Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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

The following table provide information by level for assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023.


	Fair Value at				Fair Value Measurements Using Inputs Considered as
					Level 1				Level 2				Level 3
Description (Millions)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Assets:
Available-for-sale:
Marketable securities:


Certificates of deposit/time deposits	$	56	$	49	$	—	$	—	$	56	$	49	$	—	$	—

U.S. municipal securities	24		24		—		—		—		—		24		24
Derivative instruments — assets:
Foreign currency forward/option contracts	93		84		—		—		93		84		—		—


Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts	15		39		—		—		15		39		—		—
Interest rate contracts	99		88		—		—		99		88		—		—

Schedule of Fair Value, by Balance Sheet Grouping

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


	March 31, 2024				December 31, 2023
(Millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, excluding current portion	$	20,593	$	19,267	$	13,088	$	11,859