Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair value of each major class of financial assets and liabilities measured at fair value on a recurring basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of June 30, 2021, using:							Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	52	$	—	$	—	$	52
U.S. Treasury bills	1,400		—		—		1,400









Money market mutual funds	5,707		—		—		5,707
Other short-term interest-bearing securities	—		—		—		—
Equity securities	403		—		—		403
Derivatives:
Foreign currency contracts	—		62		—		62
Cross-currency swap contracts	—		182		—		182
Interest rate swap contracts	—		45		—		45

Total assets	$	7,562	$	289	$	—	$	7,851

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	119	$	—	$	119
Cross-currency swap contracts	—		305		—		305
Interest rate swap contracts	—		90		—		90
Contingent consideration obligations	—		—		48		48
Total liabilities	$	—	$	514	$	48	$	562


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of December 31, 2020, using:							Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	130	$	—	$	—	$	130
U.S. Treasury bills	4,948		—		—		4,948









Money market mutual funds	4,765		—		—		4,765
Other short-term interest-bearing securities	—		2		—		2
Equity securities	477		—		—		477
Derivatives:
Foreign currency contracts	—		28		—		28
Cross-currency swap contracts	—		255		—		255
Interest rate swap contracts	—		66		—		66
Total assets	$	10,320	$	351	$	—	$	10,671

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	237	$	—	$	237
Cross-currency swap contracts	—		318		—		318
Interest rate swap contracts	—		15		—		15
Contingent consideration obligations	—		—		33		33
Total liabilities	$	—	$	570	$	33	$	603