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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022			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			$	35		$	—		$	35		$	—
Available-for-sale debt securities			44			—			—			44
Marketable equity securities			25			25			—			—
Total			$	104		$	25		$	35		$	44
Liabilities
Foreign exchange contracts			$	9		$	—		$	9		$	—
Contingent payments related to acquisitions			90			—			—			90
Total			$	99		$	—		$	9		$	90

						Basis of fair value measurement
(in millions)			Balance as of December 31, 2021			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			$	8		$	—		$	8		$	—
Available-for-sale debt securities			30			—			—			30
Marketable equity securities			10			10			—			—
Total			$	48		$	10		$	8		$	30
Liabilities
Foreign exchange contracts			$	5		$	—		$	5		$	—
Contingent payments related to acquisitions			143			—			—			143
Total			$	148		$	—		$	5		$	143

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 and available-for-sale debt securities.

			Three months ended September 30,
			2022									2021
(in millions)			Contingent payments related to acquisitions			Available-for-sale debt securities						Contingent payments related to acquisitions
Fair value at beginning of period			$	113		$	44					$	34
Additions			—			—						28
Change in fair value recognized in earnings			(6)			—						(1)
Payments			(17)			—						—
Fair value at end of period			$	90		$	44					$	61

			Nine months ended September 30,
			2022									2021
(in millions)			Contingent payments related to acquisitions			Available-for-sale debt securities						Contingent payments related to acquisitions
Fair value at beginning of period			$	143		$	30					$	30
Additions			—			21						52
Change in fair value recognized in earnings			(34)			—						(6)
Change in fair value recognized in AOCI			—			3						—
Payments			(19)			—						(16)
Transfers out of Level 3			—			(10)						—
Currency translation			—			—						1
Fair value at end of period			$	90		$	44					$	61

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 September 30, 2022 and December 31, 2021.

			Book values									Fair values(a)
(in millions)			2022			2021						2022			2021
Liabilities
Short-term debt			$	275		$	301					$	275		$	301
Current maturities of long-term debt and finance lease obligations			4			210						4			212
Long-term debt and finance lease obligations			16,153			17,149						14,402			17,568

(a)    These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.

X

- 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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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