Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023


		December 31, 2023
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	$	—	$	—
Commodity Contracts	Other current assets	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	83		(33)		50

Commodity Contracts	Other current assets	2		—		2
Total asset derivatives		$	88	$	(33)	$	55

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	23	$	—	$	23
Commodity Contracts	Accrued and other current liabilities	6		—		6
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	38		(33)		5
Commodity contracts	Accrued and other current liabilities	8		—		8
Total liability derivatives		$	75	$	(33)	$	42


		December 31, 2022
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	41	$	—	$	41
Commodity Contracts	Other current assets	4		—		4
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	51		(40)		11

Total asset derivatives		$	96	$	(40)	$	56

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	9	$	—	$	9
Commodity contracts	Accrued and other current liabilities	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	58		(40)		18

Total liability derivatives		$	70	$	(40)	$	30

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 Derivative Instruments


	Amount of Gain (Loss) Recognized in OCI1 - Pre-Tax
	For the Year Ended December 31,
(In millions)	2023		2022		2021
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	—	$	28	$	37
Cash flow hedges:
Foreign currency contracts	(54)		(90)		27
Commodity contracts	(123)		130		129
Total derivatives designated as hedging instruments	$	(177)	$	68	$	193

1.OCI is defined as other comprehensive income (loss).


(in millions)	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	For the Year Ended December 31,
	2023		2022		2021
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	(41)	$	(59)	$	(29)
Commodity contracts2	49		122		42
Total derivatives designated as hedging instruments	8		63		13
Derivatives not designated as hedging instruments:
Foreign currency contracts3	(28)		(12)		18
Foreign currency contracts2	(77)		(6)		(14)
Commodity contracts2,4	(20)		(21)		(18)
Commodity contracts3	2		—		—
Total derivatives not designated as hedging instruments	(123)		(39)		(14)
Total derivatives	$	(115)	$	24	$	(1)

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 Consolidated Statement of Operations.

3.Recognized in other income (expense) - net, in the Consolidated Statement of Operations. Note that the 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 7 - Supplementary Information, to the Consolidated Financial Statements for additional information.

4.The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the Consolidated Statement of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.

Schedule of Available-for-sale Securities Reconciliation


Investing Results	For the Year Ended December 31,
(In millions)	2021
Proceeds from sales of available-for-sale securities	$	226
Gross realized losses	$	(7)

Commodity Contract [Member]

Derivative [Line items]

After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


	For the Year Ended December 31,
(In millions)	2023		2022		2021
Beginning balance	$	55	$	47	$	(16)
Additions and revaluations of derivatives designated as cash flow hedges	(87)		102		92
Clearance of hedge results to earnings	(39)		(94)		(29)
Ending balance	$	(71)	$	55	$	47

Foreign Exchange Contract [Member]

Derivative [Line items]

After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


(In millions)	For the Year Ended December 31,
(In millions)	2023		2022		2021
Beginning balance	$	10	$	32	$	(17)
Additions and revaluations of derivatives designated as cash flow hedges	(36)		(61)		24
Clearance of hedges results to earnings	27		39		25
Ending balance	$	1	$	10	$	32