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Fair Value Measurements
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:
Level 1 — quoted prices in active markets for identical assets and liabilities
Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly
Level 3 — unobservable inputs
We perform procedures to verify the reasonableness of pricing information received from third parties for significant assets and liabilities classified as Level 2. The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 December 31, 2022December 31, 2021
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$10 $10 $— $— $12 $12 $— $— 
Derivative assets(2)
Foreign currency — — 15 — 15 — 
Commodity — — — — 
Liabilities:
SMR warrants(3)
$38 $21 $17 $— $— $— $— $— 
Derivative liabilities(2)
Foreign currency — — — — 
Commodity — — — — — — 

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, 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 SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR 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 assets and liabilities held for sale and 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:
December 31, 2022December 31, 2021
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,262 $1,262 $1,295 $1,295 
Cash equivalents(2)
Level 21,177 1,177 914 914 
Marketable securities, current(2)
Level 2185 185 127 127 
Notes receivable, including noncurrent portion(3)
Level 311 11 
Liabilities:
2023 Senior Notes(4)
Level 2$138 $138 $193 $196 
2024 Senior Notes(4)
Level 2380 370 379 399 
2028 Senior Notes(4)
Level 2596 545 596 630 
Other borrowings(5)
Level 216 16 24 24 
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(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)The carrying amounts of these time deposits 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.
(5)Other borrowings represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.