Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments

Balance Sheet Classification of derivative instruments

	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	June 30,		December 31,		June 30,		June 30,		December 31,		June 30,
	2024		2023		2023		2024		2023		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	—	$	10	$	14	$	18
Cash flow hedges of foreign exchange risk (b)												3
Fair value hedges of foreign exchange risk (c)		6		4		17		82		111		98
Net investment hedges (d)		3		4		8		37		56		45
Total derivatives accounted for as hedges	$	9	$	8	$	25	$	129	$	181	$	164
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)		2		5		1		8		9		7
Total derivatives	$	11	$	13	$	26	$	137	$	190	$	171
Current	$	11	$	13	$	26	$	12	$	17	$	18
Noncurrent								125		173		153
Total derivatives	$	11	$	13	$	26	$	137	$	190	$	171

(a) The notional amount of the commodity forward contracts and collars was approximately 33 million, 38 million, and 43 million British Thermal Units (“BTUs”) at June 30, 2024, December 31, 2023, and June 30, 2023, respectively. The maximum maturity dates are in 2027 at June 30, 2024, December 31, 2023, and June 30, 2023.

(b) The notional amounts of the cash flow hedges of foreign exchange risk were 0 Mexican pesos at June 30, 2024, 0 Mexican pesos at December 31, 2023 and 477 million Mexican pesos at June 30, 2023. The maximum maturity date was in 2023 at June 30, 2023.

(c) The notional amounts of the fair value hedges of foreign exchange risk were $833 million at June 30, 2024, $833 million at December 31, 2023 and $844 million at June 30, 2023. The maximum maturity dates are in 2030 at June 30, 2024, December 31, 2023 and June 30, 2023.

(d) The notional amounts of the net investment hedges were €483 million at June 30, 2024, €483 million at December 31, 2023 and €483 million at June 30, 2023. The maximum maturity dates are in 2026 at June 30, 2024, December 31, 2023 and June 30, 2023.

(e) The notional amounts of the foreign exchange derivative contracts were $572 million, $407 million and $417 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The maximum maturity dates are in 2024 at June 30, 2024, and in 2023 at December 31, 2023 and June 30, 2023.