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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
|  | September 30, 2022 |  | December 31, 2021
|  | Fair Value Hierarchy |  | Fair Value Hierarchy
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation trusts(1) |  | $ | 10 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |
Derivative assets(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Commodity |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SMR warrants(3) |  | $ | 41 |  |  | $ | 23 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative liabilities(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency |  | 25 |  |  | — |  |  | 25 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |
Commodity |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
_________________________________________________________ (1) Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange. (2) Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows. (3) The SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1.
Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value | The following summarizes information about financial instruments that are not required to be measured at fair value:
|  |  | September 30, 2022 |  | December 31, 2021
(in millions) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Cash(1) | Level 1 |  | $ | 1,243 |  |  | $ | 1,243 |  |  | $ | 1,295 |  |  | $ | 1,295 |
Cash equivalents(2) | Level 2 |  | 1,193 |  |  | 1,193 |  |  | 914 |  |  | 914 |
Marketable securities(2) | Level 2 |  | 155 |  |  | 155 |  |  | 127 |  |  | 127 |
Notes receivable, including noncurrent portion(3) | Level 3 |  | 8 |  |  | 8 |  |  | 11 |  |  | 11 |
Liabilities: |  |  |  |  |  |  |  |  |
2023 Senior Notes(4) | Level 2 |  | $ | 145 |  |  | $ | 144 |  |  | $ | 193 |  |  | $ | 196 |
2024 Senior Notes(4) | Level 2 |  | 380 |  |  | 363 |  |  | 379 |  |  | 399 |
2028 Senior Notes(4) | Level 2 |  | 596 |  |  | 524 |  |  | 596 |  |  | 630 |
Other borrowings, including noncurrent portion(5) | Level 2 |  | 26 |  |  | 26 |  |  | 24 |  |  | 24 |
_________________________________________________________ (1) Cash consists of bank deposits. Carrying amounts approximate fair value. (2) The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value. (3) Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment. (4) The fair value of the Senior Notes was estimated based on the quoted market prices and Level 2 inputs. (5) Other borrowings represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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