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Fair Value Measurements and Derivative Instruments - Schedule of Estimated Fair Value of Financial Instruments Not Measured at Fair Value on Recurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Level 1 |  |  |
Assets: |  |  |
Cash and cash equivalents | [1],[2] | $ 735 | $ 388
Total Assets | [2] | 735 | 388
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] | 19,956 | 21,325
Total Liabilities | [4] | 19,956 | 21,325
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] | 735 | 388
Total Assets |  | 735 | 388
Liabilities: |  |  |
Long-term debt (including current portion of debt) | [3] | 18,899 | 19,959
Total Liabilities |  | 18,899 | 19,959
Total Fair Value |  |  |
Assets: |  |  |
Cash and cash equivalents | [1] | 735 | 388
Total Assets |  | 735 | 388
Liabilities: |  |  |
Long-term debt (including current portion of debt) | [3] | 19,956 | 21,325
Total Liabilities |  | $ 19,956 | $ 21,325
[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, 2025 and December 31, 2024.

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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