v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value
Our cash and cash equivalents and other investments consist of the following:
June 30, 2026
Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
(in millions)
Cash$662 $— $— $662 
Cash equivalents:
U.S. and Canadian government obligations198 — — 198 
Other debt securities1,620 — — 1,620 
Total cash and cash equivalents$2,480 $— $— $2,480 
Nonqualified employee benefit trusts15 3 — 18 
December 31, 2025
Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
(in millions)
Cash$629 $— $— $629 
Cash equivalents:
U.S. and Canadian government obligations284 — — 284 
Other debt securities1,069 — — 1,069 
Total cash and cash equivalents$1,982 $— $— $1,982 
Nonqualified employee benefit trusts15 3 — 18 
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables present assets and liabilities included in our consolidated balance sheets as of June 30, 2026 and December 31, 2025 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:
June 30, 2026
Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(in millions)
Cash equivalents$1,818 $1,818 $— $— 
Nonqualified employee benefit trusts18 18 — — 
Derivative assets4 — 4 — 
Derivative liabilities(3)— (3)— 
December 31, 2025
Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(in millions)
Cash equivalents$1,353 $1,353 $— $— 
Nonqualified employee benefit trusts18 18 — — 
Derivative assets1 — 1 — 
Derivative liabilities(5)— (5)— 
Schedule of carrying amounts and estimated fair values of financial instruments
The carrying amount and estimated fair value of our financial instruments are as follows:
June 30, 2026December 31, 2025
Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
(in millions)
Long-term debt$3,216 $3,115 $3,215 $3,131