v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value
Our cash and cash equivalents and other investments consist of the following:
 June 30, 2025
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$444 $— $— $444 
Cash equivalents:
U.S. and Canadian government obligations374 — — 374 
Other debt securities868 — — 868 
Total cash and cash equivalents$1,686 $— $— $1,686 
Nonqualified employee benefit trusts15 2 — 17 
 December 31, 2024
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$168 $— $— $168 
Cash equivalents:
U.S. and Canadian government obligations932 — — 932 
Other debt securities514 — — 514 
Total cash and cash equivalents$1,614 $— $— $1,614 
Nonqualified employee benefit trusts15 2 — 17 
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables present assets and liabilities included in our consolidated balance sheets as of June 30, 2025 and December 31, 2024 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:
 June 30, 2025
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,242 $1,242 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets2 — 2 — 
Derivative liabilities(3)— (3)— 
 December 31, 2024
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,446 $1,446 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets4 — 4 — 
Derivative liabilities(3)— (3)— 
Schedule of carrying amounts and estimated fair values of financial instruments
The carrying amount and estimated fair value of our financial instruments are as follows:
 June 30, 2025December 31, 2024
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
 (in millions)
Long-term debt$2,973 $2,866 $2,971 $2,827