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Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables present the categorization of the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 and December 31, 2019 (in millions):
|  |  | Fair Value Measurements Using
| Balance at December 31, 2020 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Money market funds (1) | $ | 2,781 |  |  | $ | 2,781 |  |  | $ | — |  |  | $ | — |
Other investments |  |  |  |  |  |  |
Government bonds | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Equity investments | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Derivatives (2) |  |  |  |  |  |  |
Gross foreign exchange contracts | $ | 38 |  |  | $ | — |  |  | $ | 38 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Derivatives (2) |  |  |  |  |  |  |
Gross foreign exchange contracts | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
|  |  | Fair Value Measurements Using
| Balance at December 31, 2019 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Money market funds (1) | $ | 2,007 |  |  | $ | 2,007 |  |  | $ | — |  |  | $ | — |
Other investments |  |  |  |  |  |  |
Government bonds | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Equity investments | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Derivatives (2) |  |  |  |  |  |  |
Gross foreign exchange contracts | $ | 21 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Derivatives (2) |  |  |  |  |  |  |
Gross foreign exchange contracts | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
(1)Included within Fiduciary assets or Short-term investments in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. (2)Refer to Note 14 “Derivatives and Hedging” for additional information regarding the Company’s derivatives and hedging activity.
Schedule of Financial Instruments where the Carrying Amounts and Fair Values Differ | The fair value of debt is classified as Level 2 of the fair value hierarchy. The following table provides the carrying value and fair value for the Company’s term debt (in millions):
| 2020 |  | 2019
As of December 31 | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Current portion of long-term debt | $ | 400 |  |  | $ | 401 |  |  | $ | 600 |  |  | $ | 614 |
Long-term debt | $ | 7,281 |  |  | $ | 8,752 |  |  | $ | 6,627 |  |  | $ | 7,442 |

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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=121572278&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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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