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Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting (Details) - USD ($) $ in Millions | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Assets |  |
Total Fair Value of Gross Assets & Liabilities | $ 3,399 | $ 2,473
Effect of Counterparty Netting | (3,131) | (2,118)
Effect of Collateral Netting | 0 | 0
Difference in Carrying Value and Fair Value | 0 | 0
Net Carrying Value Presented on the Balance Sheet | 268 | 355
Liabilities |  |
Total fair value gross liabilities | 20,860 | 20,892
Effect of Counterparty Netting | (3,131) | (2,118)
Effect of Collateral Netting | (121) | (62)
Difference in Carrying Value and Fair Value | 890 | 1,020
Net Carrying Value Presented on the Balance Sheet | 18,498 | 19,732
Foreign Exchange Contract |  |
Assets |  |
Foreign currency derivative |  | 67
Difference in Carrying Value and Fair Value |  | 0
Exchange-cleared instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 3,141 | 2,137
Effect of Counterparty Netting | (3,126) | (2,111)
Effect of Collateral Netting | 0 | 0
Difference in Carrying Value and Fair Value | 0 | 0
Net Carrying Value Presented on the Balance Sheet | 15 | 26
Liabilities |  |
Commodity Derivative Liabilities | 3,247 | 2,173
Effect of Counterparty Netting | (3,126) | (2,111)
Effect of Collateral Netting | (121) | (62)
Difference in Carrying Value and Fair Value | 0 | 0
Net Carrying Value Presented on the Balance Sheet | 0 | 0
OTC instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets |  | 7
Effect of Counterparty Netting |  | 0
Effect of Collateral Netting |  | 0
Difference in Carrying Value and Fair Value |  | 0
Net Carrying Value Presented on the Balance Sheet |  | 7
Physical forward contracts | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 89 | 73
Effect of Counterparty Netting | (5) | (7)
Effect of Collateral Netting | 0 | 0
Difference in Carrying Value and Fair Value | 0 | 0
Net Carrying Value Presented on the Balance Sheet | 84 | 66
Liabilities |  |
Commodity Derivative Liabilities | 73 | 46
Effect of Counterparty Netting | (5) | (7)
Effect of Collateral Netting | 0 | 0
Difference in Carrying Value and Fair Value | 0 | 0
Net Carrying Value Presented on the Balance Sheet | 68 | 39
Level 1 |  |
Assets |  |
Total Fair Value of Gross Assets & Liabilities | 3,310 | 2,326
Liabilities |  |
Total fair value gross liabilities | 3,247 | 2,173
Level 1 | Foreign Exchange Contract |  |
Assets |  |
Foreign currency derivative |  | 0
Level 1 | Exchange-cleared instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 3,141 | 2,137
Liabilities |  |
Commodity Derivative Liabilities | 3,247 | 2,173
Level 1 | OTC instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets |  | 0
Level 1 | Physical forward contracts | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 0 | 0
Liabilities |  |
Commodity Derivative Liabilities | 0 | 0
Level 2 |  |
Assets |  |
Total Fair Value of Gross Assets & Liabilities | 85 | 144
Liabilities |  |
Total fair value gross liabilities | 17,612 | 18,718
Level 2 | Foreign Exchange Contract |  |
Assets |  |
Foreign currency derivative |  | 67
Level 2 | Exchange-cleared instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 0 | 0
Liabilities |  |
Commodity Derivative Liabilities | 0 | 0
Level 2 | OTC instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets |  | 7
Level 2 | Physical forward contracts | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 85 | 70
Liabilities |  |
Commodity Derivative Liabilities | 72 | 45
Level 3 |  |
Assets |  |
Total Fair Value of Gross Assets & Liabilities | 4 | 3
Liabilities |  |
Total fair value gross liabilities | 1 | 1
Level 3 | Foreign Exchange Contract |  |
Assets |  |
Foreign currency derivative |  | 0
Level 3 | Exchange-cleared instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 0 | 0
Liabilities |  |
Commodity Derivative Liabilities | 0 | 0
Level 3 | OTC instruments | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets |  | 0
Level 3 | Physical forward contracts | Commodity derivatives |  |
Assets |  |
Commodity Derivative Assets | 4 | 3
Liabilities |  |
Commodity Derivative Liabilities | 1 | 1
Rabbi trust assets |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 143 | 153
Difference in Carrying Value and Fair Value | 0 | 0
Rabbi trust assets | Level 1 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 143 | 153
Rabbi trust assets | Level 2 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 0 | 0
Rabbi trust assets | Level 3 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 0 | 0
Investment in NOVONIX |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 26 | 36
Difference in Carrying Value and Fair Value | 0 | 0
Investment in NOVONIX | Level 1 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 26 | 36
Investment in NOVONIX | Level 2 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 0 | 0
Investment in NOVONIX | Level 3 |  |
Assets |  |
Investments in Rabbi trust assets and in NOVONIX | 0 | 0
Floating-rate debt |  |
Liabilities |  |
Debt | 550 | 1,760
Difference in Carrying Value and Fair Value | 0 | 0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet |  |
Liabilities |  |
Debt | 550 | 1,760
Floating-rate debt | Level 1 |  |
Liabilities |  |
Debt | 0 | 0
Floating-rate debt | Level 2 |  |
Liabilities |  |
Debt | 550 | 1,760
Floating-rate debt | Level 3 |  |
Liabilities |  |
Debt | 0 | 0
Fixed-rate debt, excluding finance leases and software obligations |  |
Liabilities |  |
Debt | 16,990 | 16,913
Difference in Carrying Value and Fair Value | 890 | 1,020
Fixed-rate debt, excluding finance leases and software obligations | Net Carrying Value Presented on the Balance Sheet |  |
Liabilities |  |
Debt | 17,880 | 17,933
Fixed-rate debt, excluding finance leases and software obligations | Level 1 |  |
Liabilities |  |
Debt | 0 | 0
Fixed-rate debt, excluding finance leases and software obligations | Level 2 |  |
Liabilities |  |
Debt | 16,990 | 16,913
Fixed-rate debt, excluding finance leases and software obligations | Level 3 |  |
Liabilities |  |
Debt | $ 0 | $ 0

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