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Equity Method Investments
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
The carrying value of our Equity method investments were as follows (in millions):

Segment
Ownership as of September 30, 2023
September 30, 2023December 31, 2022
MEKO AB(1)(2)
Europe26.6%$148 $129 
Other(3)
10 12 
Total$158 $141 
(1)    As of September 30, 2023, the Level 1 fair value of our equity investment in MEKO AB ("Mekonomen") was $133 million based on the quoted market price for Mekonomen's common stock using the same foreign exchange rate as the carrying value. We evaluated our investment in Mekonomen for other-than-temporary impairment and concluded the decline in fair value was not other-than-temporary; however, a prolonged, material impairment may cause us to account for the decline as an other-than-temporary impairment in a future period, resulting in a charge in our Unaudited Condensed Consolidated Statements of Income.
(2)    As of September 30, 2023, our share of the book value of Mekonomen's net assets exceeded the book value of our investment by $9 million; this difference is primarily related to Mekonomen's Accumulated Other Comprehensive Income balance as of our acquisition date in 2016. We record our equity in the net earnings of Mekonomen on a one quarter lag.
(3)    In July 2023, we acquired the remaining equity interest in an investment in our Europe segment resulting in a decrease to the carrying value of $3 million.