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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table presents financial assets and liabilities measured at fair value on a recurring basis and indicates their levels within the fair value hierarchy:
| June 30, 2026 |  | December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(a) | $ | 246 |  |  | $ | — |  |  | $ | — |  |  | $ | 246 |  |  | $ | 340 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |
Interest rate swaps(b) | — |  |  | 302 |  |  | — |  |  | 302 |  |  | — |  |  | 245 |  |  | — |  |  | 245 |
Natural gas supply contracts(b) | — |  |  | 1 |  |  | 90 |  |  | 91 |  |  | — |  |  | 1 |  |  | 50 |  |  | 51 |
Total | $ | 246 |  |  | $ | 303 |  |  | $ | 90 |  |  | $ | 639 |  |  | $ | 340 |  |  | $ | 246 |  |  | $ | 50 |  |  | $ | 636 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps(c) | $ | — |  |  | $ | 43 |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |  |  | $ | 102 |  |  | $ | — |  |  | $ | 102 |
Natural gas supply contracts(c) | — |  |  | 3 |  |  | 192 |  |  | 195 |  |  | — |  |  | 20 |  |  | 149 |  |  | 169 |
Total | $ | — |  |  | $ | 46 |  |  | $ | 192 |  |  | $ | 238 |  |  | $ | — |  |  | $ | 122 |  |  | $ | 149 |  |  | $ | 271 |
_______________ (a)Included in cash and cash equivalents on the condensed consolidated balance sheets. (b)Included in derivative assets and noncurrent derivative assets on the condensed consolidated balance sheets. (c)Included in accrued and other liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. Interest rate swaps The fair values of the Company's interest rate swaps are classified as Level 2 and determined using a discounted cash flow method that incorporates observable inputs. The fair value calculation includes a credit valuation adjustment and forward interest rate curves for the same periods of the future maturity dates of the interest rate swaps. For further discussion, see Note 9 – Derivatives. Level 3 unobservable inputs The Company measures the fair value of its natural gas supply contracts using income- or options-based valuation models that incorporate present value techniques, risk free interest rates, observable forward commodity price curves, and certain other significant unobservable inputs when applicable. Unobservable inputs may include implied forward curves for illiquid delivery locations and, when applicable, volatility assumptions derived from observed historical market data and adjusted for current market conditions, as well as counterparty credit risk adjustments. Due to the uncertainty surrounding these inputs, certain natural gas supply contracts are classified as Level 3 in the fair value hierarchy. Changes in these assumptions could materially affect the estimated fair value of the contracts. See Note 9 – Derivatives for further discussion. The following table includes quantitative information for the unobservable inputs for Level 3 natural gas supply contracts as of June 30, 2026 (natural gas price amounts in dollars):
Valuation approach |  | Significant unobservable input |  | Range of significant unobservable input |  | Arithmetic average of significant unobservable input
Discounted cash flow |  | Forward natural gas price per MMBtu(a) |  | $2.07 to $5.37 |  | $ | 3.47 |
Option pricing model |  | Volatility |  | 19.2% to 66.3% |  | 28.2 | %
____________ (a) At illiquid delivery locations. The following table provides a reconciliation of changes in the net fair value of derivative instruments measured at fair value on a recurring basis using Level 3 inputs:
| Three months ended June 30,
| 2026 |  | 2025
Beginning balance as of April 1 | $ | (75) |  |  | $ | (28) |
Total realized and unrealized loss included in earnings | (65) |  |  | (131) |
Settlements | 38 |  |  | 57 |
Ending balance as of June 30 | $ | (102) |  |  | $ | (102) |
Unrealized loss included in earnings | $ | (27) |  |  | $ | (74) |
| Six months ended June 30,
| 2026 |  | 2025
Beginning balance as of January 1 | $ | (99) |  |  | $ | 6 |
Total realized and unrealized loss included in earnings | (92) |  |  | (141) |
Settlements | 100 |  |  | 33 |
Transfer into Level 3 | (11) |  |  | — |
Ending balance as of June 30 | $ | (102) |  |  | $ | (102) |
Unrealized gain (loss) included in earnings | $ | 8 |  |  | $ | (108) |
Other financial instruments The following table presents the carrying value, fair value and fair value hierarchy of outstanding debt instruments in the condensed consolidated balance sheets:
| June 30, 2026
| Carrying value |  | Fair value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed rate debt | $ | 26,084 |  |  | $ | 23,827 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 23,911 |
Variable rate debt | 16,302 |  |  | — |  |  | 16,302 |  |  | — |  |  | 16,302 |
| December 31, 2025
| Carrying value |  | Fair value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed rate debt | $ | 25,334 |  |  | $ | 25,426 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 25,510 |
Variable rate debt | 9,478 |  |  | 1,078 |  |  | 8,403 |  |  | — |  |  | 9,481 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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