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Fair Value Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair value of financial instruments | The following table includes the fair value of our financial instruments for which disclosure of fair value is required:
| Fair Value Hierarchy Level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
|  | June 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents(a) | 1 |  | $ | 1,163 |  |  | $ | 1,163 |  |  | $ | 1,093 |  |  | $ | 1,093 |
Time deposits(b) | 1 |  | 168 |  |  | 168 |  |  | 169 |  |  | 169 |
Non-US government bonds(c) | 2 |  | 30 |  |  | 37 |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |
Short-term debt(d) | 2 |  | 9 |  |  | 9 |  |  | 2 |  |  | 2 |
Long-term debt(e) | 2 |  | 7,955 |  |  | 7,323 |  |  | 7,982 |  |  | 7,569 |
(a)Cash equivalents are composed of certificates of deposit, time deposits and other interest-bearing investments with original maturity dates of 90 days or less. Cash equivalents are recorded at cost, which approximates fair value. (b)Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in Other current assets or Other Assets in the consolidated balance sheet, as appropriate. Time deposits are recorded at cost, which approximates fair value. (c)Non-US government bonds are composed of foreign issued debt securities that are classified as held-to-maturity because we have the positive intent and ability to hold the securities to maturity. These securities are recorded at amortized cost and are included in Other current assets or Other Assets in the consolidated balance sheet, as appropriate. (d)Short-term debt is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. (e)Long-term debt includes the current portion of these debt instruments. Fair values were estimated based on quoted prices for financial instruments for which all significant inputs were observable, either directly or indirectly.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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