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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated:

 Dec. 31, 2024
 Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
 
(Millions of dollars)
Derivative assets      
 Commodity contracts$41 $34 $— $75 $(72)$3 
Total derivative assets$41 $34 $— $75 $(72)$3 
Derivative liabilities
 Commodity contracts$(40)$(46)$— $(86)$81 $(5)
Total derivative liabilities$(40)$(46)$— $(86)$81 $(5)
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At Dec. 31, 2024, we held no cash and posted cash of $45 million with a counterparty, including $10 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $35 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheet.

 Dec. 31, 2023
 Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
 
(Millions of dollars)
Derivative assets      
Commodity contracts$109 $68 $— $177 $(125)$52 
Total derivative assets$109 $68 $— $177 $(125)$52 
Derivative liabilities
Commodity contracts$(40)$(44)$— $(84)$84 $— 
Total derivative liabilities$(40)$(44)$— $(84)$84 $— 
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At Dec. 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master-netting arrangements as shown in the table above.
Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. We have investments associated with our supplemental executive retirement plan and nonqualified deferred compensation plan that are carried at fair value and primarily are composed of mutual funds, municipal bonds and other fixed income securities classified as Level 1 and Level 2.

The estimated fair value of our consolidated long-term debt, including current maturities, was $30.8 billion and $21.4 billion at Dec. 31, 2024 and 2023, respectively. The book value of our consolidated long-term debt, including current maturities, was $32.1 billion and $21.7 billion at Dec. 31, 2024 and 2023, respectively. The estimated fair value of the aggregate senior notes outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2.