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Fair Value Measurements and Derivative Instruments - Schedule of Estimated Fair Value (Details) - Nonrecurring - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Level 1    
Assets:    
Cash and cash equivalents [1],[2] $ 391 $ 497
Total Assets [2] 391 497
Liabilities:    
Long-term debt (including current portion of debt) [2],[3] 0 0
Total Liabilities [2] 0 0
Level 2    
Assets:    
Cash and cash equivalents [1],[4] 0 0
Total Assets [4] 0 0
Liabilities:    
Long-term debt (including current portion of debt) [3],[4] 23,647 23,700
Total Liabilities [4] 23,647 23,700
Level 3    
Assets:    
Cash and cash equivalents [1],[5] 0 0
Total Assets [5] 0 0
Liabilities:    
Long-term debt (including current portion of debt) [3],[5] 0 0
Total Liabilities [5] 0 0
Total Carrying Amount    
Assets:    
Cash and cash equivalents [1] 391 497
Total Assets 391 497
Liabilities:    
Long-term debt (including current portion of debt) [3] 20,760 21,083
Total Liabilities 20,760 21,083
Total Fair Value    
Assets:    
Cash and cash equivalents [1] 391 497
Total Assets 391 497
Liabilities:    
Long-term debt (including current portion of debt) [3] 23,647 23,700
Total Liabilities $ 23,647 $ 23,700
[1] Consists of cash and marketable securities with original maturities of less than 90 days.
[2] Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.
[3] Consists of unsecured revolving credit facilities, senior notes, term loans and convertible notes. These amounts do not include our finance lease obligations.
[4] Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly. For unsecured revolving credit facilities and unsecured term loans, fair value is determined utilizing the income valuation approach. This valuation model takes into account the contract terms of our debt such as the debt maturity and the interest rate on the debt. The valuation model also takes into account the creditworthiness of the Company. We valued our senior notes and convertible notes using a quoted market price, which is considered a Level 2 input as it is observable in the market; however, these instruments have a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which the instruments could be retired or transferred.
[5] Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2024 and December 31, 2023.