Nature of Operations and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying Amount of NPNS-Designated Agreements Reclassified on Balance Sheet

As a result of the designation, the carrying amounts of the NPNS-designated agreements were reclassified on our Consolidated Balance Sheets from current derivative assets, derivative assets, current derivative liabilities and derivative liabilities as follows (in millions):

New Consolidated Balance Sheet Location	Amount Reclassified
Other current assets	$	68
Deferred NPNS assets	2,195
Current portion of deferred NPNS liabilities	(174)
Deferred NPNS liabilities	(1,740)
Total deferred NPNS assets and liabilities	$	349

Amortization of Deferred NPNS Assets and Liabilities By Year

The following table presents management’s current estimated net gains (losses) from the amortization of the remaining balance of the deferred NPNS assets and liabilities as of the designation date (in millions), which is based on estimated recognition periods of contractual delivery schedules as of the balance sheet date and may change if contract volumes, delivery timing, or contract modifications differ from current expectations:

Years Ending December 31,	Estimated gain (loss) from amortization of deferred NPNS assets and liabilities
2026 (1)	$	56
2027	100
2028	101
2029	85
2030	56
Thereafter	(747)
Total estimated amortization	$	(349)

(1)For the six months ended June 30, 2026, we recorded a gain from amortization of $5 million.