Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments

Balance Sheet Classification of derivative instruments

	Fair Value of
	Hedge Assets				Hedge Liabilities
	2024		2023		2024		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	6	$	14
Fair value hedges of foreign exchange risk (b)		8		4		69		111
Net investment hedges (c)		7		4		29		56
Total derivatives accounted for as hedges	$	15	$	8	$	104	$	181
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)		2		5		10		9
Total derivatives	$	17	$	13	$	114	$	190
Current	$	17	$	13	$	12	$	17
Noncurrent						102		173
Total derivatives	$	17	$	13	$	114	$	190

(a) The notional amount of the commodity forward contracts and collars was approximately 28 million British Thermal Units (“BTUs”) and 38 million BTUs at December 31, 2024 and December 31, 2023, respectively. The maximum maturity dates are in 2027 at December 31, 2024 and December 31, 2023.

(b) The notional amounts of the fair value hedges of foreign exchange risk were $816 million and $833 million at December 31, 2024 and December 31, 2023, respectively. The maximum maturity dates were in 2030 at December 31, 2024 and December 31, 2023.

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

(d) The notional amounts of the foreign exchange derivative contracts were $680 million and $407 million at December 31, 2024 and December 31, 2023, respectively. The maximum maturity dates are in 2025 at December 31, 2024 and 2024 at December 31, 2023.

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:	2024		2023		2022		2024		2023		2022
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(3)	$	(27)	$	(1)	$	(10)	$	(21)	$	6
Cash flow hedges of foreign exchange risk (b)				(3)		14				(4)		15
Net Investment Hedges
Net Investment Hedges		36		(21)		30		6		5		6
	$	33	$	(51)	$	43	$	(4)	$	(20)	$	27
	Amount of Loss Recognized in Other income (expense), net
Derivatives not designated as hedges:	2024		2023		2022
Foreign exchange derivative contracts	$	(36)	$	(12)	$	(20)
(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