Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments

Balance Sheet Classification of derivative instruments

	Fair Value of
	Hedge Assets				Hedge Liabilities
	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	3	$	14	$	9
Interest rate swaps - fair value hedges (b)								44
Fair value hedges of foreign exchange risk (c)		4		7		111		62
Net investment hedges (d)		4		3		56		28
Total derivatives accounted for as hedges	$	8	$	13	$	181	$	143
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)		5		5		9		2
Total derivatives	$	13	$	18	$	190	$	145
Current	$	13	$	15	$	17	$	32
Noncurrent				3		173		113
Total derivatives	$	13	$	18	$	190	$	145

(a) The notional amount of the commodity forward contracts and collars was approximately 38 million British Thermal Units (“BTUs”) and 46 million BTUs at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2027 at December 31, 2023 and December 31, 2022.

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 million and €725 million at December 31, 2023 and December 31, 2022, respectively.

(c) The notional amounts of the fair value hedges of foreign exchange risk were $833 million and $844 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates were in 2030 at December 31, 2023 and December 31, 2022.

(d) The notional amounts of the net investment hedges were €483 million and €358 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2026 at December 31, 2023 and December 31, 2022.

(e) The notional amounts of the foreign exchange derivative contracts were $407 million and $245 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2023 at December 31, 2023 and 2022 at December 31, 2022.

Effects of derivative instruments on the results of operations

	Gain (Loss) Recognized in OCI (Effective Portion)						Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
Derivatives designated as hedging instruments:	2023		2022		2021		2023		2022		2021
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(27)	$	(1)	$		$	(21)	$	6	$
Cash flow hedges of foreign exchange risk (b)		(3)		14		75		(4)		15		77
Net Investment Hedges
Net Investment Hedges		(21)		30		40		5		6		3
	$	(51)	$	43	$	115	$	(20)	$	27	$	80
	Amount of Gain (Loss) Recognized in Other income (expense), net
Derivatives not designated as hedges:	2023		2022		2021
Foreign exchange derivative contracts	$	(12)	$	(20)	$	4
(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) other income (expense), net