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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative [Line Items] |
Fair Value of Derivatives Instruments |
|  | September 30, 2024
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Commodity contracts | Other current assets | $ | 2 |  | $ | — |  | $ | 2 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 105 |  | (61) |  | 44 |
Commodity contracts | Other current assets | 3 |  | — |  | 3 |
Total asset derivatives |  | $ | 110 |  | $ | (61) |  | $ | 49 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 23 |  | $ | — |  | $ | 23 |
Commodity contracts | Accrued and other current liabilities | 1 |  | — |  | 1 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 64 | (61) |  | 3 |
Commodity contracts | Accrued and other current liabilities | 3 |  | — |  | 3 |
Total liability derivatives |  | $ | 91 |  | $ | (61) |  | $ | 30 |
|  | 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: |  |  |  |
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 |
|  | September 30, 2023
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | $ | 7 |  | $ | — |  | $ | 7 |
Commodity Contracts | Other current assets | 1 |  | — |  | 1 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Other current assets | 45 |  | (39) |  | 6 |
Total asset derivatives |  | $ | 53 |  | $ | (39) |  | $ | 14 |
Liability derivatives: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | $ | 7 |  | $ | — |  | $ | 7 |
Commodity contracts | Accrued and other current liabilities | 3 |  | — |  | 3 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts | Accrued and other current liabilities | 87 |  | (39) |  | 48 |
Commodity contracts | Accrued and other current liabilities | 3 |  | — |  | 3 |
Total liability derivatives |  | $ | 100 |  | $ | (39) |  | $ | 61 |
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 Derivatives |
| Amount of Gain (Loss) Recognized in OCI - Pre-Tax 1
| Three Months Ended September 30, | Nine Months Ended September 30,
(In millions) | 2024 | 2023 | 2024 | 2023
Derivatives designated as hedging instruments: |  |  |  |
Net investment hedges: |  |  |  |
Foreign currency contracts | $ | (36) |  | $ | — |  | $ | (19) |  | $ | — |
Cash flow hedges: |  |  |  |
Foreign currency contracts | 1 |  | 11 |  | 29 |  | (30) |
Commodity contracts | 34 |  | (26) |  | (18) |  | (133) |
Total derivatives designated as hedging instruments | $ | (1) |  | $ | (15) |  | $ | (8) |  | $ | (163) |
1.OCI is defined as other comprehensive income (loss).
| Amount of Gain (Loss) Recognized in Income - Pre-Tax 1
| Three Months Ended September 30, | Nine Months Ended September 30,
(In millions) | 2024 | 2023 | 2024 | 2023
Derivatives designated as hedging instruments: |  |  |  |
Cash flow hedges: |  |  |  |
Foreign currency contracts 2 | $ | (2) |  | $ | (13) |  | $ | (3) |  | $ | (15) |
Commodity contracts 2 | (10) |  | (3) |  | (35) |  | 65 |
Total derivatives designated as hedging instruments | $ | (12) |  | $ | (16) |  | $ | (38) |  | $ | 50 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency contracts 3 | $ | 59 |  | $ | (3) |  | $ | (32) |  | $ | (65) |
Foreign currency contracts 2 | (6) |  | 4 |  | 12 |  | (67) |
Commodity contracts 2,4 | 3 |  | 1 |  | (41) |  | 4 |
Commodity contracts 3 | 1 |  | 5 |  | (2) |  | 5 |
Total derivatives not designated as hedging instruments | $ | 57 |  | $ | 7 |  | $ | (63) |  | $ | (123) |
Total derivatives | $ | 45 |  | $ | (9) |  | $ | (101) |  | $ | (73) |
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 interim Consolidated Statements of Operations. 3.Recognized in other income (expense). Note that 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 6 - Supplementary Information, to the interim 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 interim Consolidated Statements of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.
Commodity Contract [Member] |
Derivative [Line Items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| Three Months Ended September 30, | Nine Months Ended September 30,
(In millions) | 2024 | 2023 | 2024 | 2023
Beginning balance | $ | (92) |  | $ | (71) |  | $ | (71) |  | $ | 55 |
Additions and revaluations of derivatives designated as cash flow hedges | 25 |  | (20) |  | (13) |  | (94) |
Clearance of hedge results to earnings | 7 |  | 2 |  | 24 |  | (50) |
Ending balance | $ | (60) |  | $ | (89) |  | $ | (60) |  | $ | (89) |
Foreign Currency Contract [Member] |
Derivative [Line Items] |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
| Three Months Ended September 30, | Nine Months Ended September 30,
(In millions) | 2024 | 2023 | 2024 | 2023
Beginning balance | $ | 20 |  | $ | (16) |  | $ | 1 |  | $ | 10 |
Additions and revaluations of derivatives designated as cash flow hedges | — |  | 7 |  | 19 |  | (20) |
Clearance of hedge results to earnings | 1 |  | 9 |  | 1 |  | 10 |
Ending balance | $ | 21 |  | $ | — |  | $ | 21 |  | $ | — |

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