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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments

Balance Sheet Classification of derivative instruments


		Fair Value of									Fair Value of
		Hedge Assets									Hedge Liabilities
		September 30,			December 31,			September 30,			September 30,			December 31,			September 30,
		2023			2022			2022			2023			2022			2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)		$	—		$	3		$	3		$	13		$	9		$	2
Interest rate swaps - fair value hedges (b)															44			39
Cash flow hedges of foreign exchange risk (c)																		1
Fair value hedges of foreign exchange risk (d)			7			7			68			72			62
Net investment hedges (e)			4			3			36			30			28
Total derivatives accounted for as hedges		$	11		$	13		$	107		$	115		$	143		$	42
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)			3			5			2			14			2			17
Total derivatives		$	14		$	18		$	109		$	129		$	145		$	59


Current		$	14		$	15		$	25		$	21		$	32		$	31
Noncurrent						3			84			108			113			28
Total derivatives		$	14		$	18		$	109		$	129		$	145		$	59

(a) The notional amount of the commodity forward contracts and collars was approximately 40 million, 46 million, and 44 million British Thermal Units (“BTUs”) at September 30, 2023, December 31, 2022, and September 30, 2022, respectively. The maximum maturity dates are in 2027 at September 30, 2023, December 31, 2022, and September 30, 2022.

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 at September 30, 2023 and €725 million at December 31, 2022 and September 30, 2022.

(c) The notional amounts of the cash flow hedges of foreign exchange risk were 0 Mexican pesos at September 30, 2023, 0 Mexican pesos at December 31, 2022 and 259 million Mexican pesos at September 30, 2022. The maximum maturity dates are in 2022 at September 30, 2022.

(d) The notional amounts of the fair value hedges of foreign exchange risk were $844 million at September 30, 2023, $844 million at December 31, 2022 and $850 million at September 30, 2022. The maximum maturity dates are in 2030 at September 30, 2023, December 31, 2022 and September 30, 2022.

(e) The notional amounts of the net investment hedges were €483 million at September 30, 2023, €358 million at December 31, 2022 and €324 million at September 30, 2022. The maximum maturity dates are in 2026 at September 30, 2023, December 31, 2022 and September 30, 2022.

(f) The notional amounts of the foreign exchange derivative contracts were $493 million, $245 million and $448 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively. The maximum maturity dates are in 2024 at September 30, 2023, and in 2023 at December 31, 2022 and September 30, 2022.

Effects of derivative instruments on the results of operations