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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments |
Balance Sheet Classification of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of | ​ | Fair Value of
​ | ​ | Hedge Assets | ​ | Hedge Liabilities
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | June 30, | ​ | December 31, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2024 |  | 2025 |  | 2024 |  | 2024
Derivatives designated as hedging instruments: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Commodity forward contracts and collars (a) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1 | ​ | $ | 6 | ​ | $ | 10
Fair value hedges of foreign exchange risk (b) | ​ | ​ | 1 | ​ | ​ | 8 | ​ | ​ | 6 | ​ | ​ | 163 | ​ | ​ | 69 | ​ | ​ | 82
Net investment hedges (c) | ​ | ​ | 9 | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 142 | ​ | ​ | 29 | ​ | ​ | 37
Total derivatives accounted for as hedges | ​ | $ | 10 | ​ | $ | 15 | ​ | $ | 9 | ​ | $ | 306 | ​ | $ | 104 | ​ | $ | 129
Derivatives not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts (d) | ​ | ​ | 14 | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 10 | ​ | ​ | 8
Total derivatives | ​ | $ | 24 | ​ | $ | 17 | ​ | $ | 11 | ​ | $ | 307 | ​ | $ | 114 | ​ | $ | 137
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 24 | ​ | $ | 17 | ​ | $ | 11 | ​ | $ | 157 | ​ | $ | 12 | ​ | $ | 12
Noncurrent | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 150 | ​ | ​ | 102 | ​ | ​ | 125
Total derivatives | ​ | $ | 24 | ​ | $ | 17 | ​ | $ | 11 | ​ | $ | 307 | ​ | $ | 114 | ​ | $ | 137
(a) | The notional amount of the commodity forward contracts and collars was approximately 9 million, 28 million, and 33 million British Thermal Units at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. The maximum maturity dates are in 2027 at June 30, 2025, December 31, 2024, and June 30, 2024.
(b) | The notional amounts of the fair value hedges of foreign exchange risk were $816 million at June 30, 2025, $816 million at December 31, 2024 and $833 million at June 30, 2024. The maximum maturity dates are in 2030 at June 30, 2025, December 31, 2024 and June 30, 2024.
(c) | The notional amounts of the net investment hedges were €844 million at June 30, 2025, €483 million at December 31, 2024 and €483 million at June 30, 2024. The maximum maturity dates are in 2028 at June 30, 2025 and in 2026 at December 31, 2024 and June 30, 2024.
(d) | The notional amounts of the foreign exchange derivative contracts were $506 million, $680 million and $572 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. The maximum maturity dates are in 2025 at June 30, 2025, and in 2025 at December 31, 2024 and June 30, 2024.
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Effects of derivative instruments on the results of operations | ​

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