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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments |
Balance Sheet Classification of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Fair Value of | ​
​ | ​ | ​ | Hedge Assets | ​ | Hedge Liabilities | ​
​ |  | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​
Derivatives designated as hedging instruments: |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Commodity forward contracts and collars (a) | ​ | ​ | $ | — | ​ | $ | 3 | ​ | $ | 14 | ​ | $ | 9 | ​
Interest rate swaps - fair value hedges (b) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 44 | ​
Fair value hedges of foreign exchange risk (c) | ​ | ​ | ​ | 4 | ​ | ​ | 7 | ​ | ​ | 111 | ​ | ​ | 62 | ​
Net investment hedges (d) | ​ | ​ | ​ | 4 | ​ | ​ | 3 | ​ | ​ | 56 | ​ | ​ | 28 | ​
Total derivatives accounted for as hedges | ​ | ​ | $ | 8 | ​ | $ | 13 | ​ | $ | 181 | ​ | $ | 143 | ​
Derivatives not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts (e) | ​ | ​ | ​ | 5 | ​ | ​ | 5 | ​ | ​ | 9 | ​ | ​ | 2 | ​
Total derivatives | ​ | ​ | $ | 13 | ​ | $ | 18 | ​ | $ | 190 | ​ | $ | 145 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | $ | 13 | ​ | $ | 15 | ​ | $ | 17 | ​ | $ | 32 | ​
Noncurrent | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | 173 | ​ | ​ | 113 | ​
Total derivatives | ​ | ​ | $ | 13 | ​ | $ | 18 | ​ | $ | 190 | ​ | $ | 145 | ​
​
(a) | The notional amount of the commodity forward contracts and collars was approximately 38 million British Thermal Units (“BTUs”) and 46 million BTUs at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2027 at December 31, 2023 and December 31, 2022.
(b) | The notional amounts of the interest rate swaps designated as fair value hedges were €0 million and €725 million at December 31, 2023 and December 31, 2022, respectively.
(c) | The notional amounts of the fair value hedges of foreign exchange risk were $833 million and $844 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates were in 2030 at December 31, 2023 and December 31, 2022.
(d) | The notional amounts of the net investment hedges were €483 million and €358 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2026 at December 31, 2023 and December 31, 2022.
(e) | The notional amounts of the foreign exchange derivative contracts were $407 million and $245 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2023 at December 31, 2023 and 2022 at December 31, 2022.
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Effects of derivative instruments on the results of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (Loss) Recognized in OCI (Effective Portion) | ​ | Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
Derivatives designated as hedging instruments: |  | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2023 | ​ | 2022 | ​ | 2021
Cash Flow Hedges |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Commodity forward contracts and collars (a) | ​ | $ | (27) | ​ | $ | (1) | ​ | $ | ​ | ​ | $ | (21) | ​ | $ | 6 | ​ | $ | ​
Cash flow hedges of foreign exchange risk (b) | ​ | ​ | (3) | ​ | ​ | 14 | ​ | ​ | 75 | ​ | ​ | (4) | ​ | ​ | 15 | ​ | ​ | 77
Net Investment Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Investment Hedges | ​ | ​ | (21) | ​ | ​ | 30 | ​ | ​ | 40 | ​ | ​ | 5 | ​ | ​ | 6 | ​ | ​ | 3
​ | ​ | $ | (51) | ​ | $ | 43 | ​ | $ | 115 | ​ | $ | (20) | ​ | $ | 27 | ​ | $ | 80
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain (Loss) Recognized in Other income (expense), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedges: |  | 2023 | ​ | 2022 | ​ | 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts |  | $ | (12) |  | $ | (20) |  | $ | 4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) other income (expense), net
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