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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:
•Level 1 — quoted prices in active markets for identical assets and liabilities
•Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly
•Level 3 — unobservable inputs
We perform procedures to verify the reasonableness of pricing information received from third parties for significant assets and liabilities classified as Level 2. The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 December 31, 2024December 31, 2023
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment in NuScale
$2,266 $2,266 $— $— $— $— $— $— 
Trading securities(1)
18 18 — — 12 12 — — 
Derivative assets(2)
Foreign currency — — — — 6 — 6 — 
Commodity — — — — 1 — 1 — 
Liabilities:
SMR warrants(3)
$— $— $— $— $12 $6 $6 $— 
Derivative liabilities(2)
Foreign currency 1 — 1 — 3 — 3 — 
Commodity 1 — 1 — 1 — 1 — 

(1)Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
(2)Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows.
(3)The SMR warrant liabilities in 2023 are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and are classified as Level 2 measurements while the public warrants are classified as Level 1.
The following summarizes information about financial instruments that are not required to be measured at fair value:
December 31, 2024December 31, 2023
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,613 $1,613 $1,357 $1,357 
Cash equivalents(2)
Level 21,216 1,216 1,162 1,162 
Marketable securities(2)
Level 2130 130 69 69 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2028 Senior Notes(4)
Level 2$541 $517 $597 $573 
2029 Senior Notes(4)
Level 2563 725 561 626 
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(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)Cash equivalents and marketable securities primarily consist 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)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.
(4)The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.