XML 68 R50.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial 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 December 31, 2024 and 2023. 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 in our balance sheets.
| December 31, 2024
|  |  |  |  |  |  | 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 | $ | 402 |  |  | $ | — |  |  | $ | — |  |  | $ | 402 |  |  | $ | (402) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Physical purchase contracts | — |  |  | 2 |  |  | — |  |  | 2 |  |  | n/a |  | n/a |  | 2 |  |  | n/a
Investments of certain benefit plans | 89 |  |  | — |  |  | 4 |  |  | 93 |  |  | n/a |  | n/a |  | 93 |  |  | n/a
Investments in AFS debt securities | 6 |  |  | 20 |  |  | — |  |  | 26 |  |  | n/a |  | n/a |  | 26 |  |  | n/a
Foreign currency contracts | 6 |  |  | — |  |  | — |  |  | 6 |  |  | n/a |  | n/a |  | 6 |  |  | n/a
Total | $ | 503 |  |  | $ | 22 |  |  | $ | 4 |  |  | $ | 529 |  |  | $ | (402) |  |  | $ | — |  |  | $ | 127 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 448 |  |  | $ | — |  |  | $ | — |  |  | $ | 448 |  |  | $ | (402) |  |  | $ | (46) |  |  | $ | — |  |  | $ | (71) |
Blending program obligations | — |  |  | 13 |  |  | — |  |  | 13 |  |  | n/a |  | n/a |  | 13 |  |  | n/a
Physical purchase contracts | — |  |  | 3 |  |  | — |  |  | 3 |  |  | n/a |  | n/a |  | 3 |  |  | n/a
Total | $ | 448 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 464 |  |  | $ | (402) |  |  | $ | (46) |  |  | $ | 16 |  |  |
| December 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 | $ | 803 |  |  | $ | — |  |  | $ | — |  |  | $ | 803 |  |  | $ | (642) |  |  | $ | (66) |  |  | $ | 95 |  |  | $ | — |
Investments of certain benefit plans | 76 |  |  | — |  |  | 4 |  |  | 80 |  |  | n/a |  | n/a |  | 80 |  |  | n/a
Investments in AFS debt securities | 36 |  |  | 75 |  |  | — |  |  | 111 |  |  | n/a |  | n/a |  | 111 |  |  | n/a
Total | $ | 915 |  |  | $ | 75 |  |  | $ | 4 |  |  | $ | 994 |  |  | $ | (642) |  |  | $ | (66) |  |  | $ | 286 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 643 |  |  | $ | — |  |  | $ | — |  |  | $ | 643 |  |  | $ | (642) |  |  | $ | (1) |  |  | $ | — |  |  | $ | (67) |
Blending program obligations | — |  |  | 58 |  |  | — |  |  | 58 |  |  | n/a |  | n/a |  | 58 |  |  | n/a
Physical purchase contracts | — |  |  | 6 |  |  | — |  |  | 6 |  |  | n/a |  | n/a |  | 6 |  |  | n/a
Foreign currency contracts | 7 |  |  | — |  |  | — |  |  | 7 |  |  | n/a |  | n/a |  | 7 |  |  | n/a
Total | $ | 650 |  |  | $ | 64 |  |  | $ | — |  |  | $ | 714 |  |  | $ | (642) |  |  | $ | (1) |  |  | $ | 71 |  |  |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The estimated fair values of cash and cash equivalents, restricted cash, 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).
|  |  | December 31, 2024 |  | December 31, 2023
| Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |  |
Debt (excluding finance lease obligations) | Level 2 |  | $ | 8,085 |  |  | $ | 7,776 |  |  | $ | 9,218 |  |  | $ | 9,109 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration