Quarterly report [Sections 13 or 15(d)]

Nature of Operations and Basis of Presentation (Tables)

v3.26.3
Nature of Operations and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying Amount of NPNS-Designated Agreements Reclassified on Balance Sheet
As a result of the designation, the carrying amounts of the NPNS-designated agreements were reclassified on our Consolidated Balance Sheets as of the designation date from other current assets, derivative assets, current derivative liabilities and derivative liabilities as follows (in millions):
New Consolidated Balance Sheets Location Amount Reclassified
Deferred NPNS assets $ 669 
Current portion of deferred NPNS liabilities (108)
Deferred NPNS liabilities (1,081)
Total deferred NPNS assets and liabilities $ (520)
Amortization of Deferred NPNS Assets and Liabilities By Year
The following table presents management’s current estimated net reduction to cost of sales from the amortization of the remaining balance of the deferred NPNS assets and liabilities as of the designation date (in millions), which is based on estimated recognition periods of contractual delivery schedules as of the Balance Sheet date and may change if contract volumes, delivery timing, or contract modifications differ from current expectations:
Years Ending December 31, Estimated net reduction to cost of sales from amortization of deferred NPNS assets and liabilities
2026(1)
$ 57 
2027 103 
2028 103 
2029 88 
2030 58 
Thereafter 111 
Total estimated amortization $ 520 
(1)For the three and nine months ended September 30, 2026, we recorded a net reduction to cost of sales from amortization of $26 million and $31 million, respectively