v3.26.1
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Variable Interest Entity [Line Items]      
Cash and cash equivalents $ 800 $ 3,641 $ 1,846
Restricted cash and cash equivalents 371 107 $ 96
Materials and supplies 2,200 1,485  
Other current assets 1,274 509  
Total current assets 18,009 12,119  
Property, plant, and equipment, net 40,769 22,474  
Other noncurrent assets 5,127 2,450  
Total assets [1] 96,911 57,249  
Short-term borrowings 5,102 1,650  
Long-term debt due within one year 370 92  
Accounts payable and accrued expenses 4,449 4,294  
Other current liabilities 1,291 366  
Total current liabilities 13,215 7,944  
Long-term debt 16,994 7,250  
Other deferred credits and other liabilities 4,508 2,740  
Total deferred credits and other liabilities 32,882 27,202  
Total liabilities [1] 63,091 42,396  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Cash and cash equivalents 69 52  
Restricted cash and cash equivalents 32 48  
Accounts receivable, net 2,561 2,477  
Materials and supplies 13 13  
Other current assets 34 29  
Total current assets 2,709 2,619  
Property, plant, and equipment, net 1,912 1,942  
Other noncurrent assets 117 123  
Total assets 4,738 4,684  
Short-term borrowings 1,500 0  
Long-term debt due within one year 67 66  
Accounts payable and accrued expenses 26 34  
Other current liabilities 2 3  
Total current liabilities 1,595 103  
Long-term debt 551 578  
Asset retirement obligations 234 231  
Other deferred credits and other liabilities 1 2  
Total deferred credits and other liabilities 235 233  
Total liabilities 2,381 914  
Unamortized energy contract assets, current 17 17  
Unamortized energy contract assets, noncurrent $ 112 $ 116  
[1] Our consolidated assets include $4,609 million and $4,551 million at March 31, 2026 and December 31, 2025, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $2,381 million and $914 million at March 31, 2026 and December 31, 2025, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 17 — Variable Interest Entities for additional information.