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Fair Value Measurements And Disclosure (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Long-Term Debt and Other Financial Instruments
The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:
 March 31, 2024December 31, 2023
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$128,533 $121,877 $133,402 $128,474 
Commercial paper2,430 2,430 2,091 2,091 
Investment securities2
2,947 2,947 2,836 2,836 
1Includes credit agreement borrowings.
2Excludes investments accounted for under the equity method.
Fair Value Leveling
Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of March 31, 2024 and December 31, 2023. Derivatives designated as hedging instruments are reflected as “Prepaid and other current assets,” “Other Assets,” “Accounts payable and accrued liabilities,” and “Other noncurrent liabilities” on our consolidated balance sheets.
 March 31, 2024
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$1,053 $— $— $1,053 
International equities276 — — 276 
Fixed income equities208 — — 208 
Available-for-Sale Debt Securities— 1,188 — 1,188 
Asset Derivatives
Cross-currency swaps— 202 — 202 
Liability Derivatives
Interest rate swaps— (2)— (2)
Cross-currency swaps— (3,397)— (3,397)

 December 31, 2023
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$1,002 $— $— $1,002 
International equities215 — — 215 
Fixed income equities209 — — 209 
Available-for-Sale Debt Securities— 1,228 — 1,228 
Asset Derivatives
Cross-currency swaps— 424 — 424 
Liability Derivatives
Interest rate swaps— (2)— (2)
Cross-currency swaps— (3,601)— (3,601)
Components Comprising Total Gains and Losses on Equity Securities
The components comprising total gains and losses in the period on equity securities are as follows:
 Three months ended
 March 31,
 20242023
Total gains (losses) recognized on equity securities$97 $83 
Gains (losses) recognized on equity securities sold(3)4 
Unrealized gains (losses) recognized on equity securities held at end of period$100 $79 
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions:
 March 31,December 31,
20242023
Interest rate swaps$1,750 $1,750 
Cross-currency swaps35,825 38,006 
Total$37,575 $39,756 
Effect on Derivatives on the Consolidated Statements of Income
Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives on the Consolidated Statements of Income  
 Three months ended
 March 31,
Fair Value Hedging Relationships20242023
Interest rate swaps (“Interest expense”):  
Gain (loss) on interest rate swaps$— $7 
Gain (loss) on long-term debt— (7)
Cross-currency swaps:
Gain (loss) on cross-currency swaps(246)380 
Gain (loss) on long-term debt246 (380)
Gain (loss) recognized in accumulated OCI255 (182)
Foreign exchange contracts:
Gain (loss) on foreign exchange contracts— 7 
Gain (loss) on long-term debt— (7)
Gain (loss) recognized in accumulated OCI— (3)
The following table presents information for our cash flow hedging relationships:
 Three months ended
 March 31,
Cash Flow Hedging Relationships20242023
Cross-currency swaps:  
Gain (loss) recognized in accumulated OCI$5 $(10)
Interest rate locks:
Interest income (expense) reclassified from accumulated
OCI into income
(15)(15)