Equity Method Investments |
9 Months Ended |
|---|---|
Sep. 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 September 30, 2026, the Company recorded equity in earnings of $24 million for its holdings of EIP I, primarily associated with a fair market increase of ERock, Inc. through its IPO. Based on its ownership percentage of ERock, Inc., the Company estimates its portion of the fair value decrease from June 30, 2026 to September 30, 2026 to be recognized in the fourth quarter of 2026 to be $7 million. Subsequent to September 30, 2026, the underlying investment's stock price has decreased. While actual results for the first quarter of 2027 will reflect the fair market value of ERock, Inc. on December 31, 2026, the Company estimates a loss of $3 million based on their fair market value on November 3, 2026. This activity will be recognized along with any other activity reported by EIP I. |