v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Asset and Liability Instruments
The carrying amounts of derivative instruments, certain financing arrangements and environmental credit obligations as of June 30, 2026 and December 31, 2025 were as follows:
Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In millions)
June 30, 2026
Assets:
Commodity contracts$$$$
Foreign currency forward contracts14 — 14 — 
Total assets$22 $$18 $
Liabilities:
Commodity contracts$$— $$— 
Financing arrangements - precious metals
95 — 99 — 
Environmental credit obligations498 — 498 — 
Total liabilities$598 $— $602 $— 

Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In millions)
December 31, 2025
Assets:
Commodity contracts$$— $$— 
Total assets$$— $$— 
Liabilities:
Commodity contracts$$— $$— 
Financing arrangements - precious metals
94 — 96 — 
Foreign currency forward contracts— — 
Environmental credit obligations46 — 46 — 
Total liabilities$151 $— $153 $—