Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of June 30, 2024 and December 31, 2023, using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The table excludes cash, restricted cash, accounts receivables, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

	June 30, 2024
			Hierarchy Level
	Carrying Amount(1)		Level 1		Level 2
	(in millions)
Assets:
Cash equivalents
Cash deposits	$	2,585	$	2,585
Money market funds	94		94
U.S. Treasury Bills	1,155		1,155
Loan Receivable(2)	1,228				$	1,144
Liabilities:
Long-term debt(3)(4)	13,800				13,298
Cross-currency swaps(3)	20				20

	December 31, 2023
			Hierarchy Level
	Carrying Amount(1)		Level 1		Level 2
	(in millions)
Assets:
Cash equivalents
Cash deposits	$	2,153	$	2,153
Money market funds	52		52
U.S. Treasury Bills	1,124		1,124
Loan Receivable(2)	1,194				$	1,130
Liabilities:
Long-term debt(3)(4)	14,090				13,526
Cross-currency swaps(3)	3				3

____________________

(1)The cross-currency swaps are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.

(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).

(4)The carrying amount of long-term debt is exclusive of finance leases and represents its contractual value.