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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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,
			Location						2023						2022						2023						2022
									(in millions)
Unrealized net gains on natural gas derivatives			Cost of sales						$	—					$	17					$	72					$	50
Realized net (losses) gains on natural gas derivatives			Cost of sales						—						(9)						(118)						8
Net derivative gains (losses)									$	—					$	8					$	(46)					$	58

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, 2023 and December 31, 2022, none of our derivative instruments were designated as hedging instruments. See Note 8—Fair Value Measurements for additional information on derivative fair values.

Asset Derivatives

Liability Derivatives

Balance Sheet Location

June 30,   2023

December 31, 2022

Balance Sheet Location

June 30,   2023

December 31, 2022

(in millions)

(in millions)

Natural gas derivatives

Other current assets

$

9

$

12

Other current liabilities

$

(9)

$

(85)

Offsetting Liabilities

The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of June 30, 2023 and December 31, 2022:

			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, 2023
Total derivative assets			$	9					$	—					$	—					$	9
Total derivative liabilities			(9)						—						—						(9)
Net derivative liabilities			$	—					$	—					$	—					$	—
December 31, 2022
Total derivative assets			$	12					$	—					$	—					$	12
Total derivative liabilities			(85)						—						—						(85)
Net derivative liabilities			$	(73)					$	—					$	—					$	(73)

_______________________________________________________________________________

(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, 2023 and December 31, 2022:

			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, 2023
Total derivative assets			$	9					$	—					$	—					$	9
Total derivative liabilities			(9)						—						—						(9)
Net derivative liabilities			$	—					$	—					$	—					$	—
December 31, 2022
Total derivative assets			$	12					$	—					$	—					$	12
Total derivative liabilities			(85)						—						—						(85)
Net derivative liabilities			$	(73)					$	—					$	—					$	(73)

_______________________________________________________________________________

(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.

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