Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments

Balance Sheet Classification of derivative instruments

	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	September 30,		December 31,		September 30,		September 30,		December 31,		September 30,
	2024		2023		2023		2024		2023		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	—	$	10	$	14	$	13
Fair value hedges of foreign exchange risk (b)		4		4		7		118		111		72
Net investment hedges (c)		2		4		4		57		56		30
Total derivatives accounted for as hedges	$	6	$	8	$	11	$	185	$	181	$	115
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)		11		5		3		3		9		14
Total derivatives	$	17	$	13	$	14	$	188	$	190	$	129
Current	$	17	$	13	$	14	$	12	$	17	$	21
Noncurrent								176		173		108
Total derivatives	$	17	$	13	$	14	$	188	$	190	$	129

(a) The notional amount of the commodity forward contracts and collars was approximately 30 million, 38 million, and 40 million British Thermal Units at September 30, 2024, December 31, 2023, and September 30, 2023, respectively. The maximum maturity dates are in 2027 at September 30, 2024, December 31, 2023, and September 30, 2023.

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

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

(d) The notional amounts of the foreign exchange derivative contracts were $628 million, $407 million and $493 million at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The maximum maturity dates are in 2024 at September 30, 2024, and in 2023 at December 31, 2023 and September 30, 2023.

Effects of derivative instruments on the results of operations