

	March 31, 2026								December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	16	$	—	$	—	$	16	$	16	$	—	$	—	$	16
Equity securities	388		706		(22)		1,072		385		739		(19)		1,105
Debt securities	780		4		(9)		775		773		7		(3)		777
Receivables (payables), net	6		—		—		6		2		—		—		2
NDT Funds	$	1,190	$	710	$	(31)	$	1,869	$	1,176	$	746	$	(22)	$	1,900

See Note 11 for additional information on the NDT fair value. There were no available-for-sale debt securities with credit losses as of March 31, 2026 and December 31, 2025.

As of March 31, 2026, there was no intent to sell available-for-sale debt securities with unrealized losses, and it is not more likely than not that each of these investments will be required to be sold before the recovery of its amortized cost. The aggregate fair value of available-for-sale debt securities with unrealized losses as of March 31, 2026 was:


	Fair Value		Unrealized Losses
Corporate debt securities	$	198	$	(4)
Municipal debt securities	61		(1)
U.S. Government debt securities	271		(4)
Debt securities in unrealized loss position	$	530	$	(9)

As of March 31, 2026, the aggregate fair value of debt securities whose carrying value was below the purchase price for a duration of one year or longer were $132 million and the unrealized losses related to such securities were non-material.

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:



	March 31, 2026		December 31, 2025
Maturities within one year	$	11	$	23
Maturities within two to five years	231		233
Maturities thereafter	533		521
Debt securities, fair value	$	775	$	777

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:


	Three Months Ended March 31,
		2026		2025
Sales proceeds of NDT funds investments (a)		$	80	$	576
Realized gains		1		3
Realized losses		—		(2)

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.

The net unrealized gains and losses recognized associated with equity securities still held at the end of the reporting periods were:


	Three Months Ended March 31,
		2026		2025
Equity securities, unrealized gains (losses)		$	(36)	$	(24)