Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value

Our cash and cash equivalents and other investments consist of the following:

	September 30, 2022
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Cash	$	157	$	—	$	—	$	157
Cash equivalents:
U.S. and Canadian government obligations	1,813		—		—		1,813
Other debt securities	222		—		—		222
Total cash and cash equivalents	$	2,192	$	—	$	—	$	2,192
Nonqualified employee benefit trusts	16		—		—		16

	December 31, 2021
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Cash	$	121	$	—	$	—	$	121
Cash equivalents:
U.S. and Canadian government obligations	1,452		—		—		1,452
Other debt securities	55		—		—		55
Total cash and cash equivalents	$	1,628	$	—	$	—	$	1,628
Nonqualified employee benefit trusts	17		3		—		20

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables present assets and liabilities included in our consolidated balance sheets as of September 30, 2022 and December 31, 2021 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:

	September 30, 2022
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash equivalents	$	2,035	$	2,035	$	—	$	—
Nonqualified employee benefit trusts	16		16		—		—
Derivative assets	26		—		26		—
Derivative liabilities	(20)		—		(20)		—
Embedded derivative liability	(15)		—		(15)		—

	December 31, 2021
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash equivalents	$	1,507	$	1,507	$	—	$	—
Nonqualified employee benefit trusts	20		20		—		—
Derivative assets	16		—		16		—
Derivative liabilities	(47)		—		(47)		—
Embedded derivative liability	(15)		—		(15)		—

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amount and estimated fair value of our financial instruments are as follows:

	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in millions)
Long-term debt	$	2,965	$	2,643	$	3,465	$	4,113