Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Recurring Fair Value Measurements

The classifications of recurring fair value measurements within the fair value hierarchy were:

	Successor
	December 31, 2024										December 31, 2023
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	3	$	—	$	3	$	—	$	—	$	9	$	—	$	9
Equity securities (b)	758		—		347		—		1,105		629		—		384		—		1,013
U.S. Government debt securities	353		—		—		—		353		337		—		—		—		337
Municipal debt securities	—		85		—		—		85		—		86		—		—		86
Corporate debt securities	—		173		—		—		173		—		156		—		—		156
Receivables (payables), net (c)	—		—		—		—		5		—		—		—		—		(26)
NDT funds	1,111		258		350		—		1,724		966		242		393		—		1,575
Commodity derivatives	134		91		—		(156)		69		98		196		—		(200)		94
Interest rate derivatives	—		2		—		—		2		—		1		—		—		1
Total assets	$	1,245	$	351	$	350	$	(156)	$	1,795	$	1,064	$	439	$	393	$	(200)	$	1,670
Liabilities
Commodity derivatives	$	145	$	29	$	—	$	(167)	$	7	$	155	$	139	$	—	$	(257)	$	37
Interest rate derivatives	—		—		—		—		—		—		6		—		—		6
Total liabilities	$	145	$	29	$	—	$	(167)	$	7	$	155	$	145	$	—	$	(257)	$	43

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(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.

(b)Includes commingled equity and fixed income funds and real estate investment trusts.

(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

Summary of Carrying Value and Fair Value of Indebtedness

The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:

	Successor
	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt (a)	$	3,004	$	3,120	$	2,820	$	2,934
Other short-term indebtedness (b)	—		—		6		6

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(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

(b)Presented as “Other current liabilities” on the Consolidated Balance Sheets.