Equity Method Investments |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Equity Method Investments | NOTE 5. EQUITY METHOD INVESTMENTS The Company holds a 4.71% interest in Energy Impact Partners I (EIP I), an investment fund, and records activity on a quarter lag using the equity method. In June 2026, ERock, Inc., one of the companies included in the underlying holdings of EIP I, conducted an initial public offering (IPO) and is now publicly traded on the New York Stock Exchange. In the three months ended June 30, 2026, the Company recorded equity in earnings of $22 million for its holdings of EIP I, primarily associated with a fair market increase of ERock, Inc. in the first quarter of 2026 while it prepared for the IPO. Based on its ownership percentage of ERock, Inc., the Company estimates its portion of the fair value increase from March 31, 2026 to June 30, 2026 to be recognized in the third quarter of 2026 to be $17 million. Subsequent to June 30, 2026, the underlying investment's stock price has decreased. While actual results for the fourth quarter will reflect the fair value on September 30, 2026, the Company estimates a loss of $13 million based on the fair value on July 31, 2026. This activity will be recognized in these future periods along with any other activity reported by EIP I. |