Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Fair Value

v3.24.1.u1
Note 10 - Fair Value
3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

10. FAIR VALUE

The fair values of financial instruments were as follows (dollars in millions):

   

March 31, 2024

   

December 31, 2023

 
   

Carrying

   

Estimated

   

Carrying

   

Estimated

 
   

value

   

fair value

   

value

   

fair value

 

Non-qualified employee benefit plan investments

  $ 10     $ 10     $ 15     $ 15  

Long-term debt (including current portion)

    (2,056 )     (1,965 )     (1,688 )     (1,613 )

The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1). The fair values of our senior notes are based on quoted market prices for the identical liability when traded in an active market (Level 1), and the fair values of all our other outstanding debt are based on observable inputs other than quoted prices (Level 2). The fair value estimates presented herein are based on pertinent information available to management as of  March 31, 2024 and December 31, 2023. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2024, and current estimates of fair value may differ significantly from the amounts presented herein.

During the three months ended March 31, 2024, we held no instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3), and there were no gains or losses (realized and unrealized) included in our earnings for instruments categorized as Level 3 within the fair value hierarchy.