Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis.


	Fair Value at				Fair Value Measurements Using Inputs Considered as
					Level 1				Level 2				Level 3
Description (Millions)	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Assets:
Available-for-sale:
Marketable securities:

Commercial paper	$	—	$	213	$	—	$	—	$	—	$	213	$	—	$	—
Certificates of deposit/time deposits	69		21		—		—		69		21		—		—

U.S. municipal securities	27		27		—		—		—		—		27		27
Derivative instruments — assets:
Foreign currency forward/option contracts	160		217		—		—		160		217		—		—


Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts	19		40		—		—		19		40		—		—
Interest rate contracts	120		102		—		—		120		102		—		—

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (level 3).


Marketable securities — certain U.S. municipal securities only	Three months ended September 30,				Nine months ended September 30,
(Millions)	2023		2022		2023		2022
Beginning balance	$	27	$	30	$	27	$	30
Total gains or losses:
Included in earnings (losses)	—		—		—		—
Included in other comprehensive income (loss)	—		—		—		—
Purchases and issuances	—		—		—		—
Sales and settlements	—		—		—		—
Transfers in and/or out of level 3	—		—		—		—
Ending balance	$	27	$	30	$	27	$	30
Change in unrealized gains or losses for the period included in earnings for securities held at the end of the reporting period	—		—		—		—

Schedule of Fair Value, by Balance Sheet Grouping

Information with respect to the carrying amounts and estimated fair values of these financial instruments follow:


	September 30, 2023				December 31, 2022
(Millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, excluding current portion	$	12,876	$	10,970	$	14,001	$	12,484