Derivatives And Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of June 30, 2025, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:

Commodity

Quantity Hedged

Unit of Measure

Notional Amount
(Approximate USD Equivalent)

(in thousands)

(in millions)

Copper

81,690

pounds

365


Foreign Currency	Quantity Hedged	Unit of Measure	Notional Amount (Approximate USD Equivalent)

	(in millions)
Mexican Peso	23,993	MXN	$	1,270
Chinese Yuan Renminbi	3,216	RMB	$	450

Polish Zloty	942	PLN	$	260

Hungarian Forint	24,646	HUF	$	70





British Pound	52	GBP	$	70

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative financial instruments recorded in the consolidated balance sheets as of June 30, 2025 and December 31, 2024 are as follows:


	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
	Balance Sheet Location	June 30, 2025		Balance Sheet Location	June 30, 2025		June 30, 2025

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	Other current assets	$	18	Accrued liabilities	$	—
Foreign currency derivatives*	Other current assets	27		Other current assets	4		$	23
Foreign currency derivatives*	Accrued liabilities	2		Accrued liabilities	3		(1)
Commodity derivatives	Other long-term assets	2		Other long-term liabilities	—
Foreign currency derivatives*	Other long-term assets	12		Other long-term assets	3		9
Foreign currency derivatives*	Other long-term liabilities	1		Other long-term liabilities	1		—
Derivatives designated as net investment hedges:
Foreign currency derivatives	Other current assets	—		Accrued liabilities	1
Total derivatives designated as hedges		$	62		$	12

Derivatives not designated:

Foreign currency derivatives*	Other current assets	$	2	Other current assets	$	—	2




Total derivatives not designated as hedges		$	2		$	—


	Asset Derivatives			Liability Derivatives			Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet
	Balance Sheet Location	December 31, 2024		Balance Sheet Location	December 31, 2024		December 31, 2024

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	Other current assets	$	5	Accrued liabilities	$	5
Foreign currency derivatives*	Other current assets	10		Other current assets	3		$	7
Foreign currency derivatives*	Accrued liabilities	10		Accrued liabilities	80		(70)
Commodity derivatives	Other long-term assets	1		Other long-term liabilities	7

Foreign currency derivatives*	Other long-term liabilities	3		Other long-term liabilities	35		(32)
Derivatives designated as net investment hedges:
Foreign currency derivatives	Other current assets	5		Accrued liabilities	—
Total derivatives designated as hedges		$	34		$	130

Derivatives not designated:

Foreign currency derivatives*	Other current assets	$	1	Other current assets	$	—	1
Foreign currency derivatives*	Accrued liabilities	—		Accrued liabilities	1		(1)



Total derivatives not designated as hedges		$	1		$	1

* Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The pre-tax effects of derivative financial instruments in the consolidated statements of operations and consolidated statements of comprehensive income for the three and six months ended June 30, 2025 and 2024 are as follows:


Three Months Ended June 30, 2025	Gain (Loss) Recognized in OCI		Gain (Loss) Reclassified from OCI into Income

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	4	$	6
Foreign currency derivatives	76		(12)
Derivatives designated as net investment hedges:
Foreign currency derivatives	(1)		—
Total	$	79	$	(6)


	Gain Recognized in Income

	(in millions)
Derivatives not designated:

Foreign currency derivatives	$	3
Total	$	3


Three Months Ended June 30, 2024	Gain (Loss) Recognized in OCI		Gain Reclassified from OCI into Income

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	40	$	9
Foreign currency derivatives	(87)		44
Derivatives designated as net investment hedges:
Foreign currency derivatives	1		—
Total	$	(46)	$	53


	Loss Recognized in Income

	(in millions)
Derivatives not designated:

Foreign currency derivatives	$	(1)
Total	$	(1)


Six Months Ended June 30, 2025	Gain (Loss) Recognized in OCI		Gain (Loss) Reclassified from OCI into Income

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	36	$	10
Foreign currency derivatives	117		(20)
Derivatives designated as net investment hedges:
Foreign currency derivatives	(2)		—
Total	$	151	$	(10)


	Gain Recognized in Income

	(in millions)
Derivatives not designated:

Foreign currency derivatives	$	4
Total	$	4


Six Months Ended June 30, 2024	Gain (Loss) Recognized in OCI		Gain Reclassified from OCI into Income

	(in millions)
Derivatives designated as cash flow hedges:
Commodity derivatives	$	56	$	5
Foreign currency derivatives	(46)		92
Derivatives designated as net investment hedges:
Foreign currency derivatives	3		—
Total	$	13	$	97


	Loss Recognized in Income

	(in millions)
Derivatives not designated:

Foreign currency derivatives	$	(4)
Total	$	(4)