XML 61 R23.htm IDEA: XBRL DOCUMENT
v3.25.0.1

FAIR VALUE MEASUREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 - Valuations derived from techniques in which one or more significant inputs are unobservable. The table below presents assets and liabilities measured at fair value on a recurring basis (in millions).
|  |  |  | December 31, 2024
Category |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Time deposits |  | Cash and cash equivalents |  | $ | — |  |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |
Equity securities: |  |  |  |  |  |  |  |  |  |
Money market funds |  | Cash and cash equivalents |  | 46 |  |  | — |  |  | — |  |  | 46 |
Mutual funds |  | Prepaid expenses and other current assets |  | 16 |  |  | — |  |  | — |  |  | 16 |
Company-owned life insurance contracts |  | Prepaid expenses and other current assets |  | — |  |  | 1 |  |  | — |  |  | 1 |
Mutual funds |  | Other noncurrent assets |  | 216 |  |  | — |  |  | — |  |  | 216 |
Company-owned life insurance contracts |  | Other noncurrent assets |  | — |  |  | 102 |  |  | — |  |  | 102 |
Total |  |  |  | $ | 278 |  |  | $ | 198 |  |  | $ | — |  |  | $ | 476 |
Liabilities |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | Accrued liabilities |  | $ | 62 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |
Deferred compensation plan |  | Other noncurrent liabilities |  | 650 |  |  | — |  |  | — |  |  | 650 |
Total |  |  |  | $ | 712 |  |  | $ | — |  |  | $ | — |  |  | $ | 712 |
|  |  |  | December 31, 2023
Category |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Time deposits |  | Cash and cash equivalents |  | $ | — |  |  | $ | 105 |  |  | $ | — |  |  | $ | 105 |
Equity securities: |  |  |  |  |  |  |  |  |  |
Money market funds |  | Cash and cash equivalents |  | 1 |  |  | — |  |  | — |  |  | 1 |
Mutual funds |  | Prepaid expenses and other current assets |  | 42 |  |  | — |  |  | — |  |  | 42 |
Company-owned life insurance contracts |  | Prepaid expenses and other current assets |  | — |  |  | 1 |  |  | — |  |  | 1 |
Mutual funds |  | Other noncurrent assets |  | 233 |  |  | — |  |  | — |  |  | 233 |
Company-owned life insurance contracts |  | Other noncurrent assets |  | — |  |  | 97 |  |  | — |  |  | 97 |
Total |  |  |  | $ | 276 |  |  | $ | 203 |  |  | $ | — |  |  | $ | 479 |
Liabilities |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | Accrued liabilities |  | $ | 67 |  |  | $ | — |  |  | $ | — |  |  | $ | 67 |
Deferred compensation plan |  | Other noncurrent liabilities |  | 614 |  |  | — |  |  | — |  |  | 614 |
Total |  |  |  | $ | 681 |  |  | $ | — |  |  | $ | — |  |  | $ | 681 |
Equity securities include money market funds, investments in mutual funds held in separate trusts, which are owned as part of the Company’s supplemental retirement plans, and company-owned life insurance contracts. (See Note 17.) The fair value of the deferred compensation plan liability was determined based on the fair value of the related investments elected by employees. Company-owned life insurance contracts are recorded at their cash surrender value, which approximates fair value (Level 2). In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, and senior notes. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of December 31, 2024 and 2023. The estimated fair value of the Company’s outstanding senior notes, including accrued interest, using quoted prices from over-the-counter markets, considered Level 2 inputs, was $34.9 billion and $40.5 billion as of December 31, 2024 and 2023, respectively. The Company’s derivative financial instruments are discussed in Note 13, its investments with readily determinable fair value are discussed in Note 10, and the obligation for its revolving receivable program is discussed in Note 8.

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