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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives Outstanding

The following table is a summary of the fair value of derivatives outstanding at September 30, 2024 and December 31, 2023:

			Fair Value
			September 30, 2024												December 31, 2023
			Assets(a)						Accrued Liabilities						Assets(a)						Accrued Liabilities
Derivatives Designated as Cash Flow Hedges
Currency Contracts			$	6					$	—					$	—					$	—
Interest Rate Swaps			$	5					$	4					$	18					$	—
Natural Gas Hedges			$	—					$	—					$	—					$	1
Total Hedges			$	11					$	4					$	18					$	1
Derivatives Not Designated as Cash Flow Hedges
Currency Contracts			$	3					$	—					$	1					$	1
Total Derivatives			$	14					$	4					$	19					$	2

(a) At September 30, 2024 and December 31, 2023, current assets of $14 million and $19 million, respectively, are recorded in prepaid and other current assets on the Condensed Consolidated Balance Sheets.

Schedule of Derivatives' Impact on the Condensed Consolidated Statement of Operations

The following table summarizes the impact of the Company's derivatives on the unaudited Condensed Consolidated Statement of Operations:

			Amount of Pre-Tax Gain (Loss) Recognized in Earnings																								Amount of Pre-Tax Gain (Loss) Recognized in Earnings
			Revenue						Cost of Goods Sold						Other (expense) income, net												Cost of Goods Sold						Other (expense) income, net
			Three Months Ended September 30, 2024																								Three Months Ended September 30, 2023
Derivatives Not Designated as Hedging Instruments
Currency Contracts			$	—					$	—					$	(2)											$	—					$	2
Derivatives Designated as Hedging Instruments
Currency Contracts			$	2					$	—					$	—											$	—					$	—
Natural Gas Hedges			$	—					$	—					$	—											$	(1)					$	—
Total Derivatives			$	2					$	—					$	(2)											$	(1)					$	2

			Amount of Pre-Tax Gain (Loss) Recognized in Earnings																											Amount of Pre-Tax Gain (Loss) Recognized in Earnings
			Revenue						Cost of Goods Sold						Other (expense) income, net															Cost of Goods Sold						Other (expense) income, net
			Nine Months Ended September 30, 2024																											Nine Months Ended September 30, 2023
Derivatives Not Designated as Hedging Instruments
Currency Contracts			$	—					$	—					$	(5)														$	—					$	(2)
Derivatives Designated as Hedging Instruments
Currency Contracts			$	2					$	—					$	—														$	(4)					$	—
Natural Gas Hedges			$	—					$	(1)					$	—														$	(4)					$	—
Total Derivatives			$	2					$	(1)					$	(5)														$	(8)					$	(2)

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- References

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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