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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair value of assets and liabilities measured on recurring basis | The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2023 and December 31, 2022. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
| March 31, 2023
|  |  | Total Gross Fair Value |  | Effect of Counter- party Netting |  | Effect of Cash Collateral Netting |  | Net Carrying Value on Balance Sheet |  | Cash Collateral Paid or Received Not Offset
| Fair Value Hierarchy |
| Level 1 |  | Level 2 |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 616 |  |  | $ | — |  |  | $ | — |  |  | $ | 616 |  |  | $ | (425) |  |  | $ | (74) |  |  | $ | 117 |  |  | $ | — |
Physical purchase contracts | — |  |  | 2 |  |  | — |  |  | 2 |  |  | n/a |  | n/a |  | 2 |  |  | n/a
Investments of certain benefit plans | 71 |  |  | — |  |  | 6 |  |  | 77 |  |  | n/a |  | n/a |  | 77 |  |  | n/a
Investments in AFS debt securities | 85 |  |  | 139 |  |  | — |  |  | 224 |  |  | n/a |  | n/a |  | 224 |  |  | n/a
Total | $ | 772 |  |  | $ | 141 |  |  | $ | 6 |  |  | $ | 919 |  |  | $ | (425) |  |  | $ | (74) |  |  | $ | 420 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 425 |  |  | $ | — |  |  | $ | — |  |  | $ | 425 |  |  | $ | (425) |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Blending program obligations | — |  |  | 46 |  |  | — |  |  | 46 |  |  | n/a |  | n/a |  | 46 |  |  | n/a
Physical purchase contracts | — |  |  | 5 |  |  | — |  |  | 5 |  |  | n/a |  | n/a |  | 5 |  |  | n/a
Foreign currency contracts | 9 |  |  | — |  |  | — |  |  | 9 |  |  | n/a |  | n/a |  | 9 |  |  | n/a
Total | $ | 434 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 485 |  |  | $ | (425) |  |  | $ | — |  |  | $ | 60 |  |  |
| December 31, 2022
|  |  | Total Gross Fair Value |  | Effect of Counter- party Netting |  | Effect of Cash Collateral Netting |  | Net Carrying Value on Balance Sheet |  | Cash Collateral Paid or Received Not Offset
| Fair Value Hierarchy |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 830 |  |  | $ | — |  |  | $ | — |  |  | $ | 830 |  |  | $ | (705) |  |  | $ | (8) |  |  | $ | 117 |  |  | $ | — |
Physical purchase contracts | — |  |  | 4 |  |  | — |  |  | 4 |  |  | n/a |  | n/a |  | 4 |  |  | n/a
Investments of certain benefit plans | 72 |  |  | — |  |  | 6 |  |  | 78 |  |  | n/a |  | n/a |  | 78 |  |  | n/a
Investments in AFS debt securities | 56 |  |  | 165 |  |  | — |  |  | 221 |  |  | n/a |  | n/a |  | 221 |  |  | n/a
Total | $ | 958 |  |  | $ | 169 |  |  | $ | 6 |  |  | $ | 1,133 |  |  | $ | (705) |  |  | $ | (8) |  |  | $ | 420 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 705 |  |  | $ | — |  |  | $ | — |  |  | $ | 705 |  |  | $ | (705) |  |  | $ | — |  |  | $ | — |  |  | $ | (149) |
Blending program obligations | — |  |  | 55 |  |  | — |  |  | 55 |  |  | n/a |  | n/a |  | 55 |  |  | n/a
Physical purchase contracts | — |  |  | 4 |  |  | — |  |  | 4 |  |  | n/a |  | n/a |  | 4 |  |  | n/a
Foreign currency contracts | 2 |  |  | — |  |  | — |  |  | 2 |  |  | n/a |  | n/a |  | 2 |  |  | n/a
Total | $ | 707 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 766 |  |  | $ | (705) |  |  | $ | — |  |  | $ | 61 |  |  |
The securities were reflected in the following balance sheet line items, depending on their original maturities when acquired (in millions):
| March 31, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents | $ | 7 |  |  | $ | 91 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 125 |  |  | $ | 125 |
Prepaid expenses and other | 78 |  |  | 48 |  |  | 126 |  |  | 56 |  |  | 40 |  |  | 96 |
Investments in AFS debt securities | $ | 85 |  |  | $ | 139 |  |  | $ | 224 |  |  | $ | 56 |  |  | $ | 165 |  |  | $ | 221 |
Carrying amount and estimated fair value of financial instruments | The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions).
|  |  | March 31, 2023 |  | December 31, 2022
| Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |  |
Debt (excluding finance lease obligations) | Level 2 |  | $ | 9,037 |  |  | $ | 8,862 |  |  | $ | 9,241 |  |  | $ | 8,902 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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