v3.26.1
Fair Value Measurements And Disclosure (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$137,017 $127,709 $134,718 $127,852 
Investment securities2
1,595 1,595 1,609 1,609 
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 March 31, 2026 and December 31, 2025. 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.
 March 31, 2026
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$541 $— $— $541 
International equities8 — — 8 
Fixed income equities217 — — 217 
Available-for-Sale Debt Securities— 583 — 583 
Asset Derivatives
Cross-currency swaps— 458 — 458 
Liability Derivatives
Cross-currency swaps— (2,626)— (2,626)
 December 31, 2025
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$566 $— $— $566 
International equities8 — — 8 
Fixed income equities217 — — 217 
Available-for-Sale Debt Securities— 587 — 587 
Asset Derivatives
Cross-currency swaps— 876 — 876 
Liability Derivatives
Cross-currency swaps— (2,050)— (2,050)
Components Comprising Total Gains and Losses on Equity Securities
The components comprising total gains and losses in the period on equity securities are as follows:
 Three months ended
 March 31,
 20262025
Total gains (losses) recognized on equity securities$(32)$(27)
Gains (losses) recognized on equity securities sold— — 
Unrealized gains (losses) recognized on equity securities held at end of period$(32)$(27)
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions:
 March 31,December 31,
20262025
Cross-currency swaps$36,069 $35,741 
Total$36,069 $35,741 
Effect on Derivatives on the Consolidated Statements of Income
Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives on the Consolidated Statements of Income  
 Three months ended
 March 31,
Fair Value Hedging Relationships20262025
Interest rate swaps (“Interest expense”):  
Gain (loss) on interest rate swaps$(1)$(1)
Gain (loss) on long-term debt1 1 
Cross-currency swaps:
Gain (loss) on cross-currency swaps(587)1,124 
Gain (loss) on long-term debt587 (1,124)
Gain (loss) recognized in accumulated OCI(375)(831)
The following table presents information for our cash flow hedging relationships:
 Three months ended
 March 31,
Cash Flow Hedging Relationships20262025
Cross-currency swaps:  
Gain (loss) recognized in accumulated OCI$12 $4 
Interest rate locks:
Interest income (expense) reclassified from accumulated
OCI into income
(15)(15)