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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
The effect of derivatives in our consolidated statements of operations is shown in the table below.
 Gain (loss) recognized in income
  Three months ended 
 June 30,
Six months ended 
 June 30,
Location2022202120222021
  (in millions)
Unrealized net gains on natural gas derivativesCost of sales$17 $— $50 $
Realized net (losses) gains on natural gas derivativesCost of sales(9)— (3)
Gain on net settlement of natural gas derivatives due to Winter Storm UriCost of sales— — — 112 
Net derivative gains$$— $58 $115 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair values of derivatives on our consolidated balance sheets are shown below. As of June 30, 2022 and December 31, 2021, none of our derivative instruments were designated as hedging instruments. See Note 9—Fair Value Measurements for additional information on derivative fair values.
Asset DerivativesLiability Derivatives
 Balance Sheet LocationJune 30, 
 2022
December 31, 2021Balance Sheet
Location
June 30, 
 2022
December 31, 2021
  (in millions) (in millions)
Natural gas derivativesOther current assets$22 $16 Other current liabilities$(3)$(47)
Offsetting Liabilities The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of June 30, 2022 and December 31, 2021:
 
Amounts presented in consolidated
balance sheets(1)
Gross amounts not offset in consolidated balance sheets
 Financial
instruments
Cash collateral received (pledged)Net
amount
 (in millions)
June 30, 2022    
Total derivative assets$22 $— $— $22 
Total derivative liabilities(3)— — (3)
Net derivative assets$19 $— $— $19 
December 31, 2021
Total derivative assets$16 $— $— $16 
Total derivative liabilities(47)— — (47)
Net derivative liabilities$(31)$— $— $(31)
_______________________________________________________________________________
(1)We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.
Offsetting Assets The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of June 30, 2022 and December 31, 2021:
 
Amounts presented in consolidated
balance sheets(1)
Gross amounts not offset in consolidated balance sheets
 Financial
instruments
Cash collateral received (pledged)Net
amount
 (in millions)
June 30, 2022    
Total derivative assets$22 $— $— $22 
Total derivative liabilities(3)— — (3)
Net derivative assets$19 $— $— $19 
December 31, 2021
Total derivative assets$16 $— $— $16 
Total derivative liabilities(47)— — (47)
Net derivative liabilities$(31)$— $— $(31)
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(1)We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.