v3.25.2
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 64 million and 105 million bushels of corn as of June 30, 2025 and December 31, 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 27 million and 24 million mmbtus of natural gas as of June 30, 2025 and December 31, 2024.
Foreign currency hedging: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $402 million and $408 million as of June 30, 2025 and December 31, 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $158 million and $113 million as of June 30, 2025 and December 31, 2024.
We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $426 million and $447 million as of June 30, 2025 and December 31, 2024. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $440 million and $448 million as of June 30, 2025 and December 31, 2024.
The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:
(Losses) Gains included in AOCL as of
June 30,
2025		December 31,
2024
Commodity contracts, net of income tax effect of $3 and $—
$(10)$(1)
Foreign currency contracts, net of income tax effect of $5 and $4
11 7 
Interest rate contracts, net of income tax effect of $1
(2)(2)
Total$(1)$4 
As of June 30, 2025, AOCL included an insignificant amount of net gains (net of income taxes of an insignificant amount) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next twelve months.
The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, were as follows:
Fair Value of Hedging Instruments as of June 30, 2025
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$5 $23 $28 $— $5 $5 
Other non-current assets1 1 2 — 1 1 
Assets6 24 30 — 6 6 
Accounts payable17 10 27 1 13 14 
Other non-current liabilities— — — — — — 
Liabilities17 10 27 1 13 14 
Net Assets/(Liabilities)$(11)$14 $3 $(1)$(7)$(8)
Fair Value of Hedging Instruments as of December 31, 2024
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$18 $15 $33 $1 $11 $12 
Other non-current assets1 4 5 — 2 2 
Assets19 19 38 1 13 14 
Accounts payable8 8 16 1 2 3 
Other non-current liabilities— 2 2 — — — 
Liabilities8 10 18 1 2 3 
Net Assets/(Liabilities)$11 $9 $20 $— $11 $11 
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
(Losses) Gains
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Income Statement
Location		Three Months Ended June 30,
2025202420252024
Commodity contracts$(24)$(29)Cost of sales$4 $(32)
Foreign currency contracts11 1 Net sales/Cost of sales5 1 
Total$(13)$(28)$9 $(31)
(Losses) Gains
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsSix Months Ended June 30,Income Statement
Location		Six Months Ended June 30,
2025202420252024
Commodity contracts$(11)$(71)Cost of sales$1 $(65)
Foreign currency contracts15 2 Net sales/Cost of sales10 1 
Total$4 $(69)$11 $(64)