Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

	December 31, 2024			December 31, 2023
	Total	Level 1	Level 2	Total	Level 1	Level 2
Assets
Money market funds	$6,475	$6,475		$1,514	$1,514
Available-for-sale debt investments:
Commercial paper	165		$165	291		$291
Corporate notes	335		335	183		183
U.S. government agencies	17		17	25		25
Other equity investments	9	9		44	44
Derivatives	65		65	122		122
Total assets	$7,066	$6,484	$582	$2,179	$1,558	$621
Liabilities
Derivatives	($218)		($218)	($58)		($58)
Total liabilities	($218)		($218)	($58)		($58)

Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs

The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

	2024		2023
	Fair Value	Total Losses	Fair Value	Total Losses
Property, plant and equipment	$32	($54)	$14	($26)
Investments		(32)		(18)
Other assets	6	(21)		(2)
Operating lease equipment	15	(5)
Total	$53	($112)	$14	($46)

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 operating lease equipment that were measured at fair value on a nonrecurring basis during the period ended December 31, 2024, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.

	Fair Value	Valuation Technique	Unobservable Input	Range Median or Average
Operating lease equipment	$15	Market approach	Aircraft value publications	$21 - $27(1) Median $23
			Aircraft condition adjustments	($8) - $0(2) Net ($8)

(1)The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.

(2)The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition.

Fair Values and Related Carrying Values of Financial Instruments

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows:

	December 31, 2024
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$940	$953		$941	$12
Liabilities
Debt, excluding finance lease obligations	(53,625)	(51,089)		(51,089)

	December 31, 2023
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$257	$270		$270
Liabilities
Debt, excluding finance lease obligations	(52,055)	(51,039)		(51,039)