Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the financial assets and liabilities the company records at fair value on a recurring basis identified by the level of inputs used to determine fair value. See Note 1 for the definitions of these levels and for further information on our financial instruments.

	December 31, 2024								December 31, 2023
$ in millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Marketable securities	$	325	$	—	$	14	$	339	$	321	$	1	$	8	$	330
Marketable securities valued using NAV							8								9
Total marketable securities	325		—		14		347		321		1		8		339
Derivatives	—		(11)		—		(11)		—		5		—		5

The notional value of the company’s foreign currency forward contracts at December 31, 2024 and 2023 was $399 million and $286 million, respectively. The portion of notional value designated as a cash flow hedge at December 31, 2024 and 2023 was $273 million and $162 million, respectively.

The derivative fair values and related unrealized gains/losses at December 31, 2024 and 2023 were not material.

There were no transfers of financial instruments into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2024 and 2023.

The carrying value of cash and cash equivalents approximates fair value.