v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative [Line Items]  
Fair Value of Derivatives Instruments
March 31, 2025
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the interim Consolidated Balance Sheets
Asset derivatives:   
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$12 $— $12 
Commodity contractsOther current assets2 — 2 
Derivatives not designated as hedging instruments:  
Foreign currency contractsOther current assets101 (58)43 
 Commodity contractsOther current assets5 — 5 
Total asset derivatives $120 $(58)$62 
Liability derivatives:  
Derivatives designated as hedging instruments:
Commodity contractsAccrued and other current liabilities$2 $— $2 
Derivatives not designated as hedging instruments:  
Foreign currency contractsAccrued and other current liabilities63(58)5 
Commodity contractsAccrued and other current liabilities5 — 5 
Total liability derivatives $70 $(58)$12 


December 31, 2024
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:   
Derivatives designated as hedging instruments:
Commodity contractsOther current assets$8 $— $8 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Other current assets71 (45)26 
Commodity contractsOther current assets12— 12 
Total asset derivatives
 $91 $(45)$46 
Liability derivatives:  
Derivatives designated as hedging instruments:
Commodity contractsAccrued and other current liabilities$2 $— $2 
Derivatives not designated as hedging instruments:
  
Foreign currency contractsAccrued and other current liabilities104 (45)59 
Commodity contractsAccrued and other current liabilities5 — 5 
Total liability derivatives
 $111 $(45)$66 
March 31, 2024
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the interim Consolidated Balance Sheets
Asset derivatives:   
Derivatives designated as hedging instruments:
Commodity contractsOther current assets$1 $— $1 
Derivatives not designated as hedging instruments:
 
Foreign currency contractsOther current assets22 (17)5 
 Commodity contractsOther current assets2 — 2 
Total asset derivatives
 $25 $(17)$8 
Liability derivatives:  
Derivatives designated as hedging instruments:  
Foreign currency contractsAccrued and other current liabilities$15 $— $15 
Commodity contractsAccrued and other current liabilities4 — 4 
Derivatives not designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities45 (17)28 
Commodity contractsAccrued and other current liabilities3 — 3 
Total liability derivatives
 $67 $(17)$50 
1.    Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Effect of Derivatives
Amount of Gain (Loss) Recognized in OCI - Pre-Tax1
Three Months Ended March 31,
(In millions)20252024
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts$10 $(6)
Cash flow hedges:
Foreign currency contracts— 8 
Commodity contracts2 (25)
Total derivatives designated as hedging instruments$12 $(23)
1.OCI is defined as other comprehensive income (loss).
Amount of Gain (Loss) Recognized in Income - Pre-Tax1
Three Months Ended March 31,
(In millions)20252024
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2
$6 $(1)
Commodity contracts2
(19)(15)
Total derivatives designated as hedging instruments$(13)$(16)
Derivatives not designated as hedging instruments:
Foreign currency contracts3
$20 $(79)
Foreign currency contracts2
(9)(1)
Commodity contracts2,4
7 (43)
Commodity contracts3
— (3)
Total derivatives not designated as hedging instruments$18 $(126)
Total derivatives$5 $(142)
1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.
2.Recorded in cost of goods sold in the interim Consolidated Statements of Operations.
3.Recognized in other income (expense) - net. Note that net gain (loss) from foreign currency contracts was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.
4.The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the interim Consolidated Statements of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.
Commodity Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31,
(In millions)20252024
Beginning balance$(49)$(71)
Additions and revaluations of derivatives designated as cash flow hedges2 (18)
Clearance of hedge results to earnings15 10 
Ending balance$(32)$(79)
Foreign Currency Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31,
(In millions)20252024
Beginning balance$13 $1 
Additions and revaluations of derivatives designated as cash flow hedges— 5 
Clearance of hedge results to earnings(13)1 
Ending balance$— $7