Fair Value Measurements And Disclosure (Tables)
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9 Months Ended |
Sep. 30, 2024 |
Fair Value Disclosures [Abstract] |
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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: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Carrying | | Fair | | Carrying | | Fair | | Amount | | Value | | Amount | | Value | Notes and debentures1 | $ | 127,501 | | | $ | 124,536 | | | $ | 133,402 | | | $ | 128,474 | | Commercial paper | — | | | — | | | 2,091 | | | 2,091 | | | | | | | | | | Investment securities2 | 3,092 | | | 3,092 | | | 2,836 | | | 2,836 | | 1Includes credit agreement borrowings. | 2Excludes investments accounted for under the equity method. |
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Fair Value Leveling |
Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 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. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | Equity Securities | | | | | | | | Domestic equities | $ | 1,143 | | | $ | — | | | $ | — | | | $ | 1,143 | | International equities | 302 | | | — | | | — | | | 302 | | Fixed income equities | 219 | | | — | | | — | | | 219 | | Available-for-Sale Debt Securities | — | | | 1,198 | | | — | | | 1,198 | | Asset Derivatives | | | | | | | | | | | | | | | | Cross-currency swaps | — | | | 367 | | | — | | | 367 | | | | | | | | | | | | | | | | | | Liability Derivatives | | | | | | | | | | | | | | | | Cross-currency swaps | — | | | (3,099) | | | — | | | (3,099) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Equity Securities | | | | | | | | Domestic equities | $ | 1,002 | | | $ | — | | | $ | — | | | $ | 1,002 | | International equities | 215 | | | — | | | — | | | 215 | | Fixed income equities | 209 | | | — | | | — | | | 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) | | | | | | | | | | | | | | | | | |
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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 | | Nine months ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Total gains (losses) recognized on equity securities | $ | 80 | | | $ | (58) | | | $ | 206 | | | $ | 107 | | Gains (losses) recognized on equity securities sold | — | | | (2) | | | (8) | | | (1) | | Unrealized gains (losses) recognized on equity securities held at end of period | $ | 80 | | | $ | (56) | | | $ | 214 | | | $ | 108 | |
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Notional Amount of Outstanding Derivative Positions |
Following are the notional amounts of our outstanding derivative positions: | | | | | | | | | | | | | September 30, | | December 31, | 2024 | | 2023 | Interest rate swaps | $ | — | | | $ | 1,750 | | Cross-currency swaps | 35,351 | | | 38,006 | | | | | | | | | | Total | $ | 35,351 | | | $ | 39,756 | |
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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 | | Nine months ended | | September 30, | | September 30, | Fair Value Hedging Relationships | 2024 | | 2023 | | 2024 | | 2023 | Interest rate swaps (“Interest expense”): | | | | | | | | Gain (loss) on interest rate swaps | $ | 1 | | | $ | (5) | | | $ | — | | | $ | (12) | | Gain (loss) on long-term debt | (1) | | | 5 | | | — | | | 12 | | Cross-currency swaps: | | | | | | | | Gain (loss) on cross-currency swaps | 1,308 | | | (1,066) | | | 884 | | | (297) | | Gain (loss) on long-term debt | (1,308) | | | 1,066 | | | (884) | | | 297 | | Gain (loss) recognized in accumulated OCI | (412) | | | 1,005 | | | (482) | | | 1,045 | | Foreign exchange contracts: | | | | | | | | Gain (loss) on foreign exchange contracts | — | | | 1 | | | — | | | 12 | | Gain (loss) on long-term debt | — | | | (1) | | | — | | | (12) | | Gain (loss) recognized in accumulated OCI | — | | | 18 | | | — | | | 12 | |
The following table presents information for our cash flow hedging relationships: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | September 30, | | September 30, | Cash Flow Hedging Relationships | 2024 | | 2023 | | 2024 | | 2023 | Cross-currency swaps: | | | | | | | | Gain (loss) recognized in accumulated OCI | $ | (5) | | | $ | 31 | | | $ | — | | | $ | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate locks: | | | | | | | | | | | | | | | | Interest income (expense) reclassified from accumulated OCI into income | (15) | | | (15) | | | (44) | | | (44) | | | | | | | | | | | | | | | | | |
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