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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of effect of derivatives in our consolidated statements of operations

The effect of derivatives in our consolidated statements of operations is shown in the table below.

			Gain (loss) recognized in income
									Year ended December 31,
			Location						2024						2023						2022
									(in millions)
Natural gas derivatives
Unrealized net gains (losses)			Cost of sales						$	35					$	39					$	(41)
Realized net (losses) gains			Cost of sales						(40)						(139)						10
Net derivative losses									$	(5)					$	(100)					$	(31)

Schedule of fair values of derivatives in our consolidated balance sheet

The fair values of derivatives on our consolidated balance sheets are shown below. As of December 31, 2024 and 2023, none of our derivative instruments were designated as hedging instruments. See Note 11—Fair Value Measurements for additional information on derivative fair values.

			Asset Derivatives																		Liability Derivatives
			Balance Sheet Location						December 31,												Balance Sheet Location						December 31,
									2024						2023												2024						2023
									(in millions)																		(in millions)
Natural gas derivatives			Other current assets						$	4					$	1					Other current liabilities						$	(3)					$	(35)

Schedule of amounts relevant to offsetting of derivative assets

The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2024 and 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)
December 31, 2024
Total derivative assets			$	4					$	—					$	—					$	4
Total derivative liabilities			(3)						—						—						(3)
Net derivative assets			$	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.

Schedule of amounts relevant to offsetting of derivative liabilities

The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2024 and 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)
December 31, 2024
Total derivative assets			$	4					$	—					$	—					$	4
Total derivative liabilities			(3)						—						—						(3)
Net derivative assets			$	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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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