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Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
The effect of derivatives in our consolidated statements of operations is shown in the table below.
 Gain (loss) recognized in income
  Three months ended 
 March 31,
Location20232022
  (in millions)
Unrealized net gains on natural gas derivativesCost of sales$72 $33 
Realized net (losses) gains on natural gas derivativesCost of sales(118)17 
Net derivative (losses) gains$(46)$50 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair values of derivatives on our consolidated balance sheets are shown below. As of March 31, 2023 and December 31, 2022, none of our derivative instruments were designated as hedging instruments. See Note 7—Fair Value Measurements for additional information on derivative fair values.
Asset DerivativesLiability Derivatives
 Balance Sheet LocationMarch 31, 
 2023
December 31, 2022Balance Sheet
Location
March 31, 
 2023
December 31, 2022
  (in millions) (in millions)
Natural gas derivativesOther current assets$$12 Other current liabilities$(5)$(85)
Offsetting Liabilities
The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of March 31, 2023 and December 31, 2022:
 
Amounts presented in consolidated
balance sheets(1)
Gross amounts not offset in consolidated balance sheets
 Financial
instruments
Cash collateral received (pledged)Net
amount
 (in millions)
March 31, 2023    
Total derivative assets$$— $— $
Total derivative liabilities(5)— — (5)
Net derivative liabilities$(1)$— $— $(1)
December 31, 2022
Total derivative assets$12 $— $— $12 
Total derivative liabilities(85)— — (85)
Net derivative liabilities$(73)$— $— $(73)
_______________________________________________________________________________
(1)We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.
Offsetting Assets
The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of March 31, 2023 and December 31, 2022:
 
Amounts presented in consolidated
balance sheets(1)
Gross amounts not offset in consolidated balance sheets
 Financial
instruments
Cash collateral received (pledged)Net
amount
 (in millions)
March 31, 2023    
Total derivative assets$$— $— $
Total derivative liabilities(5)— — (5)
Net derivative liabilities$(1)$— $— $(1)
December 31, 2022
Total derivative assets$12 $— $— $12 
Total derivative liabilities(85)— — (85)
Net derivative liabilities$(73)$— $— $(73)
_______________________________________________________________________________
(1)We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.