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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair value, assets and liabilities measured on recurring basis | The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis.
|  | Fair Value at |  | Fair Value Measurements Using Inputs Considered as
|  |  | Level 1 |  | Level 2 |  | Level 3
Description (Millions) |  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 35 |  |  | 109 |  |  | — |  |  | — |  |  | 35 |  |  | 109 |  |  | — |  |  | — |
Certificates of deposit/time deposits |  | 24 |  |  | 14 |  |  | — |  |  | — |  |  | 24 |  |  | 14 |  |  | — |  |  | — |
U.S. treasury securities |  | 50 |  |  | 75 |  |  | 50 |  |  | 75 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. municipal securities |  | 30 |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 30 |
Derivative instruments — assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 112 |  |  | 119 |  |  | — |  |  | — |  |  | 112 |  |  | 119 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments — liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 55 |  |  | 24 |  |  | — |  |  | — |  |  | 55 |  |  | 24 |  |  | — |  |  | — |
Interest rate contracts |  | 57 |  |  | 9 |  |  | — |  |  | — |  |  | 57 |  |  | 9 |  |  | — |  |  | — |
Fair value, assets measured on recurring basis, unobservable input reconciliation | The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (level 3).
Marketable securities — certain U.S. municipal securities only |  | Three months ended March 31, |  |
(Millions) |  | 2022 |  | 2021 |  |  |  |
Beginning balance |  | $ | 30 |  |  | $ | 34 |  |  |  |  |
Total gains or losses: |  |  |  |  |  |  |  |
Included in earnings |  | — |  |  | — |  |  |  |  |
Included in other comprehensive income |  | — |  |  | — |  |  |  |  |
Purchases and issuances |  | — |  |  | — |  |  |  |  |
Sales and settlements |  | — |  |  | — |  |  |  |  |
Transfers in and/or out of level 3 |  | — |  |  | — |  |  |  |  |
Ending balance |  | $ | 30 |  |  | $ | 34 |  |  |  |  |
Change in unrealized gains or losses for the period included in earnings for securities held at the end of the reporting period |  | — |  |  | — |  |  |  |  |
Fair value of financial instruments by balance sheet grouping | Information with respect to the carrying amounts and estimated fair values of these financial instruments follow:
|  | March 31, 2022 |  | December 31, 2021
(Millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt, excluding current portion |  | $ | 14,801 |  |  | $ | 15,076 |  |  | $ | 16,056 |  |  | $ | 17,601 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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