Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of December 31, 2021, and December 31, 2020:

Hedge Contracts	Classification	December 31, 2021	December 31, 2020
Natural gas (in mmbtus)	Commodity purchase swaps	40,498,000	38,801,400
Tin (in metric tons)	Commodity purchase swaps	1,648	812
Zinc (in metric tons)	Commodity purchase swaps	7,167	25,361
Electricity (in megawatt hours)	Commodity purchase swaps	810,720	760,320
Iron ore pellets (in metric tons)	Commodity purchase swaps	30,000	—
Iron ore pellets (in metric tons)	Zero-cost collars	1,296,000	—
Hot-rolled coils (in tons)	Sales swaps	157,120	120,000
Foreign currency (in millions of euros)	Foreign exchange forwards	€308	€242
Foreign currency (in millions of dollars)	Foreign exchange forwards	$2	—

Location and Amounts of Fair Values Related to Derivatives in Financial Statements

The following summarizes the fair value amounts included in our Consolidated Balance Sheets as of December 31, 2021, and December 31, 2020:

(In millions) Designated as Hedging Instruments	Balance Sheet Location	December 31, 2021		December 31, 2020
Sales swaps	Accounts receivable	$	10	$	—
Sales swaps	Accounts payable	30		26
Sales swaps	Investments and long-term receivables	1		—
Commodity purchase swaps	Accounts receivable	17		5
Commodity purchase swaps	Accounts payable	29		10
Commodity purchase swaps	Investments and long-term receivables	1		—
Commodity purchase swaps	Other long-term liabilities	4		—
Foreign exchange forwards	Accounts receivable	15		—
Foreign exchange forwards	Accounts payable	—		18
Not Designated as Hedging Instruments
Commodity purchase swaps	Accounts receivable	5		—
Commodity purchase swaps	Investments and long-term receivables	5		1

Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income

The table below summarizes the effect of hedge accounting on AOCI and amounts reclassified from AOCI into earnings for 2021, 2020, and 2019:

	(Loss) Gain on Derivatives in AOCI							Amount of (Loss) Gain Recognized in Income
(In millions)	2021		2020		2019		Location of Reclassification from AOCI (a)	2021		2020		2019
Sales swaps	$	7	$	(26)	$	1	Net sales	$	(170)	$	—	$	(1)
Commodity purchase swaps	(11)		17		(6)		Cost of sales (b)	57		(24)		(19)
Foreign exchange forwards	33		(17)		1		Cost of sales	(3)		(7)		(1)

(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.

(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

Location and Amounts of Gains and Losses Related to Derivatives in Financial Instruments

The table below summarizes the impact of derivative activity where hedge accounting has not been elected on our Consolidated Statements of Operations for 2021, 2020 and 2019:

		Amount of (Loss) Gain Recognized in Income
(In millions)	Consolidated Statement of Operations Location	2021	2020	2019
Commodity purchase swaps	Cost of sales	19	(1)	—
Foreign exchange forwards	Other financial costs	2	—	17