Fair value measurement (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—









Money market mutual funds	31,064		—		—		31,064
Other short-term interest-bearing securities	—		1		—		1
Other investments	—		131		—		131
Equity securities	4,545		—		288		4,833
Derivatives:
Foreign currency forward contracts	—		252		—		252
Cross-currency swap contracts	—		—		—		—


Total assets	$	35,609	$	384	$	288	$	36,281

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	73	$	—	$	73
Cross-currency swap contracts	—		517		—		517
Interest rate swap contracts	—		662		—		662
Forward interest rate contracts	—		—		—		—
Contingent consideration obligations	—		—		273		273
Total liabilities	$	—	$	1,252	$	273	$	1,525


	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, 2022, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676









Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—
Other investments	—		130		—		130
Equity securities	480		—		335		815
Derivatives:
Foreign currency forward contracts	—		287		—		287
Cross-currency swap contracts	—		54		—		54

Total assets	$	4,815	$	471	$	335	$	5,621

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	76	$	—	$	76
Cross-currency swap contracts	—		541		—		541
Interest rate swap contracts	—		776		—		776
Forward interest rate contracts	—		5		—		5
Contingent consideration obligations	—		—		270		270
Total liabilities	$	—	$	1,398	$	270	$	1,668

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Three months ended March 31,
	2023		2022
Beginning balance	$	270	$	342

Payments	(2)		(2)
Net changes in valuations	5		(10)
Ending balance	$	273	$	330