v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of cash flow hedges included in AOCI
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 
Schedule of fair value and balance sheet location of derivative instruments
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 $11 
Schedule of amount of gains and losses recognized in OCI and income statement location
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
(Losses) Gains
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Income Statement
Location		Three Months Ended June 30,
2025202420252024
Commodity contracts$(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)