v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
June 30, 2026December 31, 2025
Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment in NuScale(1)
$— $— $— $— $1,579 $1,579 $— $— 
NuScale forward contracts(2)
— — — — 208 — 208 — 
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(1) We recognized the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates. As of June 30, 2026, we no longer held an investment in NuScale. Our investment in NuScale consisted of 111 million shares as of December 31, 2025.
(2)     In February 2026, we entered into 3 variable price forward sale agreements (described elsewhere) for our NuScale shares. The fair value of these forward contracts, which met the definition of a derivative, represented the difference between
the closing price of NuScale at the balance sheet date and the year-to-date settlement price calculated per the agreement plus a discounted growth assumption through the estimated settlement date. These forward contracts were fully settled in April 2026. As a result, no derivative asset remained as of June 30, 2026. The derivative assets were included in other current assets on the balance sheet as of December 31, 2025.
The following summarizes information about financial instruments that are not required to be measured at fair value:
June 30, 2026December 31, 2025
(in millions)Fair Value
Hierarchy		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Cash(1)
Level 1$2,162 $2,162 $1,480 $1,480 
Cash equivalents(2)
Level 2761 761 655 655 
Marketable securities(2)
Level 2120 120 59 59 
Liabilities:
2028 Senior Notes(3)
Level 2$505 500 $504 $503 
2029 Senior Notes(3)
Level 2
567 761 566 657 
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(1)    Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)    Cash equivalents and marketable securities primarily consists of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(3)    The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.