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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Gain (Loss) Recognized in Earnings | The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:
Gain (Loss) Recognized in Earnings |  | Statement of Income Classification |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of materials and other |  | $ | 14 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | (19) |
|  | Operating expenses |  | — |  |  | (2) |  |  | — |  |  | (2) |
|  | Interest expense |  | (10) |  |  | (4) |  |  | (15) |  |  | (1) |
Foreign currency contracts |  | Other income (expense), net |  | (18) |  |  | 4 |  |  | (18) |  |  | 14 |
|  | Total |  | $ | (14) |  |  | $ | — |  |  | $ | (22) |  |  | $ | (8) |
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges | As of June 30, 2025, we have the following notional amounts related to outstanding derivative instruments:
|  |  |  | Notional Contract Volumes by Year of Maturity |  |  |  |
|  | Total Outstanding Notional |  | 2025 |  | 2026 |  |  |  |  |  | Unit of Measure
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
NYMEX futures (WTI) - short |  | 970,000 |  | 970,000 |  | — |  |  |  |  |  | Barrels
Forward crude oil contracts - long |  | 640,000 |  | 460,000 |  | 180,000 |  |  |  |  |  | Barrels
Forward crude oil contracts - short |  | 368,000 |  | 368,000 |  | — |  |  |  |  |  | Barrels
Foreign currency forward contracts |  | 522,000,000 |  | 240,589,800 |  | 281,410,200 |  |  |  |  |  | Canadian dollar
Forward commodity contracts (platinum) |  | 34,628 |  | 7,487 |  | 27,141 |  |  |  |  |  | Troy ounces
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.
|  | Derivatives in Net Asset Position |  | Derivatives in Net Liability Position
|  | Gross Assets |  | Gross Liabilities Offset in Balance Sheet |  | Net Assets Recognized in Balance Sheet |  | Gross Liabilities |  | Gross Assets Offset in Balance Sheet |  | Net Liabilities Recognized in Balance Sheet
|  |  |  | (In millions) |  |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity forward contracts - long |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Commodity forward contracts - short |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency forward contracts |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
|  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Total net balance |  |  |  |  |  | $ | 3 |  |  |  |  |  |  | $ | 11 |
Balance sheet classification: |  | Prepayments and other |  | $ | 3 |  |  | Accrued liabilities |  | $ | 11 |
|  | Derivatives in Net Asset Position |  | Derivatives in Net Liability Position
|  | Gross Assets |  | Gross Liabilities Offset in Balance Sheet |  | Net Assets Recognized in Balance Sheet |  | Gross Liabilities |  | Gross Assets Offset in Balance Sheet |  | Net Liabilities Recognized in Balance Sheet
|  |  |  | (In millions) |  |
December 31, 2024 |  |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Commodity forward contracts - long |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency forward contracts |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | — |
|  | $ | 19 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Total net balance |  |  |  |  |  | $ | 19 |  |  |  |  |  |  | $ | 2 |
Balance sheet classification: |  | Prepayments and other |  | $ | 19 |  |  | Accrued liabilities |  | $ | 2 |

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- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
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