Derivatives Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivatives Instruments and Hedging Activities

Schedule of cash flow hedges included in AOCI

	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	June 30, 2022		December 31, 2021
Commodity contracts, net of income tax effect of $29 and $19, respectively	$	84	$	51
Foreign currency contracts, net of income tax effect of $3 and $ -, respectively		5		-
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	86	$	48

Schedule of location and amount of assets and liabilities reported in balance sheet

	Fair Value of Hedging Instruments as of June 30, 2022 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	86	$	10	$	96	$	2	$	12	$	14
Other assets		6		7		13		—		—		—
Assets		92		17		109		2		12		14
Accounts payable and accrued liabilities		26		12		38		3		5		8
Non-current liabilities		4		8		12		—		1		1
Liabilities		30		20		50		3		6		9
Net Assets/(Liabilities)	$	62	$	(3)	$	59	$	(1)	$	6	$	5

	Fair Value of Hedging Instruments as of December 31, 2021 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	45	$	9	$	54	$	4	$	3	$	7
Other assets		7		6		13		—		—		—
Assets		52		15		67		4		3		7
Accounts payable and accrued liabilities		5		12		17		2		4		6
Non-current liabilities		2		6		8		—		1		1
Liabilities		7		18		25		2		5		7
Net Assets/(Liabilities)	$	45	$	(3)	$	42	$	2	$	(2)	$	—

Schedule of amount of gains and losses recognized in OCI and location and income statement location

Derivatives in Cash Flow	Gains (Losses) Recognized  in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended June 30,				Income Statement	Three Months Ended June 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	(3)	$	149	Cost of sales	$	81	$	110
Foreign currency contracts		6		(2)	Net sales/Cost of sales		1		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	3	$	147		$	82	$	109

Derivatives in Cash-Flow	Gains Recognized  in AOCL on Derivatives					Gains Reclassified from AOCL into Income
Hedging Relationships	Six Months Ended June 30,				Income Statement	Six Months Ended June 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	168	$	176	Cost of sales	$	125	$	109
Foreign currency contracts		11		—	Net sales/Cost of sales		3		1
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	179	$	176		$	128	$	110