Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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 AOCL as of March 31, 2024 and December 31, 2023 are as follows:

	(Losses) included in AOCL as of
	March 31, 2024		December 31, 2023
Commodity contracts, net of income tax effect of $19 and $17	$	(53)	$	(46)
Foreign currency contracts, net of income tax effect of $2 and $1	—		—
Interest rate contracts, net of income tax effect of $1	(2)		(2)
Total	$	(55)	$	(48)

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, are as follows:

	Fair Value of Hedging Instruments as of March 31, 2024
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	8	$	10	$	18	$	1	$	6	$	7
Other non-current assets	—		4		4		—		1		1
Assets	8		14		22		1		7		8
Accounts payable	58		14		72		3		6		9
Other non-current liabilities	2		—		2		—		—		—
Liabilities	60		14		74		3		6		9
Net Assets/(Liabilities)	$	(52)	$	—	$	(52)	$	(2)	$	1	$	(1)

	Fair Value of Hedging Instruments as of December 31, 2023
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	6	$	11	$	17	$	—	$	5	$	5
Other non-current assets	—		4		4		—		—		—
Assets	6		15		21		—		5		5
Accounts payable	44		14		58		2		12		14
Other non-current liabilities	2		2		4		—		—		—
Liabilities	46		16		62		2		12		14
Net Assets/(Liabilities)	$	(40)	$	(1)	$	(41)	$	(2)	$	(7)	$	(9)

Schedule of amount of gains and losses recognized in OCI and income statement location

Additional information relating to our derivative instruments are as follows:

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Three Months Ended March 31,				Income Statement	Three Months Ended March 31,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(42)	$	(67)	Cost of sales	$	(33)	$	9
Foreign currency contracts	1		9		Net sales/Cost of sales	—		9
Total	$	(41)	$	(58)		$	(33)	$	18