XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company's financial assets and liabilities are measured at fair value on a recurring basis as follows: Derivative financial instruments include interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy.
|  | Fair Value Measurement
|  | Significant Other Observable Inputs (Level 2)
|  | Other assets |  |  |  | Other liabilities
| Notional Amount | Current | Noncurrent |  |  |  | Current | Noncurrent
| (In millions) | (In $ millions)
As of September 30, 2024 |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |
Commodity swaps | $ | 52 |  | 4 |  | 34 |  |  |  |  | 1 |  | — |
Foreign currency forwards and swaps | $ | 28 |  | — |  | — |  |  |  |  | — |  | — |
Derivatives Designated as Fair Value Hedges |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 1,500 |  | 53 |  | — |  |  |  |  | 23 |  | 39 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |  |
Cross-currency swaps | € | 4,569 |  | 50 |  | — |  |  |  |  | 28 |  | 292 |
Cross-currency swaps | ¥ | 7,268 |  | 39 |  | — |  |  |  |  | 25 |  | 20 |
Derivatives Not Designated as Hedges |  |  |  |  |  |  |  |
Foreign currency forwards and swaps | $ | 2,265 |  | 7 |  | — |  |  |  |  | 12 |  | 6 |
Total |  | 153 |  | 34 |  |  |  |  | 89 |  | 357 |
As of December 31, 2023 |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |
Commodity swaps | $ | 67 |  | 5 |  | 36 |  |  |  |  | 2 |  | — |
Derivatives Designated as Fair Value Hedges |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 1,500 |  | 40 |  | — |  |  |  |  | 11 |  | 61 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |  |  |
Cross-currency swaps | € | 5,712 |  | 93 |  | — |  |  |  |  | 61 |  | 281 |
Derivatives Not Designated as Hedges |  |  |  |  |  |  |  |
Foreign currency forwards and swaps | $ | 1,954 |  | 9 |  | — |  |  |  |  | 16 |  | 8 |
Total |  | 147 |  | 36 |  |  |  |  | 90 |  | 350 |
Carrying values and fair values of financial instruments that are not carried at fair value are as follows:
|  |  | Fair Value Measurement
| Carrying Amount |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Total
| (In $ millions)
As of September 30, 2024 |  |  |  |  |  |  |
Equity investments without readily determinable fair values | 170 |  |  | — |  |  | — |  |  | — |
Insurance contracts in nonqualified trusts | 19 |  |  | 19 |  |  | — |  |  | 19 |
Long-term debt, including current installments of long-term debt | 12,759 |  |  | 12,976 |  |  | 159 |  |  | 13,135 |
As of December 31, 2023 |  |  |  |  |  |  |
Equity investments without readily determinable fair values | 170 |  |  | — |  |  | — |  |  | — |
Insurance contracts in nonqualified trusts | 21 |  |  | 21 |  |  | — |  |  | 21 |
Long-term debt, including current installments of long-term debt | 13,400 |  |  | 13,514 |  |  | 148 |  |  | 13,662 |
In general, the equity investments included in the table above are not publicly traded and their fair values are not readily determinable. The Company believes the carrying values approximate fair value. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under finance leases, which are included in long-term debt in the unaudited consolidated balance sheets, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of September 30, 2024 and December 31, 2023, the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration