Fair-Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Fair-Value Measurements

We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value:

(1)Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities;

(2)Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and

(3)Level 3 fair values are based on unobservable inputs in which little or no market data exists.

As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels.

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2026 and December 31, 2025. 

	September 30, 2026						December 31, 2025
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity and fuel derivatives:
Assets	$	856	$	166	$	—	$	164	$	51	$	—
Liabilities	$	(77)	$	—	$	—	$	(19)	$	—	$	—

Our commodity derivatives include exchange-traded and over-the-counter futures, options and swap contracts. The fair values of the exchange-traded derivative contracts are based on unadjusted quoted prices in active markets and are, therefore, included in Level 1 of the fair value hierarchy. The fair values of the over-the-counter derivative contracts were determined using market price quotations and a pricing model. The over-the-counter contracts were considered a Level 2 input in the fair value hierarchy at September 30, 2026 and December 31, 2025.

See Note 16 for additional information on our derivative instruments.

Other Fair Value Measurements

We believe the borrowings outstanding under our senior secured credit facility at December 31, 2025 and the borrowings outstanding under our AR Facility at September 30, 2026 approximated the fair values as the stated rates of interest approximate current market rates of interest for similar instruments with comparable maturities. The fair value of the borrowings outstanding under our senior secured credit facility and our AR Facility are based on an observable underlying index, SOFR, and are considered a Level 2 fair value measurement. At September 30, 2026 and December 31, 2025, our senior unsecured notes had a principal value of approximately $3.2 billion and $3.1 billion, respectively, and a fair value of approximately $3.2 billion. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement.