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Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative [Line items] |
Fair Value of Derivatives Instruments |
|  | December 31, 2023
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | — |  | $ | — |  | $ | — |
Commodity Contracts | Other current assets | 3 | — |  | 3 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 83 |  | (33) |  | 50 |
Commodity Contracts | Other current assets | 2 | — |  | 2
Total asset derivatives |  | $ | 88 |  | $ | (33) |  | $ | 55 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 23 |  | $ | — |  | $ | 23 |
Commodity Contracts | Accrued and other current liabilities | 6 | — |  | 6 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 38 |  | (33) |  | 5 |
Commodity contracts | Accrued and other current liabilities | 8 |  | — |  | 8 |
Total liability derivatives |  | $ | 75 |  | $ | (33) |  | $ | 42 |
|  | December 31, 2022
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | 41 |  | $ | — |  | $ | 41 |
Commodity Contracts | Other current assets | 4 | — |  | 4 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 51 |  | (40) |  | 11 |
Total asset derivatives |  | $ | 96 |  | $ | (40) |  | $ | 56 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 9 |  | $ | — |  | $ | 9 |
Commodity contracts | Accrued and other current liabilities | 3 | — |  | 3 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 58 |  | (40) |  | 18 |
Total liability derivatives |  | $ | 70 |  | $ | (40) |  | $ | 30 |
1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Effect of Derivative Instruments |
| Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax
For the Year Ended December 31,
(In millions) | 2023 | 2022 | 2021
Derivatives designated as hedging instruments: |  |  |
Net investment hedges: |  |  |
Foreign currency contracts | $ | — |  | $ | 28 |  | $ | 37 |
Cash flow hedges: |  |  |
Foreign currency contracts | (54) |  | (90) |  | 27 |
Commodity contracts | (123) |  | 130 |  | 129 |
Total derivatives designated as hedging instruments | $ | (177) |  | $ | 68 |  | $ | 193 |
1.OCI is defined as other comprehensive income (loss).
(in millions) | Amount of Gain (Loss) Recognized in Income - Pre-Tax 1
For the Year Ended December 31,
| 2023 | 2022 | 2021
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges: |  |  |
Foreign currency contracts 2 | $ | (41) |  | $ | (59) |  | $ | (29) |
Commodity contracts 2 | 49 |  | 122 |  | 42 |
Total derivatives designated as hedging instruments | 8 |  | 63 |  | 13 |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency contracts 3 | (28) |  | (12) |  | 18 |
Foreign currency contracts 2 | (77) |  | (6) |  | (14) |
Commodity contracts 2,4 | (20) |  | (21) |  | (18) |
Commodity contracts 3 | 2 |  | — |  | — |
Total derivatives not designated as hedging instruments | (123) |  | (39) |  | (14) |
Total derivatives | $ | (115) |  | $ | 24 |  | $ | (1) |
1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2.Recorded in cost of goods sold, in the Consolidated Statement of Operations. 3.Recognized in other income (expense) - net, in the Consolidated Statement of Operations. Note that the net loss from foreign currency contracts was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, to the Consolidated Financial Statements for additional information. 4.The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the Consolidated Statement of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.
Schedule of Available-for-sale Securities Reconciliation |
Investing Results | For the Year Ended December 31,
(In millions) | 2021
Proceeds from sales of available-for-sale securities | $ | 226 |
Gross realized losses | $ | (7) |
Commodity Contract [Member] |
Derivative [Line items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| For the Year Ended December 31,
(In millions) | 2023 | 2022 | 2021
Beginning balance | $ | 55 |  | $ | 47 |  | $ | (16) |
Additions and revaluations of derivatives designated as cash flow hedges | (87) |  | 102 |  | 92 |
Clearance of hedge results to earnings | (39) |  | (94) |  | (29) |
Ending balance | $ | (71) |  | $ | 55 |  | $ | 47 |
Foreign Exchange Contract [Member] |
Derivative [Line items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
(In millions) | For the Year Ended December 31,
2023 | 2022 | 2021
Beginning balance | $ | 10 |  | $ | 32 |  | $ | (17) |
Additions and revaluations of derivatives designated as cash flow hedges | (36) |  | (61) |  | 24 |
Clearance of hedges results to earnings | 27 |  | 39 |  | 25 |
Ending balance | $ | 1 |  | $ | 10 |  | $ | 32 |

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