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Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

		June 30, 2024												December 31, 2023
		Total				Level 1				Level 2				Total				Level 1				Level 2
Assets
Money market funds		$	2,101			$	2,101							$	1,514			$	1,514
Available-for-sale debt investments:
Commercial paper			251							$	251				291							$	291
Corporate notes			247								247				183								183
U.S. and local government agencies			17								17				25								25
Other equity investments			57				57								44				44
Derivatives			78								78				122								122
Total assets		$	2,751			$	2,158			$	593			$	2,179			$	1,558			$	621
Liabilities
Derivatives		($	67	)						($	67	)		($	58	)						($	58	)
Other			(17	)							(17	)
Total liabilities		($	84	)						($	84	)		($	58	)						($	58	)

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

		December 31, 2023												December 31, 2022
		Total				Level 1				Level 2				Total				Level 1				Level 2
Assets
Money market funds		$	1,514			$	1,514							$	1,797			$	1,797
Available-for-sale debt investments:
Commercial paper			291							$	291				256							$	256
Corporate notes			183								183				195								195
U.S. government agencies			25								25				47								47
Other equity investments			44				44								10				10
Derivatives			122								122				112								112
Total assets		$	2,179			$	1,558			$	621			$	2,417			$	1,807			$	610
Liabilities
Derivatives		($	58	)						($	58	)		($	141	)						($	141	)
Total liabilities		($	58	)						($	58	)		($	141	)						($	141	)

Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs

The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

		2024								2023
		Fair Value				Total Losses				Fair Value		Total Losses
Investments						($	17	)				($	11	)
Operating lease equipment		$	15				(5	)
Property, plant and equipment							(9	)
Other assets							(3	)					(1	)
Total		$	15			($	34	)				($	12	)

The following table presents the nonrecurring losses recognized for the

years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date:

		2023								2022
		Fair Value				Total Losses				Fair Value				Total Losses
Investments						($	18	)						($	31	)
Operating lease equipment										$	47				(7	)
Property, plant and equipment		$	14				(26	)							(19	)
Other Assets							(2	)			15				(55	)
Total		$	14			($	46	)		$	62			($	112	)

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended June 30, 2024, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.

		Fair Value		Valuation Technique		Unobservable Input		Range Median or Average
Operating lease equipment		$15		Market approach		Aircraft value publications Aircraft condition adjustments		$21 – $27(1) Median $23 ($8) – $0(2) Net ($8)

(1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.

(2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.

Fair Values and Related Carrying Values of Financial Instruments

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:

		June 30, 2024
		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Assets
Notes receivable, net		$	760			$	778							$	766			$	12
Liabilities
Debt, excluding finance lease obligations			(57,669	)			(53,642	)							(53,642	)

		December 31, 2023
		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Assets
Notes receivable, net		$	257			$	270							$	270
Liabilities
Debt, excluding finance lease obligations			(52,055	)			(51,039	)							(51,039	)

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows:

		December 31, 2023
		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Assets
Notes receivable, net		$	257			$	270							$	270
Liabilities
Debt, excluding finance lease obligations			(52,055	)			(51,039	)							(51,039	)
		December 31, 2022
		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Assets
Notes receivable, net		$	385			$	403							$	403
Liabilities
Debt, excluding finance lease obligations			(56,794	)			(52,856	)							(52,856	)

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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