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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
|  | March 31, 2025 |  | December 31, 2024
|  | Fair Value Hierarchy |  | Fair Value Hierarchy
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in NuScale(1) |  | $ | 1,790 |  |  | $ | 1,790 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,266 |  |  | $ | 2,266 |  |  | $ | — |  |  | $ | — |
Trading securities(2) |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 18 |  |  | 18 |  |  | — |  |  | — |
_________________________________________________________ (1) We recognize 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, which resulted in a pre-tax loss of $477 million for the 2025 Quarter. Our investment in NuScale consists of ownership units in NuScale’s operating subsidiary coupled with non-economic voting shares of NuScale. We have the right to collectively exchange these interests for registered and publicly-traded shares of NuScale, subject to certain timing restrictions and NuScale management’s discretion around the maximum number of exchangeable shares each period, if any. (2) 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.
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Measured at Fair Value | The following summarizes information about financial instruments that are not required to be measured at fair value:
|  |  | March 31, 2025 |  | December 31, 2024
(in millions) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Cash(1) | Level 1 |  | $ | 1,644 |  |  | $ | 1,644 |  |  | $ | 1,613 |  |  | $ | 1,613 |
Cash equivalents(2) | Level 2 |  | 789 |  |  | 789 |  |  | 1,216 |  |  | 1,216 |
Marketable securities(2) | Level 2 |  | 78 |  |  | 78 |  |  | 130 |  |  | 130 |
Notes receivable, including noncurrent portion(3) | Level 3 |  | 9 |  |  | 9 |  |  | 9 |  |  | 9 |
Liabilities: |  |  |  |  |  |  |  |  |
2028 Senior Notes(4) | Level 2 |  | $ | 523 |  |  | $ | 501 |  |  | $ | 541 |  |  | $ | 517 |
2029 Senior Notes(4) | Level 2 |  | 564 |  |  | 611 |  |  | 563 |  |  | 725 |
_________________________________________________________ (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) 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.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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