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Investment in NuScale
12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Investment in NuScale
Prior to November 2025, we converted 15 million of our 126 million NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares and sold all 15 million of those shares for net proceeds of $605 million. We converted the remaining 111 million of our NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares upon reaching agreement with NuScale in November 2025. In November 2025, through an indirect, wholly-owned subsidiary, we entered into a variable price forward sale agreement whereby we pledged and granted a security interest in 71 million of our remaining shares in NuScale, while maintaining continuing involvement and ownership rights, and committed to sell, convey, transfer, assign and deliver those shares at the final settlement date in the first quarter of 2026. Through our bank's execution, we completed the sale of all 71 million shares of NuScale on February 13, 2026, generating total proceeds of $1.35 billion.
The components of equity method earnings are as follows:
Year Ended December 31,
(in millions)20252024
Equity method earnings
Gain (loss) on the fair value of our investment in NuScale$(419)$2,221 
Gain on the fair value of the forward sale contract of NuScale shares208 — 
Gain on the sale of NuScale shares336 — 
Other 85 (116)
Equity method earnings$210 $2,105