Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative 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)	September 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 $4 and $ -, respectively		6		—
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	87	$	48

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

	Fair Value of Hedging Instruments as of September 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	$	82	$	27	$	109	$	3	$	30	$	33
Other assets		7		19		26		—		—		—
Assets		89		46		135		3		30		33
Accounts payable and accrued liabilities		13		20		33		1		10		11
Non-current liabilities		1		18		19		—		—		—
Liabilities		14		38		52		1		10		11
Net Assets/(Liabilities)	$	75	$	8	$	83	$	2	$	20	$	22

	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 September 30,				Income Statement	Three Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	72	$	36	Cost of sales	$	72	$	62
Foreign currency contracts		3		(1)	Net sales/Cost of sales		1		(2)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	75	$	35		$	73	$	60

Derivatives in Cash-Flow	Gains (Losses) Recognized  in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Income Statement	Nine Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	240	$	212	Cost of sales	$	197	$	171
Foreign currency contracts		14		(1)	Net sales/Cost of sales		4		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	254	$	211		$	201	$	170