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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Financial Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following table summarizes the financial assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2024:
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 364 |  |  | $ | — |  |  | $ | — |  |  | $ | 364 |
Time deposits | — |  |  | 443 |  |  | — |  |  | 443 |
Short-term investments: |  |  |  |  |  |  |
Time deposits | — |  |  | 1 |  |  | — |  |  | 1 |
Equity investment security | 11 |  |  | — |  |  | — |  |  | 11 |
Other current assets: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | 23 |  |  | — |  |  | 23 |
Other noncurrent assets: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | 2 |  |  | — |  |  | 2 |
Accrued expenses and other current liabilities: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | (3) |  |  | — |  |  | (3) |
Other noncurrent liabilities: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | (2) |  |  | — |  |  | (2) |
The following table summarizes the financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2023:
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 327 |  |  | $ | — |  |  | $ | — |  |  | $ | 327 |
Time deposits | — |  |  | 834 |  |  | — |  |  | 834 |
Short-term investments: |  |  |  |  |  |  |
Equity investment security | 11 |  |  | — |  |  | — |  |  | 11 |
Other current assets: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | 15 |  |  | — |  |  | 15 |
Long-term investments: |  |  |  |  |  |  |
Restricted time deposits(1) | — |  |  | 355 |  |  | — |  |  | 355 |
Other noncurrent assets: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | 5 |  |  | — |  |  | 5 |
Accrued expenses and other current liabilities: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | (14) |  |  | — |  |  | (14) |
Contingent consideration liabilities | — |  |  | — |  |  | (30) |  |  | (30) |
Other noncurrent liabilities: |  |  |  |  |  |  |
Foreign exchange forward contracts | — |  |  | (1) |  |  | — |  |  | (1) |
(1)Se e Note 8.
Summary of Changes in Level 3 Contingent Consideration Liabilities | The following table summarizes the changes in Level 3 contingent consideration liabilities for the nine months ended:
(in millions) |  | September 30, 2024 |  | September 30, 2023
Beginning balance |  | $ | 30 |  |  | $ | 22 |
Change in fair value recognized in SG&A expenses |  | — |  |  | 15 |
Payments |  | (30) |  |  | (9) |
Ending balance |  | $ | — |  |  | $ | 28 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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