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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 are classified using the fair value hierarchy in the table below:
| Total |  | Level 1 |  | Level 2
| (In millions)
Assets |  |  |  |  |
Cash equivalents: |  |  |  |  |
Money market funds | $ | 4 |  |  | $ | 4 |  |  | $ | — |
Term deposits | 184 |  |  | — |  |  | 184 |
Derivatives: |  |  |  |  |
Foreign currency forward contracts | 29 |  |  | — |  |  | 29 |
Cross-currency interest rate swaps | 42 |  |  | — |  |  | 42 |
Investments: |  |  |  |  |
Term deposits | 49 |  |  | — |  |  | 49 |
Equity investments | 486 |  |  | 55 |  |  | 431 |
Total assets | $ | 794 |  |  | $ | 59 |  |  | $ | 735 |
Financial assets measured at fair value on a recurring basis as of December 31, 2021 are classified using the fair value hierarchy in the table below:
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In millions)
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 47 |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |
Mutual funds | 23 |  |  | 23 |  |  | — |  |  | — |
Term deposits | 153 |  |  | — |  |  | 153 |  |  | — |
Derivatives: |  |  |  |  |  |  |
Foreign currency forward contracts | 3 |  |  | — |  |  | 3 |  |  | — |
Investments: |  |  |  |  |  |  |
Term deposits | 200 |  |  | — |  |  | 200 |  |  | — |
Equity investments | 909 |  |  | 94 |  |  | — |  |  | 815 |
Total assets | $ | 1,335 |  |  | $ | 164 |  |  | $ | 356 |  |  | $ | 815 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles, in millions, the beginning and ending balances of our Level 3 assets. With the May 2022 business combination of GBTG, we reclassified our equity investment from a Level 3 asset to a Level 2 asset.
Balance as of December 31, 2021 | $ | 815 |
Upward (downward) adjustment to valuation | (335) |
Reclassification to Level 2 | (480) |
Balance as of September 30, 2022 | $ | — |

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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