Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value

Our cash and cash equivalents and other investments consist of the following:

	March 31, 2023
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Cash	$	217	$	—	$	—	$	217
Cash equivalents:
U.S. and Canadian government obligations	2,314		—		—		2,314
Other debt securities	294		—		—		294
Total cash and cash equivalents	$	2,825	$	—	$	—	$	2,825
Nonqualified employee benefit trusts	16		1		—		17

	December 31, 2022
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Cash	$	153	$	—	$	—	$	153
Cash equivalents:
U.S. and Canadian government obligations	1,902		—		—		1,902
Other debt securities	268		—		—		268
Total cash and cash equivalents	$	2,323	$	—	$	—	$	2,323
Nonqualified employee benefit trusts	16		—		—		16

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables present assets and liabilities included in our consolidated balance sheets as of March 31, 2023 and December 31, 2022 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:

	March 31, 2023
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash equivalents	$	2,608	$	2,608	$	—	$	—
Nonqualified employee benefit trusts	17		17		—		—
Derivative assets	4		—		4		—
Derivative liabilities	(5)		—		(5)		—

	December 31, 2022
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash equivalents	$	2,170	$	2,170	$	—	$	—
Nonqualified employee benefit trusts	16		16		—		—
Derivative assets	12		—		12		—
Derivative liabilities	(85)		—		(85)		—

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amount and estimated fair value of our financial instruments are as follows:

	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in millions)
Long-term debt	$	2,966	$	2,770	$	2,965	$	2,764