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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
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,
​ |  | 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) | ​ | ​ | 2 | ​ | ​ | 8 | ​ | ​ | 4 | ​ | ​ | 80 | ​ | ​ | 69 | ​ | ​ | 118
Net investment hedges (c) | ​ | ​ | 11 | ​ | ​ | 7 | ​ | ​ | 2 | ​ | ​ | 208 | ​ | ​ | 29 | ​ | ​ | 57
Total derivatives accounted for as hedges | ​ | $ | 13 | ​ | $ | 15 | ​ | $ | 6 | ​ | $ | 289 | ​ | $ | 104 | ​ | $ | 185
Derivatives not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange derivative contracts (d) | ​ | ​ | 14 | ​ | ​ | 2 | ​ | ​ | 11 | ​ | ​ | 3 | ​ | ​ | 10 | ​ | ​ | 3
Total derivatives | ​ | $ | 27 | ​ | $ | 17 | ​ | $ | 17 | ​ | $ | 292 | ​ | $ | 114 | ​ | $ | 188
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 27 | ​ | $ | 17 | ​ | $ | 17 | ​ | $ | 74 | ​ | $ | 12 | ​ | $ | 12
Noncurrent | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 218 | ​ | ​ | 102 | ​ | ​ | 176
Total derivatives | ​ | $ | 27 | ​ | $ | 17 | ​ | $ | 17 | ​ | $ | 292 | ​ | $ | 114 | ​ | $ | 188
(a) | The notional amount of the commodity forward contracts and collars was approximately 8 million, 28 million, and 30 million British Thermal Units at September 30, 2025, December 31, 2024, and September 30, 2024, respectively. The maximum maturity dates are in 2027 at September 30, 2025, December 31, 2024, and September 30, 2024.
(b) | The notional amounts of the fair value hedges of foreign exchange risk were $400 million at September 30, 2025, $816 million at December 31, 2024 and $833 million at September 30, 2024. The maximum maturity dates are in 2030 at September 30, 2025, December 31, 2024 and September 30, 2024.
(c) | The notional amounts of the net investment hedges were €1,176 million at September 30, 2025, €483 million at December 31, 2024 and €483 million at September 30, 2024. The maximum maturity dates are in 2028 at September 30, 2025 and in 2026 at December 31, 2024 and September 30, 2024.
(d) | The notional amounts of the foreign exchange derivative contracts were $544 million, $680 million and $628 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively. The maximum maturity dates are in 2025 at September 30, 2025 and December 31, 2024 and in 2024 at September 30, 2024.
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Effects of derivative instruments on the results of operations | ​

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