v3.24.1.u1
FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, All Other Investments [Abstract]  
Schedule of the Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at March 31, 2024 and December 31, 2023:
Fair Value of Financial InstrumentsMarch 31, 2024December 31, 2023
In millionsCostGainLossFair ValueCostGainLossFair Value
Cash equivalents
$278 $— $— $278 $408 $— $— $408 
Restricted cash equivalents 1
413 — — 413 411 — — 411 
Total cash and restricted cash equivalents$691 $— $— $691 $819 $— $— $819 
Long-term debt including debt due within one year 2
$(7,860)$128 $(49)$(7,781)$(7,859)$70 $(206)$(7,995)
Derivatives relating to:
Net investment hedge 3
$— $111 $— $111 $— $96 $— $96 
Foreign currency 4, 5
— 6 (9)(3)— 26 (23)3 
Interest rate swap agreements 6
— — (84)(84)— — (59)(59)
Total derivatives$— $117 $(93)$24 $— $122 $(82)$40 
1.Refer to Note 7 and Note 14 or more information on Restricted cash equivalents.
2.Included in the balance is a fair value hedging revaluation related to the Company's interest rate swap agreements. At March 31, 2024 and December 31, 2023 this balance was $84 million and $59 million, respectively. Fair value of long-term debt including debt due within one year is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms and represents a Level 2 fair value measurement.
3.Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets.
4.Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.
5.Presented net of cash collateral where master netting arrangements allow.
6.Classified as "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.
Schedule of Notional Amounts
The notional amounts of the Company's derivative instruments were as follows:
Notional AmountsMarch 31, 2024December 31, 2023
In millions
Derivatives designated as hedging instruments:
   Net investment hedge$1,000 $1,000 
   Interest rate swap agreements$1,000 $1,000 
Derivatives not designated as hedging instruments:
Foreign currency contracts 1
$(112)$(907)
1.Presented net of contracts bought and sold.