Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

	March 31, 2024			December 31, 2023
	Total	Level 1	Level 2	Total	Level 1	Level 2
Assets
Money market funds	$1,919	$1,919		$1,514	$1,514
Available-for-sale debt investments:
Commercial paper	299		$299	291		$291
Corporate notes	200		200	183		183
U.S. and local government agencies	17		17	25		25
Other equity investments	75	75		44	44
Derivatives	87		87	122		122
Total assets	$2,597	$1,994	$603	$2,179	$1,558	$621
Liabilities
Derivatives	($81)		($81)	($58)		($58)
Other	(17)		(17)
Total liabilities	($98)		($98)	($58)		($58)

Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs

The following table presents the nonrecurring losses recognized for the three months ended March 31 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date:

	2024				2023
	Fair Value	Level 2	Level 3	Total Losses	Fair Value	Level 2	Level 3	Total Losses
Investments				($4)				($11)
Operating lease equipment	$15		$15	(5)
Property, plant and equipment	18	$18		(9)
Other assets				(3)
Total	$33	$18	$15	($21)				($11)

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended March 31, 2024, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.

	Fair Value	Valuation Technique(s)	Unobservable Input	Range Median or Average
Operating Lease Equipment	$15	Market approach	Aircraft value publications	$21 - $27(1) Median $23
			Aircraft condition adjustments	($8) - $0(2) Net ($8)

(1)The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process.

(2)The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.

Fair Values and Related Carrying Values of Financial Instruments

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:

	March 31, 2024
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$283	$301		$289	$12
Liabilities
Debt, excluding finance lease obligations	(47,689)	(44,246)		(44,246)

	December 31, 2023
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$257	$270		$270
Liabilities
Debt, excluding finance lease obligations	(52,055)	(51,039)		(51,039)