XML 57 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Carried at Fair Value
The Company’s financial assets and liabilities carried at fair value as of December 31, 2023 are classified below (in millions):
Level 1Level 2Level 3Total    
Assets:
Forward interest rate swap contracts (2)
$— $83 $— $83 
Investments related to the deferred compensation plan41 — — 41 
Total Assets at fair value$41 $83 $— $124 
Liabilities:
Foreign exchange contracts (1)
$1 $6 $— $7 
Forward interest rate swap contracts (2)
— 28 — 28 
Liabilities related to the deferred compensation plan41 — — 41 
Total Liabilities at fair value$42 $34 $— $76 
The Company’s financial assets and liabilities carried at fair value as of December 31, 2022 are classified below (in millions):
Level 1Level 2Level 3Total    
Assets:
Forward interest rate swap contracts (2)
$— $72 $— $72 
Investments related to the deferred compensation plan35 — — 35 
Total Assets at fair value$35 $72 $— $107 
Liabilities:
Foreign exchange contracts (1)
$5 $14 $— $19 
Liabilities related to the deferred compensation plan35 — — 35 
Total Liabilities at fair value$40 $14 $— $54 

(1)The fair value of the foreign exchange contracts is calculated as follows:
•Fair value of forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points.
•Fair value of hedges against net assets denominated in foreign currencies is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at year end (Level 2). If this is the case, the fair value is calculated at the rate at which the hedge is being settled (Level 1).
(2)The fair value of forward interest rate swaps is based upon a valuation model that uses relevant observable market inputs at the quoted intervals, such as forward yield curves, and is adjusted for the Company’s credit risk and the interest rate swap terms.