v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges
The following table presents the pre-tax effect on Net income due to maturities and fair value adjustments of our economic hedges:

Gain (Loss) Recognized in Net Income
Statements of Operations Classification
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$7 $14 $(53)$11 
Interest expense23 (10)26 (15)
Foreign currency contractsOther income (expense), net8 (18)15 (18)
Total$38 $(14)$(12)$(22)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of June 30, 2026, we have the following notional amounts related to outstanding derivative instruments:
Notional Contract Volumes
by Year of Maturity
Total Outstanding Notional20262027Unit of Measure
Derivatives designated as cash flow hedging instruments:
WTI crude oil price swaps - long
325,000 325,000 — Barrels
Sub-octane gasoline and diesel price swaps - short325,000 325,000 — Barrels
Derivatives not designated as cash flow hedging instruments:
Commodity contracts - long1,219,8471,219,847—Barrels
Commodity contracts - short1,428,7651,428,765—Barrels
Foreign currency forward contracts522,000,000240,589,800281,410,200
Canadian dollar
Forward platinum contracts (1)
62,37127,44534,926Troy ounces
(1)Represents an embedded derivative within our precious metals financing arrangements, which may be refinanced or require repayment under certain conditions. See Note 12 for additional information on these financing arrangements.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents 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 on 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 PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 
(In millions)
June 30, 2026
Derivatives designated as cash flow hedging instruments:
WTI crude oil price swaps - long$— $— $— $3 $— $3 
Sub-octane gasoline and diesel price swaps - short1 — 1 — — — 
Total$1 $— $1 $3 $— $3 
Derivatives not designated as cash flow hedging instruments:
Commodity contracts - long$3 $— $3 $— $— $— 
Commodity contracts - short4 — 4 2 — 2 
Foreign currency forward contracts14 — 14 — — — 
Forward platinum contracts (1)
— — — — (15)(15)
Total$21 $— $21 $2 $(15)$(13)
Balance sheet classification:Prepayments and other$22 Accrued liabilities$(10)
December 31, 2025
Derivatives not designated as cash flow hedging instruments:
Commodity contracts - long$3 $— $3 $2 $— $2 
Commodity contracts - short2 — 2 3 — 3 
Foreign currency forward contracts— — — 6 — 6 
Forward platinum contracts (1)
— — — 33 — 33 
Total$5 $— $5 $44 $— $44 
Balance sheet classification:Prepayments and other$5 Accrued liabilities$44 
(1)Represents an embedded derivative within our precious metals financing arrangements, which may be refinanced or require repayment under certain conditions. See Note 12 for additional information on these financing arrangements.