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Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | 6. Financial Instruments Natural Gas Contracts Periodically, we enter into certain forward natural gas contracts or volume purchase commitments, which are derivatives. We utilize these natural gas contracts as economic hedges for risk management purposes but are not designated as hedging instruments. At June 30, 2024 and December 31, 2023, we had no outstanding natural gas contracts accounted for as derivatives. When present, the valuations of the natural gas contracts are classified as Level 2. Financial Instruments At June 30, 2024 and December 31, 2023, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable) except for our Senior Secured Notes. Fair value of our Senior Secured Notes is classified as a Level 2 fair value measurement while the treasury securities that comprise our short-term investments are a Level 1. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles and all liabilities.
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
|  | Amount |  |  | Fair Value |  |  | Amount |  |  | Fair Value |
|  | (In Millions) |
Senior Secured Notes (1) |  | $ | 478 |  |  | $ | 459 |  |  | $ | 575 |  |  | $ | 543 |
Short-Term Investments |  | $ | — |  |  | $ | — |  |  | $ | 207 |  |  | $ | 207 |
_____________________________ 1. Based on a quoted price of 96.0 at June 30, 2024 and 94.5 at December 31, 2023. Also see discussion in Note 4 (B).

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