective Portion ) (5)
Millions of dollars																		2024						2023
Cash flow hedges
Commodity swaps/options																		$	19					$	(22)
Foreign exchange forwards/options																		44						(63)
Cross-currency swaps																		22						(20)
																		$	85					$	(105)
																		Six Months Ended June 30,
						Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)												Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(6)
Cash Flow Hedges - Millions of dollars																		2024						2023
Commodity swaps/options						Cost of products sold												$	—					$	(5)
Foreign exchange forwards/options						Net sales												1						(1)
Foreign exchange forwards/options						Cost of products sold												(16)						(15)
Foreign exchange forwards/options						Interest and sundry (income) expense												2						18
Cross-currency swaps						Interest and sundry (income) expense												22						(12)
Interest rate derivatives						Interest expense												—						1
																		$	9					$	(14)
																		Six Months Ended June 30,
						Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges												Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars																		2024						2023
Foreign exchange forwards/options						Interest and sundry (income) expense												$	8					$	27

(5)Change in gain (loss) recognized in OCI (effective portion) for the six months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(23) million and $23 million for the six months ended June 30, 2024 and 2023, respectively.

(6)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the six months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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