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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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:
 December 31, 2023December 31, 2022
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$12 $12 $— $— $10 $10 $— $— 
Derivative assets(2)
Foreign currency 6 — 6 — 9 — 9 — 
Commodity 1 — 1 — 4 — 4 — 
Liabilities:
SMR warrants(3)
$12 $6 $6 $— $38 $21 $17 $— 
Derivative liabilities(2)
Foreign currency 3 — 3 — 8 — 8 — 
Commodity 1 — 1 — 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 are 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:
December 31, 2023December 31, 2022
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,357 $1,357 $1,262 $1,262 
Cash equivalents(2)
Level 21,162 1,162 1,177 1,177 
Marketable securities(2)
Level 269 69 185 185 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2023 Senior Notes(4)
Level 2$— $— $138 $138 
2024 Senior Notes(4)
Level 2— — 380 370 
2028 Senior Notes(4)
Level 2597 573 596 545 
2029 Senior Notes(4)
Level 2561 626 — — 
Other borrowings, including noncurrent portion(5)
Level 216 16 
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(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)Cash equivalents and marketable securities primarily consist of time deposits. Carrying amounts 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 quoted market prices and Level 2 inputs.
(5)Other borrowings represent bank loans and other financing arrangements which mature within 1 year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.