Derivatives And Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of March 31, 2023, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:

Commodity	Quantity Hedged	Unit of Measure	Notional Amount (Approximate USD Equivalent)
	(in thousands)		(in millions)
Copper	111,563	pounds	$	445

Foreign Currency	Quantity Hedged	Unit of Measure	Notional Amount (Approximate USD Equivalent)
	(in millions)
Mexican Peso	20,140	MXN	$	1,115
Chinese Yuan Renminbi	3,561	RMB	$	520
Euro	98	EUR	$	105
Polish Zloty	742	PLN	$	170
Hungarian Forint	25,283	HUF	$	70

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative financial instruments recorded in the consolidated balance sheets as of March 31, 2023 and December 31, 2022 are as follows:

	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
	Balance Sheet Location	March 31, 2023		Balance Sheet Location	March 31, 2023		March 31, 2023
	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	Other current assets	$	—	Accrued liabilities	$	7
Foreign currency derivatives*	Other current assets	98		Other current assets	6		$	92
Foreign currency derivatives*	Accrued liabilities	—		Accrued liabilities	1		(1)
Commodity derivatives	Other long-term assets	3		Other long-term liabilities	—
Foreign currency derivatives*	Other long-term assets	26		Other long-term assets	2		24
Total derivatives designated as hedges		$	127		$	16

	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
	Balance Sheet Location	December 31, 2022		Balance Sheet Location	December 31, 2022		December 31, 2022
	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	Other current assets	$	—	Accrued liabilities	$	28
Foreign currency derivatives*	Other current assets	54		Other current assets	11		$	43
Commodity derivatives	Other long-term assets	—		Other long-term liabilities	7
Foreign currency derivatives*	Other long-term assets	17		Other long-term assets	3		14
Foreign currency derivatives*	Other long-term liabilities	1		Other long-term liabilities	1		—
Derivatives designated as net investment hedges:
Foreign currency derivatives	Other current assets	—		Accrued liabilities	1
Total derivatives designated as hedges		$	72		$	51
Derivatives not designated:
Foreign currency derivatives*	Other current assets	$	1	Other current assets	$	—	1
Total derivatives not designated as hedges		$	1		$	—

*    Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The pre-tax effect of derivative financial instruments in the consolidated statements of operations and consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022 is as follows:

Three Months Ended March 31, 2023	Gain Recognized in OCI		(Loss) Gain Reclassified from OCI into Income
	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	27	$	(3)
Foreign currency derivatives	83		12
Total	$	110	$	9

	Loss Recognized in Income
	(in millions)
Derivatives not designated:
Foreign currency derivatives	$	(3)
Total	$	(3)

Three Months Ended March 31, 2022	Gain (Loss) Recognized in OCI		Gain Reclassified from OCI into Income
	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	31	$	11
Foreign currency derivatives	19		—
Derivatives designated as net investment hedges:
Foreign currency derivatives	(2)		—
Total	$	48	$	11

	Loss Recognized in Income
	(in millions)
Derivatives not designated:
Foreign currency derivatives	$	(3)
Total	$	(3)