Fair Value Measurements And Disclosure (Tables)

12 Months Ended

Dec. 31, 2024

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:

	December 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes and debentures1	$	122,116	$	114,167	$	133,402	$	128,474
Commercial paper	—		—		2,091		2,091
Investment securities2	1,603		1,603		2,836		2,836
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 December 31, 2024 and December 31, 2023. 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.

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	484	$	—	$	—	$	484
International equities	8		—		—		8
Fixed income equities	178		—		—		178
Available-for-Sale Debt Securities	—		689		—		689
Asset Derivatives
Cross-currency swaps	—		87		—		87
Liability Derivatives
Cross-currency swaps	—		(4,163)		—		(4,163)
	December 31, 2023
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	1,002	$	—	$	—	$	1,002
International equities	215		—		—		215
Fixed income equities	209		—		—		209
Available-for-Sale Debt Securities	—		1,228		—		1,228
Asset Derivatives
Cross-currency swaps	—		424		—		424
Liability Derivatives
Interest rate swaps	—		(2)		—		(2)
Cross-currency swaps	—		(3,601)		—		(3,601)

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:

For the years ended December 31,	2024		2023		2022
Total gains (losses) recognized on equity securities	$	209	$	257	$	(309)
Gains (Losses) recognized on equity securities sold	(52)		89		(80)
Unrealized gains (losses) recognized on equity securities held at end of period	$	261	$	168	$	(229)

Notional Amount of Outstanding Derivative Positions

Following are the notional amounts of our outstanding derivative positions at December 31:

	2024		2023
Interest rate swaps	$	—	$	1,750
Cross-currency swaps	34,884		38,006
Total	$	34,884	$	39,756

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
Fair Value Hedging Relationships
For the years ended December 31,	2024		2023		2022
Interest rate swaps (“Interest expense”):
Gain (loss) on interest rate swaps	$	(1)	$	(6)	$	(3)
Gain (loss) on long-term debt	1		6		3
Cross-currency swaps:
Gain (loss) on cross-currency swaps	(1,347)		1,121		2,195
Gain (loss) on long-term debt	1,347		(1,121)		(2,195)
Gain (loss) recognized in accumulated OCI	501		1,126		297
Foreign exchange contracts:
Gain (loss) on foreign exchange contracts	—		12		(12)
Gain (loss) on long-term debt	—		(12)		12
Gain (loss) recognized in accumulated OCI	—		12		(12)

Cash Flow Hedging Relationships
For the years ended December 31,	2024		2023		2022
Cross-currency swaps:
Gain (loss) recognized in accumulated OCI	$	—	$	12	$	(1,119)
Foreign exchange contracts:
Gain (loss) recognized in accumulated OCI	—		—		3
Other income (expense) – net reclassified from accumulated OCI into income	—		—		1
Interest rate locks:
Interest income (expense) reclassified from accumulated OCI into income	(59)		(59)		(65)
Other income (expense) reclassified from accumulated OCI into income	—		—		(45)
Distribution of WarnerMedia	—		—		(12)