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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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, 2025December 31, 2024
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:        
Investment in NuScale(1)
$5,000 $5,000 $— $— $2,266 $2,266 $— $— 
Trading securities(2)
8 8 — — 18 18 — — 
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(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 pre-tax gains of $3.2 billion and $2.7 billion for the 2025 Quarter and 2025 Period, respectively. Our investment in NuScale consists of ownership units in NuScale’s operating subsidiary coupled with 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.
The following summarizes information about financial instruments that are not required to be measured at fair value:
  June 30, 2025December 31, 2024
(in millions)Fair Value
Hierarchy		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:     
Cash(1)
Level 1$1,482 $1,482 $1,613 $1,613 
Cash equivalents(2)
Level 2690 690 1,216 1,216 
Marketable securities(2)
Level 299 99 130 130 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities: 
2028 Senior Notes(4)
Level 2$505 $499 $541 $517 
2029 Senior Notes(4)
Level 2
565 755 563 725 
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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)    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.