XML 59 R47.htm IDEA: XBRL DOCUMENT v3.23.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Notional Amounts
(In millions)
June 30, 2023December 31, 2022June 30, 2022
Derivatives designated as hedging instruments:
Foreign currency contracts$457 $953 $751 
Commodity contracts$487 $1,167 $361 
Derivatives not designated as hedging instruments:
Foreign currency contracts$1,912 $430 $1,546 
Commodity contracts$33 $9 $99 
Fair Value of Derivatives Instruments
June 30, 2023
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:   
Derivatives not designated as hedging instruments:  
Foreign currency contractsOther current assets$39 $(35)$4 
 Commodity contractsOther current assets1 — 1 
Total asset derivatives $40 $(35)$5 
Liability derivatives:  
Derivatives designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities$37 $— $37 
Commodity contractsAccrued and other current liabilities13 — 13 
Derivatives not designated as hedging instruments:  
Foreign currency contractsAccrued and other current liabilities155(35)120 
Commodity contractsAccrued and other current liabilities10 — 10 
Total liability derivatives $215 $(35)$180 
December 31, 2022
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:   
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$41 $— $41 
Commodities ContractsOther current assets4 — 4 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Other current assets51 (40)11 
Total asset derivatives
 $96 $(40)$56 
Liability derivatives:  
Derivatives designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities$9 $— $9 
Commodity contractsAccrued and other current liabilities3 — 3 
Derivatives not designated as hedging instruments:
  
Foreign currency contracts
Accrued and other current liabilities58 (40)18 
Total liability derivatives
 $70 $(40)$30 

June 30, 2022
(In millions)Balance Sheet LocationGross
Counterparty and Cash Collateral Netting1
Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:   
Derivatives designated as hedging instruments:
Foreign currency contracts
Other current assets$37 $— $37 
Commodity ContractsOther current assets3 — 3 
Derivatives not designated as hedging instruments:
 
Foreign currency contracts
Other current assets53 (38)15 
Total asset derivatives
 $93 $(38)$55 
Liability derivatives:  
Derivatives designated as hedging instruments:  
Foreign currency contracts
Accrued and other current liabilities$14 $— $14 
Commodity contractsAccrued and other current liabilities1 — 1 
Derivatives not designated as hedging instruments:
Foreign currency contractsAccrued and other current liabilities46 (38)8 
Total liability derivatives
 $61 $(38)$23 
1.    Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
Effect of Derivatives
Amount of Gain (Loss) Recognized in OCI - Pre-Tax1
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts$— $20 $— $27 
Cash flow hedges:
Foreign currency contracts(26)21 (41)(81)
Commodity contracts(49)61 (107)147 
Total derivatives designated as hedging instruments$(75)$102 $(148)$93 
1.OCI is defined as other comprehensive income (loss).
Amount of Gain (Loss) Recognized in Income - Pre-Tax1
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2
$(4)$(2)$(2)$(5)
Commodity contracts2
49 88 68 106 
Total derivatives designated as hedging instruments
$45 $86 $66 $101 
Derivatives not designated as hedging instruments:
Foreign currency contracts3
$(59)$10 $(62)$(43)
Foreign currency contracts2
(59)31 (71)(5)
Commodity contracts2
4 (4)5 (26)
Commodity contracts3
3 — — — 
Total derivatives not designated as hedging instruments(111)37 (128)(74)
Total derivatives$(66)$123 $(62)$27 
1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.
2.Recorded in cost of goods sold in the interim Consolidated Statements of Operations.
3.Recognized in other income (expense). Note that net loss from foreign currency contracts was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.
Commodity Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Beginning balance$(1)$96 $55 $47 
Additions and revaluations of derivatives designated as cash flow hedges(33)53 (74)116 
Clearance of hedge results to earnings(37)(68)(52)(82)
Ending balance$(71)$81 $(71)$81 
Foreign Currency Contract [Member]  
Derivative [Line Items]  
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Beginning balance$(1)$(48)$10 $32 
Additions and revaluations of derivatives designated as cash flow hedges(17)15 (27)(67)
Clearance of hedge results to earnings2 2 1 4 
Ending balance$(16)$(31)$(16)$(31)