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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments

Balance Sheet Classification of derivative instruments


		Fair Value of									Fair Value of
		Hedge Assets									Hedge Liabilities
		March 31,			December 31,			March 31,			March 31,			December 31,			March 31,
		2025			2024			2024			2025			2024			2024
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)		$	1		$	—		$	—		$	2		$	6		$	15
Fair value hedges of foreign exchange risk (b)			3			8			6			90			69			92
Net investment hedges (c)			11			7			3			73			29			41
Total derivatives accounted for as hedges		$	15		$	15		$	9		$	165		$	104		$	148
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)			10			2			1			13			10			9
Total derivatives		$	25		$	17		$	10		$	178		$	114		$	157


Current		$	25		$	17		$	10		$	60		$	12		$	17
Noncurrent						—						118			102			140
Total derivatives		$	25		$	17		$	10		$	178		$	114		$	157

(a)

The notional amount of the commodity forward contracts and collars was approximately 8 million, 28 million, and 35 million British Thermal Units at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The maximum maturity dates are in 2027 at March 31, 2025, December 31, 2024, and March 31, 2024.

(b)	The notional amounts of the fair value hedges of foreign exchange risk were $816 million at March 31, 2025, $816 million at December 31, 2024 and $833 million at March 31, 2024. The maximum maturity dates are in 2030 at March 31, 2025, December 31, 2024 and March 31, 2024.

(c)	The notional amounts of the net investment hedges were €969 million at March 31, 2025, €483 million at December 31, 2024 and €483 million at March 31, 2024. The maximum maturity dates are in 2028 at March 31, 2025 and in 2026 at December 31, 2024 and March 31, 2024.

(d)	The notional amounts of the foreign exchange derivative contracts were $957 million, $680 million and $453 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The maximum maturity dates are in 2026 at March 31, 2025, and in 2025 at December 31, 2024 and March 31, 2024.

Effects of derivative instruments on the results of operations