v3.25.4
Fair Value Measurements And Disclosure (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Notes and debentures1
$134,718 $127,852 $122,116 $114,167 
Investment securities2
1,609 1,609 1,603 1,603 
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, 2025 and December 31, 2024. 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, 2025
Level 1Level 2Level 3Total
Equity Securities
Domestic equities$566 $— $— $566 
International equities8 — — 8 
Fixed income equities217 — — 217 
Available-for-Sale Debt Securities— 587 — 587 
Asset Derivatives
Cross-currency swaps— 876 — 876 
Liability Derivatives
Cross-currency swaps— (2,050)— (2,050)
December 31, 2024
Level 1Level 2Level 3Total
Equity Securities
Domestic equities$484 $— $— $484 
International equities8 — — 8 
Fixed income equities178 — — 178 
Available-for-Sale Debt Securities— 689 — 689 
Asset Derivatives
Cross-currency swaps— 87 — 87 
Liability Derivatives
Cross-currency swaps— (4,163)— (4,163)
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 31,202520242023
Total gains (losses) recognized on equity securities$85 $209 $257 
Gains (losses) recognized on equity securities sold
1 (52)89 
Unrealized gains (losses) recognized on equity securities held at end of period$84 $261 $168 
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions at December 31:
20252024
Cross-currency swaps$35,741 $34,884 
Total$35,741 $34,884 
Effect on Derivatives on the Consolidated Statements of Income
Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives in the Consolidated Statements of Income
Fair Value Hedging Relationships
For the years ended December 31,202520242023
Interest rate swaps (“Interest expense”):
Gain (loss) on interest rate swaps
$(3)$(1)$(6)
Gain (loss) on long-term debt
3 1 6 
Cross-currency swaps:
Gain (loss) on cross-currency swaps
3,741 (1,347)1,121 
Gain (loss) on long-term debt
(3,741)1,347 (1,121)
Gain (loss) recognized in accumulated OCI
(866)501 1,126 
Foreign exchange contracts:
Gain (loss) on foreign exchange contracts
— — 12 
Gain (loss) on long-term debt
— — (12)
Gain (loss) recognized in accumulated OCI
— — 12 
Cash Flow Hedging Relationships
For the years ended December 31,202520242023
Cross-currency swaps:
Gain (loss) recognized in accumulated OCI
$— $— $12 
Interest rate locks:
Interest income (expense) reclassified from
accumulated OCI into income
(59)(59)(59)