v3.25.1
Fair Value of Financial Information (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments
Presented in the tables below are the carrying amounts, including fair value adjustments previously recognized in acquisition purchase accounting, and the fair values of the Company’s financial instruments:
As of March 31, 2025
Carrying AmountAt Fair Value
 Level 1Level 2Level 3Total
Preferred stock with mandatory redemption requirements$3 $— $— $3 $3 
Long-term debt13,432 10,570 1,053 664 12,287 
As of December 31, 2024
 Carrying AmountAt Fair Value
 Level 1Level 2Level 3Total
Preferred stock with mandatory redemption requirements$3 $— $— $3 $3 
Long-term debt13,155 10,165 1,050 658 11,873 
Schedule of Fair Value Measurements of Assets and Liabilities on Recurring Basis
Presented in the tables below are assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy:
As of March 31, 2025
 Level 1Level 2Level 3Total
Assets:    
Restricted funds$43 $— $— $43 
Rabbi trust investments28 — — 28 
Deposits7 — — 7 
Other investments:
Money market and other21 — — 21 
Fixed-income securities77 7 — 84 
Mark-to-market derivative asset— 10 — 10 
Total assets176 17 — 193 
Liabilities:    
Deferred compensation obligations33 — — 33 
Total liabilities33 — — 33 
Total assets$143 $17 $— $160 
As of December 31, 2024
 Level 1Level 2Level 3Total
Assets:    
Restricted funds$44 $— $— $44 
Rabbi trust investments29 — — 29 
Deposits6 — — 6 
Other investments:
Money market and other21 — — 21 
Fixed-income securities88 6 — 94 
Mark-to-market derivative asset— 24 — 24 
Total assets188 30 — 218 
Liabilities:    
Deferred compensation obligations34 — — 34 
Total liabilities34 — — 34 
Total assets $154 $30 $— $184 
Schedule of Unrealized Positions for Available-for-Sale Fixed-Income Securities
The following tables summarize the unrealized positions for available-for-sale fixed-income securities:
As of March 31, 2025
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale fixed-income securities$84 $1 $1 $84 
As of December 31, 2024
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale fixed-income securities$94 $2 $2 $94 
Schedule of Investments Classified by Contractual Maturity Date
The fair value of the Company’s available-for-sale fixed-income securities, summarized by contractual maturities, as of March 31, 2025, is as follows:
Amount
Other investments - Available-for-sale fixed-income securities
Less than one year$47 
1 year - 5 years25 
5 years - 10 years5 
Greater than 10 years7 
Total$84