v3.25.2
Fair Value Measurements And Disclosure (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Long-Term Debt and Other Financial Instruments
The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:
 June 30, 2025December 31, 2024
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$130,929 $124,807 $122,116 $114,167 
Investment securities2
1,598 1,598 1,603 1,603 
1Includes credit agreement borrowings.
2Excludes investments accounted for under the equity method.
Fair Value Leveling
Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of June 30, 2025 and December 31, 2024. Derivatives designated as hedging instruments are reflected as “Prepaid and other current assets,” “Other Assets,” “Accounts payable and accrued liabilities,” and “Other noncurrent liabilities” on our consolidated balance sheets.
 June 30, 2025
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$514 $— $— $514 
International equities9 — — 9 
Fixed income equities184 — — 184 
Available-for-Sale Debt Securities— 671 — 671 
Asset Derivatives
Cross-currency swaps— 1,203 — 1,203 
Liability Derivatives
Cross-currency swaps— (2,093)— (2,093)

 December 31, 2024
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$484 $— $— $484 
International equities8 — — 8 
Fixed income equities178 — — 178 
Available-for-Sale Debt Securities— 689 — 689 
Asset Derivatives
Cross-currency swaps— 87 — 87 
Liability Derivatives
Cross-currency swaps— (4,163)— (4,163)
Components Comprising Total Gains and Losses on Equity Securities
The components comprising total gains and losses in the period on equity securities are as follows:
 Three months endedSix months ended
 June 30,June 30,
 2025202420252024
Total gains (losses) recognized on equity securities$48 $29 $21 $126 
Gains (losses) recognized on equity securities sold— (5)— (8)
Unrealized gains (losses) recognized on equity securities held at end of period$48 $34 $21 $134 
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions:
 June 30,December 31,
20252024
Cross-currency swaps$36,499 $34,884 
Total$36,499 $34,884 
Effect on Derivatives on the Consolidated Statements of Income
Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives on the Consolidated Statements of Income   
 Three months endedSix months ended
 June 30,June 30,
Fair Value Hedging Relationships2025202420252024
Interest rate swaps (“Interest expense”):    
Gain (loss) on interest rate swaps$(1)$(1)$(2)$(1)
Gain (loss) on long-term debt1 1 2 1 
Cross-currency swaps:
Gain (loss) on cross-currency swaps2,735 (178)3,859 (424)
Gain (loss) on long-term debt(2,735)178 (3,859)424 
Gain (loss) recognized in accumulated OCI128 (325)(703)(70)
The following table presents information for our cash flow hedging relationships:
 Three months endedSix months ended
 June 30,June 30,
Cash Flow Hedging Relationships2025202420252024
Cross-currency swaps:    
Gain (loss) recognized in accumulated OCI$— $— $4 $5 
Interest rate locks:
Interest income (expense) reclassified from accumulated
OCI into income
(14)(14)(29)(29)