v3.26.1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
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 
__________________
(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.
Schedule of Carrying Value and Fair Value of Indebtedness
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 
__________________
(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.