v3.26.1
Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value
11. Fair Value
Recurring Fair Value Measurements
Financial assets and liabilities reported at fair value on a recurring basis primarily include energy commodity derivatives, interest rate derivatives, and investments held within the NDT. See Note 1 to the Annual Financial Statements for additional descriptions on fair value levels.
The classifications of recurring fair value measurements within the fair value hierarchy were:
June 30, 2026December 31, 2025
Level 1Level 2NAV
Netting (a)
TotalLevel 1Level 2NAV
Netting (a)
Total
Assets
Cash equivalents$— $— $9 $— $9 $— $— $16 $— $16 
Equity securities (b)
961— 235 — 1,196 871 — 234 — 1,105 
U.S. government debt securities252116 — — 368 297 102 — — 399 
Municipal debt securities— 94 — — 94 — 101 — — 101 
Corporate debt securities— 324 — — 324 — 277 — — 277 
Receivables (payables), net (c)
— — — — 6 — — — — 2 
NDT funds1,213 534 244 — 1,997 1,168 480 250 — 1,900 
Commodity derivatives890 140 — (893)137 361 95 — (396)60 
Interest rate derivatives— 3 — — 3 — — — — — 
Total assets$2,103 $677 $244 $(893)$2,137 $1,529 $575 $250 $(396)$1,960 
Liabilities
Commodity derivatives
$950 $743 $— $(972)$721 $407 $189 $— $(440)$156 
Interest rate derivatives— 2 — — 2 — 12 — — 12 
Total liabilities$950 $745 $— $(972)$723 $407 $201 $— $(440)$168 
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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.
There were no recurring fair value measurements classified as Level 3 as of June 30, 2026 and December 31, 2025.
Nonrecurring Fair Value Measurements
There were no nonrecurring fair value measurements related to impairments of long-lived assets during the three and six months ended June 30, 2026 and 2025. See Note 17 to the Interim Financial Statements for fair value measurements related to the Cornerstone Acquisition.
Reported Fair Value
The carrying value of certain financial assets and liabilities on the Consolidated Balance Sheets, including “Cash and cash equivalents,” “Restricted cash and cash equivalents,” “Accounts receivable,” and “Accounts payable and other accrued liabilities” approximate fair value.
The carrying value and fair value (classified as Level 2) of indebtedness presented on the Consolidated Balance Sheets were:
June 30, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt (a)
$9,572 $9,688 $6,811 $7,069 
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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.