XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
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:
 September 30, 2024December 31, 2023
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:        
Trading securities(1)
$17 $17 $— $— $12 $12 $— $— 
Derivative assets(2)
Foreign currency1 — 1 — 6 — 6 — 
Commodity— — — — 1 — 1 — 
Liabilities:
NuScale warrants(3)
$6 $3 $3 $— $12 $6 $6 $— 
Derivative liabilities(2)
Foreign currency— — — — 3 — 3 — 
Commodity1 — 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 NuScale warrant liabilities are comprised of public and private placement warrants redeemable by NuScale under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1.
We have measured certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value:
  September 30, 2024December 31, 2023
(in millions)Fair Value
Hierarchy		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:     
Cash(1)
Level 1$2,104 $2,104 $1,357 $1,357 
Cash equivalents(2)
Level 2808 808 1,162 1,162 
Marketable securities, current(2)
Level 294 94 69 69 
Notes receivable, including noncurrent portionLevel 39 9 9 9 
Liabilities: 
2028 Senior Notes(3)
Level 2$553 $548 $597 $573 
2029 Senior Notes(3)
Level 2
563 703 561 626 
_________________________________________________________
(1)    Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)    Cash equivalents and marketable securities, current 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)     The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.