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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Investments and Derivatives The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of December 31, 2022 and December 31, 2021 were as follows:
December 31, 2022 | Level 1 |  | Level 2 |  |  |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 15 |  |  |  |  | $ | 15 |
Common stock and equivalents | 21 |  |  | — |  |  |  |  | 21 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 5 |  |  |  |  | $ | 5 |
December 31, 2021 | Level 1 |  | Level 2 |  |  |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 7 |  |  |  |  | $ | 7 |
Common stock and equivalents | 69 |  |  | — |  |  |  |  | 69 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 5 |  |  |  |  | $ | 5 |
Pension and Postretirement Health Care Benefits Plan Assets The fair values of the various pension and postretirement health care benefits plans’ assets by level in the fair value hierarchy as of December 31, 2022 and 2021 were as follows: U.S. Pension Benefit Plans
December 31, 2022 | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Equities | $ | 48 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 48 |
Commingled funds | 1,159 |  |  | 488 |  |  | — |  |  |  |  | 1,647 |
Government fixed income securities | — |  |  | 159 |  |  | — |  |  |  |  | 159 |
Corporate fixed income securities | — |  |  | 863 |  |  | — |  |  |  |  | 863 |
Short-term investment funds | 186 |  |  | — |  |  | — |  |  |  |  | 186 |
Private assets | — |  |  | — |  |  | 111 |  |  |  |  | 111 |
Total investment securities | $ | 1,393 |  |  | $ | 1,510 |  |  | $ | 111 |  |  |  |  | $ | 3,014 |
Accrued income receivable |  |  |  |  |  |  |  |  | 45 |
Cash |  |  |  |  |  |  |  |  | 17 |
Fair value plan assets |  |  |  |  |  |  |  |  | $ | 3,076 |
The following table summarizes the changes in fair value of the Level 3 assets:
| 2022
Fair value at January 1, 2022 | 60 |
Actual return on plan assets | (1) |
Purchases | 52 |
Fair value at December 31, 2022 | 111 |
December 31, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |
Equities | $ | 41 |  |  | $ | — |  |  | — |  |  | $ | 41 |  |  |
Commingled funds | 1,601 |  |  | 505 |  |  | — |  |  | 2,106 |  |  |
Government fixed income securities | — |  |  | 412 |  |  | — |  |  | 412 |  |  |
Corporate fixed income securities | — |  |  | 1,145 |  |  | — |  |  | 1,145 |  |  |
Short-term investment funds | 338 |  |  | — |  |  | — |  |  | 338 |  |  |
Private Assets | — |  |  | — |  |  | 60 |  |  | 60 |  |  |
Total investment securities | $ | 1,980 |  |  | $ | 2,062 |  |  | $ | 60 |  |  | $ | 4,102 |  |  |
Accrued income receivable |  |  |  |  |  |  | 49 |  |  |
Cash |  |  |  |  |  |  | 6 |  |  |
Fair value plan assets |  |  |  |  |  |  | $ | 4,157 |  |  |
Non-U.S. Pension Benefit Plans
December 31, 2022 | Level 1 |  | Level 2 |  |  |  | Total
Equities | $ | 55 |  |  | $ | — |  |  |  |  | $ | 55 |
Commingled funds | 252 |  |  | 41 |  |  |  |  | 293 |
Government fixed income securities | — |  |  | 491 |  |  |  |  | 491 |
Short-term investment funds | 83 |  |  | — |  |  |  |  | 83 |
Total investment securities | $ | 390 |  |  | $ | 532 |  |  |  |  | $ | 922 |
Cash |  |  |  |  |  |  | 3 |
Accrued income receivable |  |  |  |  |  |  | 121 |
Insurance contracts |  |  |  |  |  |  | 46 |
Fair value plan assets |  |  |  |  |  |  | $ | 1,092 |
December 31, 2021 | Level 1 |  | Level 2 |  |  |  | Total
Equities | $ | 94 |  |  | $ | — |  |  |  |  | $ | 94 |
Commingled funds | 458 |  |  | 75 |  |  |  |  | 533 |
Government fixed income securities | 2 |  |  | 1,004 |  |  |  |  | 1,006 |
Short-term investment funds | 105 |  |  | — |  |  |  |  | 105 |
Total investment securities | $ | 659 |  |  | $ | 1,079 |  |  |  |  | $ | 1,738 |
Cash |  |  |  |  |  |  | 4 |
Accrued income receivable |  |  |  |  |  |  | 78 |
Insurance contracts |  |  |  |  |  |  | 50 |
Fair value plan assets |  |  |  |  |  |  | $ | 1,870 |
Postretirement Health Care Benefits Plan
