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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis.
|  | Basis of fair value measurement |  |
(in millions) | Balance as of June 30, 2020 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3)
Assets |  |  |  |
Foreign exchange contracts | $ | 21 |  | $ | — |  | $ | 21 |  | $ | — |
Marketable equity securities | 3 |  | 3 |  | — |  | — |
Total | $ | 24 |  | $ | 3 |  | $ | 21 |  | $ | — |
Liabilities |  |  |  |
Foreign exchange contracts | $ | 1 |  | $ | — |  | $ | 1 |  | $ | — |
Interest rate contracts | 217 |  | — |  | 217 |  | — |
Contingent payments related to acquisitions | 39 |  | — |  | — |  | 39 |
Total | $ | 257 |  | $ | — |  | $ | 218 |  | $ | 39 |
|  | Basis of fair value measurement |  |
(in millions) | Balance as of 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 |  |  |  |
Foreign exchange contracts | $ | 11 |  | $ | — |  | $ | 11 |  | $ | — |
Interest rate contracts | 10 |  | — |  | 10 |  | — |
Marketable equity securities | 3 |  | 3 |  | — |  | — |
Total | $ | 24 |  | $ | 3 |  | $ | 21 |  | $ | — |
Liabilities |  |  |  |
Foreign exchange contracts | $ | 2 |  | $ | — |  | $ | 2 |  | $ | — |
Interest rate contracts | 52 |  | — |  | 52 |  | — |
Contingent payments related to acquisitions | 39 |  | — |  | — |  | 39 |
Total | $ | 93 |  | $ | — |  | $ | 54 |  | $ | 39 |
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs | The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consist of contingent payments related to acquisitions.
| Three months ended June 30, |  |  | Six months ended June 30, |
(in millions) | 2020 | 2019 |  | 2020 | 2019
Fair value at beginning of period | $ | 39 |  | $ | 31 |  |  | $ | 39 |  | $ | 32 |
Additions | — |  | — |  |  | 4 |  | — |
Change in fair value recognized in earnings | — |  | (4) |  |  | (3) |  | (4) |
Payments | — |  | — |  |  | (1) |  | (1) |
Fair value at end of period | $ | 39 |  | $ | 27 |  |  | $ | 39 |  | $ | 27 |
Book Values and Fair Values of Financial Instruments | the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of June 30, 2020 and December 31, 2019.
| Book values |  |  | Fair values(a) |
(in millions) | 2020 | 2019 |  | 2020 | 2019
Liabilities |  |  |  |  |
Short-term debt | $ | 1 |  | $ | 226 |  |  | $ | 1 |  | $ | 226 |
Current maturities of long-term debt and finance lease obligations | 318 |  | 315 |  |  | 318 |  | 315 |
Long-term debt and finance lease obligations | 6,055 |  | 4,809 |  |  | 6,743 |  | 5,156 |
(a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 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 (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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=118260190&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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