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Fair Value Measurements And Disclosure (Tables)
9 Months Ended
Sep. 30, 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:
 September 30, 2024December 31, 2023
 CarryingFairCarryingFair
 AmountValueAmountValue
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.
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 1Level 2Level 3Total
Equity Securities    
Domestic equities$1,143 $ $ $1,143 
International equities302   302 
Fixed income equities219   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 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 endedNine months ended
 September 30,September 30,
 2024202320242023
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 $108 
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions:
 September 30,December 31,
20242023
Interest rate swaps$ $1,750 
Cross-currency swaps35,351 38,006 
Total$35,351 $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 endedNine months ended
 September 30,September 30,
Fair Value Hedging Relationships2024202320242023
Interest rate swaps (“Interest expense”):    
Gain (loss) on interest rate swaps$1 $(5)$ $(12)
Gain (loss) on long-term debt(1) 12 
Cross-currency swaps:
Gain (loss) on cross-currency swaps1,308 (1,066)884 (297)
Gain (loss) on long-term debt(1,308)1,066 (884)297 
Gain (loss) recognized in accumulated OCI(412)1,005 (482)1,045 
Foreign exchange contracts:
Gain (loss) on foreign exchange contracts  12 
Gain (loss) on long-term debt (1) (12)
Gain (loss) recognized in accumulated OCI 18  12 
The following table presents information for our cash flow hedging relationships:
 Three months endedNine months ended
 September 30,September 30,
Cash Flow Hedging Relationships2024202320242023
Cross-currency swaps:    
Gain (loss) recognized in accumulated OCI$(5)$31 $ $23 
Interest rate locks:
Interest income (expense) reclassified from accumulated
OCI into income
(15)(15)(44)(44)