Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value at March 31, 2026, and December 31, 2025, is shown in the table below. Refer to Note 14. Financial and Derivative Instruments for the gross amounts of derivative assets and liabilities, most of which are classified as Level 1.

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At March 31, 2026								At December 31, 2025
	(Millions of dollars)
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

Derivatives - not designated	$	24	$	24	$	—	$	—	$	254	$	228	$	26	$	—
Derivatives - designated	—		—		—		—		10		10		—		—
Total Assets at Fair Value	$	24	$	24	$	—	$	—	$	264	$	238	$	26	$	—
Derivatives - not designated	49		49		—		—		68		15		53		—
Derivatives - designated	—		—		—		—		—		—		—		—
Total Liabilities at Fair Value	$	49	$	49	$	—	$	—	$	68	$	15	$	53	$	—