Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments

Balance Sheet Classification of derivative instruments

	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	March 31,		December 31,		March 31,		March 31,		December 31,		March 31,
	2024		2023		2023		2024		2023		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	—	$	15	$	14	$	20
Interest rate swaps - fair value hedges (b)												39
Cash flow hedges of foreign exchange risk (c)												2
Fair value hedges of foreign exchange risk (d)		6		4		5		92		111		78
Net investment hedges (e)		3		4		2		41		56		34
Total derivatives accounted for as hedges	$	9	$	8	$	7	$	148	$	181	$	173
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)		1		5		8		9		9		2
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175
Current	$	10	$	13	$	15	$	17	$	17	$	36
Noncurrent								140		173		139
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175

(a) The notional amount of the commodity forward contracts and collars was approximately 35 million, 38 million, and 49 million British Thermal Units (“BTUs”) at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. The maximum maturity dates are in 2027 at March 31, 2024, December 31, 2023, and March 31, 2023.

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 at March 31, 2024, €0 million at December 31, 2023 and €725 million at March 31, 2023. The maximum maturity date was in 2024 at March 31, 2023.

(c) The notional amounts of the cash flow hedges of foreign exchange risk were 0 Mexican pesos at March 31, 2024, 0 Mexican pesos at December 31, 2023 and 710 million Mexican pesos at March 31, 2023. The maximum maturity date was in 2023 at March 31, 2023.

(d) The notional amounts of the fair value hedges of foreign exchange risk were $833 million at March 31, 2024, $833 million at December 31, 2023 and $844 million at March 31, 2023. The maximum maturity dates are in 2030 at March 31, 2024, December 31, 2023 and March 31, 2023.

(e) The notional amounts of the net investment hedges were €483 million at March 31, 2024, €483 million at December 31, 2023 and €358 million at March 31, 2024. The maximum maturity dates are in 2026 at March 31, 2024, December 31, 2023 and March 31, 2024.

(f) The notional amounts of the foreign exchange derivative contracts were $453 million, $407 million and $420 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The maximum maturity dates are in 2024 at March 31, 2024, and in 2023 at December 31, 2023 and March 31, 2023.

Effects of derivative instruments on the results of operations