Fair value measurement (Tables)

9 Months Ended

Sep. 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 September 30, 2021, using:							Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	51	$	—	$	—	$	51
U.S. Treasury bills	3,900		—		—		3,900









Money market mutual funds	8,323		—		—		8,323
Other short-term interest-bearing securities	—		1		—		1
Equity securities	608		—		257		865
Derivatives:
Foreign currency contracts	—		127		—		127
Cross-currency swap contracts	—		119		—		119
Interest rate swap contracts	—		29		—		29

Total assets	$	12,882	$	276	$	257	$	13,415

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	54	$	—	$	54
Cross-currency swap contracts	—		360		—		360
Interest rate swap contracts	—		105		—		105
Contingent consideration obligations	—		—		35		35
Total liabilities	$	—	$	519	$	35	$	554


	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