December 31, 2022 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equities | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Commingled funds | 49 |  |  | 22 |  |  | — |  |  | 71 |
Government fixed income securities | — |  |  | 7 |  |  | — |  |  | 7 |
Corporate fixed income securities | — |  |  | 39 |  |  | — |  |  | 39 |
Short-term investment funds | 8 |  |  | — |  |  | — |  |  | 8 |
Private funds | — |  |  | — |  |  | 5 |  |  | 5 |
Total investment securities | $ | 59 |  |  | $ | 68 |  |  | 5 |  |  | 132 |
Accrued income receivable |  |  |  |  |  |  | 2 |
Fair value plan assets |  |  |  |  |  |  | $ | 134 |
The following table summarizes the changes in fair value of the Level 3 assets:
| 2022
Fair value at January 1, 2022 | 3 |
Purchases | 2 |
Fair value at December 31, 2022 | 5 |
December 31, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Equities | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |
Commingled funds | 72 |  |  | 23 |  |  | — |  |  | 95 |  |
Government fixed income securities | — |  |  | 18 |  |  | — |  |  | 18 |  |
Corporate fixed income securities | — |  |  | 51 |  |  | — |  |  | 51 |  |
Short-term investment funds | 15 |  |  | — |  |  | — |  |  | 15 |  |
Private funds | — |  |  | — |  |  | 3 |  |  | 3 |  |
Total investment securities | $ | 89 |  |  | $ | 92 |  |  | 3 |  | $ | 184 |  |
Accrued income receivable |  |  |  |  |  |  | 2 |  |
Fair value plan assets |  |  |  |  |  |  | $ | 186 |  |
The following is a description of the categories of investments: Equities — A diversified portfolio of corporate common and preferred stocks. Commingled funds — A diversified portfolio of assets that includes corporate common and preferred stocks, emerging market and high-yield fixed income securities among others. Government fixed income securities — Securities issued by municipal, domestic and foreign government agencies, index-linked government bonds as well as interest rate derivatives. Corporate fixed income securities — A diversified portfolio of primarily investment grade bonds issued by corporations. Short-term investment funds — Investments in money market accounts and derivatives with a liquidity of less than 90 days. Private funds — A diversified portfolio of assets that includes private equity funds and private loans. Level 1 investments include securities which are valued at the closing price reported on the active market in which the individual securities are traded. Level 2 investments consist principally of securities which are valued using independent third party pricing sources. Level 3 investments include securities with valuations derived from valuation techniques, in which one or more significant inputs are unobservable. A variety of inputs are utilized by the independent pricing sources including market based inputs, binding quotes, indicative quotes, and ongoing redemption and subscription activity. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. At December 31, 2022, the Company had $490 million of investments in money market government and U.S. treasury funds (Level 1) classified as Cash and cash equivalents in its Consolidated Balance Sheet, compared to $685 million at December 31, 2021. The money market funds had quoted market prices that are approximately at par. Using quoted market prices and market interest rates, the Company determined that the fair value of long-term debt at December 31, 2022 was $5.9 billion, of which the Senior Convertible Notes were $1.3 billion (Level 2). The fair value of long-term debt at December 31, 2021 was 6.2 billion (Level 2). Since considerable judgment is required in interpreting market information, the fair value of the long-term debt is not necessarily indicative of the amount which could be realized in a current market exchange. All other financial instruments are carried at cost, which is not materially different from the instruments’ fair values.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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