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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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   September 30,												Nine months ended   September 30,
			Location						2024						2023						2024						2023
									(in millions)
Unrealized net (losses) gains on natural gas derivatives			Cost of sales						$	(1)					$	(7)					$	33					$	65
Realized net losses on natural gas derivatives			Cost of sales						(1)						(1)						(39)						(119)
Net derivative losses									$	(2)					$	(8)					$	(6)					$	(54)

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 September 30, 2024 and December 31, 2023, none of our derivative instruments were designated as hedging instruments. See Note 9—Fair Value Measurements for additional information on derivative fair values.

Asset Derivatives

Liability Derivatives

Balance Sheet  Location

September 30,  2024

December 31,  2023

Balance Sheet Location

September 30,  2024

December 31,  2023

(in millions)

(in millions)

Natural gas derivatives

Other current assets

$

4

$

1

Other current liabilities

$

(5)

$

(35)

Offsetting Liabilities

The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of September 30, 2024 and December 31, 2023:

			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)
September 30, 2024
Total derivative assets			$	4					$	—					$	—					$	4
Total derivative liabilities			(5)						—						—						(5)
Net derivative liabilities			$	(1)					$	—					$	—					$	(1)
December 31, 2023
Total derivative assets			$	1					$	—					$	—					$	1
Total derivative liabilities			(35)						—						—						(35)
Net derivative liabilities			$	(34)					$	—					$	—					$	(34)

_______________________________________________________________________________

(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 September 30, 2024 and December 31, 2023:

			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)
September 30, 2024
Total derivative assets			$	4					$	—					$	—					$	4
Total derivative liabilities			(5)						—						—						(5)
Net derivative liabilities			$	(1)					$	—					$	—					$	(1)
December 31, 2023
Total derivative assets			$	1					$	—					$	—					$	1
Total derivative liabilities			(35)						—						—						(35)
Net derivative liabilities			$	(34)					$	—					$	—					$	(34)

_______________________________________________________________________________

(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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