Quarterly report [Sections 13 or 15(d)]

Derivative Instruments - Schedule of Level 3 Activity (Details)

v3.26.3
Derivative Instruments - Schedule of Level 3 Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period $ (106) $ (1,147) $ (500) $ (1,307)
Realized and change in fair value gains (losses) included in net income:        
Included in cost of sales, existing deals [1],[2] (14) (93) (198) (7)
Included in cost of sales, new deals [1],[3] (35) (2) (38) (12)
Purchases and settlements:        
Purchases [4] 0 0 0 0
Settlements [5] 37 60 98 147
Transfers out of Level 3 [6] 1 (2) 1 (5)
Agreements designated as NPNS and no longer measured at fair value on a recurring basis [7] 0 0 520 0
Balance, end of period (117) (1,184) (117) (1,184)
Unfavorable changes in fair value relating to instruments still held at the end of the period $ (49) $ (95) $ (90) $ (19)
[1] Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table.
[2] Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period, and on the NPNS-designated agreements prior to the designation date, as further described in Note 1—Nature of Operations and Basis of Presentation.
[3] Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.
[4] Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period.
[5] Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.
[6] Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.
[7] Represents the removal of agreements from Level 3 recurring fair value measurements upon the NPNS-designation in June 2026, as further described in Note 1—Nature of Operations and Basis of Presentation.