v3.26.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2026
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 75 million and 84 million bushels of corn as of March 31, 2026 and December 31, 2025. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 28 million and 26 million mmbtus of natural gas as of March 31, 2026 and December 31, 2025.
Foreign currency hedging: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $380 million and $395 million as of March 31, 2026 and December 31, 2025. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $146 million and $192 million as of March 31, 2026 and December 31, 2025.
We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $347 million and $425 million as of March 31, 2026 and December 31, 2025. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $407 million and $358 million as of March 31, 2026 and December 31, 2025.
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
March 31,
2026		December 31,
2025
Commodity contracts, net of income tax effect of $1 and $3
$(2)$(7)
Foreign currency contracts, net of income tax effect of $2 and $3
2 3 
Interest rate contracts, net of income tax effect of $1
(1)(1)
Total$(1)$(5)
As of March 31, 2026, AOCL included $1 million of net losses (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 we expect to reclassify into earnings during the next twelve months.
The fair value and balance sheet location of our derivative instruments, presented gross on the Condensed Consolidated Balance Sheets, were as follows:
Fair Value of Hedging Instruments as of March 31, 2026
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$17 $11 $28 $1 $7 $8 
Other non-current assets1 1 2 — — — 
Assets18 12 30 1 7 8 
Accounts payable21 11 32 1 5 6 
Other non-current liabilities3 — 3 — — — 
Liabilities24 11 35 1 5 6 
Net Assets/(Liabilities)$(6)$1 $(5)$— $2 $2 
Fair Value of Hedging Instruments as of December 31, 2025
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$4 $13 $17 $1 $5 $6 
Other non-current assets— — — — 1 1 
Assets4 13 17 1 6 7 
Accounts payable13 11 24 1 3 4 
Other non-current liabilities— — — — — — 
Liabilities13 11 24 1 3 4 
Net Assets/(Liabilities)$(9)$2 $(7)$— $3 $3 
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
Gains (Losses)
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended March 31,Income Statement
Location		Three Months Ended March 31,
2026202520262025
Commodity contracts$10 $13 Cost of sales$3 $(3)
Foreign currency contracts(5)4 Net sales/Cost of sales(3)5 
Total$5 $17 $— $2