XML 56 R44.htm IDEA: XBRL DOCUMENT v3.22.2.2
Financial Instruments and Risk Management (Tables)
9 Months Ended
Sep. 30, 2022
Financial Instruments and Risk Management  
Schedule of additional information related to the commercial risk management instruments

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​

​

​

​

​

​

​

​

($ in millions)

​

September 30, 2022

Commercial risk area

​

Commodity

    

Currency

    

Interest Rate

​

​

​

​

​

​

​

​

​

​

Notional amount of contracts

​

$

1,758

​

$

2,710

​

$

788

Net gain (loss) included in AOCI, after-tax

​

​

—

​

​

7

​

​

—

Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months

​

​

—

​

​

22

​

​

—

​

​

​

​

​

​

​

​

​

​

Longest duration of forecasted cash flow hedge transactions in years

​

​

2

​

​

2

​

​

1

Schedule of fair value of derivative instruments

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

($ in millions)

Balance Sheet Location

    

Derivatives
Designated
as Hedging
Instruments

    

Derivatives not
Designated as
Hedging
Instruments

    

Total

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​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

75

​

$

1

​

$

76

Currency contracts

​

​

​

—

​

​

38

​

​

38

Total current derivative contracts

Other current assets

​

$

75

​

$

39

​

$

114

​

​

​

​

​

​

​

​

​

​

​

Currency contracts

​

​

$

172

​

$

2

​

$

174

Total noncurrent derivative contracts

Other noncurrent assets

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$

172

​

$

2

​

$

174

 

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

69

​

$

1

​

$

70

Currency contracts

​

​

​

2

​

​

18

​

​

20

Other contracts

​

​

​

—

​

​

19

​

​

19

Total current derivative contracts

Other current liabilities

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$

71

​

$

38

​

$

109

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

1

​

$

—

​

$

1

Currency contracts

​

​

​

—

​

​

1

​

​

1

Total noncurrent derivative contracts

Other noncurrent liabilities

​

$

1

​

$

1

​

$

2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

($ in millions)

Balance Sheet Location

​

Derivatives
Designated
as Hedging
Instruments

    

Derivatives not
Designated as
Hedging
Instruments

    

Total

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

142

​

$

—

​

$

142

Currency contracts

​

​

​

2

​

​

19

​

​

21

Other contracts

​

​

​

1

​

​

6

​

​

7

Total current derivative contracts

Other current assets

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$

145

​

$

25

​

$

170

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

3

​

$

—

​

$

3

Currency contracts

​

​

​

59

​

​

1

​

​

60

Total noncurrent derivative contracts

Other noncurrent assets

​

$

62

​

$

1

​

$

63

 

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

$

20

​

$

—

​

$

20

Currency contracts

​

​

​

—

​

​

8

​

​

8

Other contracts

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​

​

—

​

​

1

​

​

1

Total current derivative contracts

Other current liabilities

​

$

20

​

$

9

​

$

29

​

​

​

​

​

​

​

​

​

​

​

Currency contracts

​

​

$

—

​

$

3

​

$

3

Total noncurrent derivative contracts

Other noncurrent liabilities

​

$

—

​

$

3

​

$

3

Schedule of impact on earnings from derivative instruments

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​

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​

​

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​

Three Months Ended September 30,

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​

​

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2022

​

2021

($ in millions)

    

Location of Gain (Loss)
Recognized in Earnings on Derivatives

    

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

    

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

    

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

    

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts - manage exposure to customer pricing

​

Net sales

​

$

105

​

$

—

​

$

(28)

​

$

—

Commodity contracts - manage exposure to supplier pricing

​

Cost of sales

​

​

(5)

​

​

37

​

​

53

​

​

3

Interest rate contracts - manage exposure for outstanding debt

​

Interest expense

​

​

2

​

​

5

​

​

—

​

​

—

Currency contracts - manage currency exposure

​

Selling, general and administrative

​

​

59

​

​

28

​

​

27

​

​

12

Equity contracts

​

Selling, general and administrative

​

​

—

​

​

(51)

​

​

—

​

​

23

Total

​

​

​

$

161

​

$

19

​

$

52

​

$

38

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Nine Months Ended September 30,

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​

​

​

​

2022

​

2021

​

($ in millions)

    

Location of Gain (Loss)
Recognized in Earnings on Derivatives

    

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

    

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

    

Cash Flow
Hedge -
Reclassified
Amount from
Accumulated
Other
Comprehensive
Earnings (Loss)

    

Gain (Loss) on
Derivatives not
Designated as
Hedge
Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts - manage exposure to customer pricing

​

Net sales

​

$

23

​

$

—

​

$

(89)

​

$

—

​

Commodity contracts - manage exposure to supplier pricing

​

Cost of sales

​

​

141

​

​

17

​

​

95

​

​

9

​

Interest rate contracts - manage exposure for outstanding debt

​

Interest expense

​

​

2

​

​

9

​

​

—

​

​

—

​

Currency contracts - manage currency exposure

​

Selling, general and administrative

​

​

136

​

​

88

​

​

66

​

​

32

​

Equity contracts

​

Selling, general and administrative

​

​

—

​

​

(120)

​

​

—

​

​

(11)

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Total

​

​

​

$

302

​

$

(6)

​

$

72

​

$

30

​

​

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in millions)

    

2022

    

2021

    

2022

    

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Amounts reclassified into earnings:

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

$

(100)

​

$

(25)

​

$

(164)

​

$

(6)

Interest rate contracts

​

​

(2)

​

​

—

​

​

(2)

​

​

—

Currency exchange contracts

​

​

(59)

​

​

(27)

​

​

(136)

​

​

(66)

Change in fair value of cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

(32)

​

​

44

​

​

30

​

​

137

Interest rate contracts

​

​

—

​

​

(1)

​

​

1

​

​

(1)

Currency exchange contracts

​

​

62

​

​

26

​

​

123

​

​

58

Currency and tax impacts

​

​

34

​

​

(1)

​

​

32

​

​

(24)

​

​

$

(97)

​

$

16

​

$

(116)

​

$

98