v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The classifications of recurring fair value measurements within the fair value hierarchy were:
June 30, 2025December 31, 2024
Level 1Level 2NAV
Netting (a)
TotalLevel 1Level 2NAV
Netting (a)
Total
Assets
Cash equivalents$— $— $14 $— $14 $— $— $3 $— $3 
Equity securities (b)
786— 360 — 1,146 758 — 347 — 1,105 
U.S. government debt securities330— — — 330 353 — — — 353 
Municipal debt securities— 96 — — 96 — 85 — — 85 
Corporate debt securities— 191 — — 191 — 173 — — 173 
Receivables (payables), net (c)
— — — — 13 — — — — 5 
NDT funds1,116 287 374 — 1,790 1111 258 350 — 1,724 
Commodity derivatives360 107 — (389)78 134 91 — (156)69 
Interest rate derivatives— 2 — — 2 — 2 — — 2 
Total assets$1,476 $396 $374 $(389)$1,870 $1,245 $351 $350 $(156)$1,795 
Liabilities
Commodity derivatives
$429 $110 $— $(458)$81 $145 $29 $— $(167)$7 
Interest rate derivatives— 13 — — 13 — — — — — 
Total liabilities$429 $123 $— $(458)$94 $145 $29 $— $(167)$7 
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(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.
(b)Includes fixed income funds and real estate investment trusts.
(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.
Schedule of Carrying Value and Fair Value of Indebtedness
The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:
June 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Revolving credit facilities$70 $70 $— $— 
Long-term debt (a)
2,989 3,113 3,004 3,120 
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(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.