v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents financial assets and liabilities measured at fair value on a recurring basis and indicates their levels within the fair value hierarchy:
September 30, 2025December 31, 2024
Level 1Level 2
Level 3
TotalLevel 1Level 2
Level 3
Total
Assets
Money market funds(a)
$347 $— $— $347 $1,373 $— $— $1,373 
Interest rate swaps(b)
— 429 — 429 — 1,609 — 1,609 
Natural gas supply contracts(b)
— 1 47 48 — — 39 39 
Total$347 $430 $47 $824 $1,373 $1,609 $39 $3,021 
Liabilities
Interest rate swaps(c)
$— $259 $— $259 $— $3 $— $3 
Natural gas supply contracts(c)
— 15 121 136 — 3 33 36 
Total$— $274 $121 $395 $— $6 $33 $39 
____________
(a)Included in cash and cash equivalents on the condensed consolidated balance sheets.
(b)Included in derivative assets and noncurrent derivative assets on the condensed consolidated balance sheets.
(c)Included in accrued and other liabilities and other noncurrent liabilities on the condensed consolidated balance sheets.

Interest rate swaps

The fair values of the Company's interest rate swaps associated with the Plaquemines Credit Facilities, the Calcasieu Pass Credit Facilities, and the CP2 Credit Facilities are classified as Level 2 and determined using a discounted cash flow method that incorporates observable inputs. The fair value calculation includes a credit valuation adjustment and forward interest rate curves for the same periods of the future maturity dates of the interest rate swaps. For further discussion, see Note 11 – Derivatives.

Level 3 unobservable inputs

The Company values its natural gas supply contracts using an income or options-based approach. This incorporates present value techniques using a risk free rate of return, observable forward commodity price curves, and other significant unobservable inputs. Significant unobservable inputs include implied forward curves at illiquid delivery locations and, if an option pricing model is used, volatility assumptions derived from observed historical market data adjusted for evolving industry conditions and market trends as of the balance sheet date as well as counterparty credit risk adjustments.

Due to the uncertainty surrounding these inputs, certain natural gas supply contracts are classified as Level 3 in the fair value hierarchy. Changes in these inputs can have a significant impact on the valuation of the Company's natural gas supply contracts, which can result in a significantly higher or lower estimated fair value. See Note 11 – Derivatives for further discussion.
The following table includes quantitative information for the unobservable inputs for Level 3 natural gas supply contracts as of September 30, 2025 (natural gas price amounts in dollars):
Valuation approachSignificant unobservable inputRange of significant unobservable inputArithmetic average of significant unobservable input
Discounted cash flow
Forward natural gas price per MMBtu(a)
$1.62 to $5.34
$3.47 
Option pricing modelVolatility
23.1% to 88.6%
30.5 %
____________
(a)    At illiquid delivery locations.

The following table sets forth a reconciliation of changes in the fair value of derivative instruments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2025. There were no derivative instruments measured at fair value using Level 3 inputs for the three and nine months ended September 30, 2024.
Natural gas supply contracts
Beginning balance as of July 1, 2025$(102)
Total realized and unrealized loss included in earnings— 
Settlements27 
Transfer out of Level 31 
Ending balance as of September 30, 2025$(74)
Unrealized gain included in earnings$27 
Natural gas supply contracts
Beginning balance as of January 1, 2025$6 
Total realized and unrealized loss included in earnings(141)
Settlements60 
Transfer out of Level 31 
Ending balance as of September 30, 2025$(74)
Unrealized loss included in earnings $(81)

Other financial instruments

The following table presents the fair value of outstanding debt instruments in the condensed consolidated balance sheets:
LevelSeptember 30,
2025		December 31,
2024
Fixed rate debt1$23,314 $16,085 
Variable and other fixed rate debt(a)
210,993 13,801 
____________
(a)    Carrying value approximates estimated fair value.