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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023			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			$	13		$	—		$	13		$	—
Available-for-sale debt securities			37			—			—			37
Marketable equity securities			37			37			—			—
Total			$	87		$	37		$	13		$	37
Liabilities
Foreign exchange contracts			$	6		$	—		$	6		$	—
Contingent payments related to acquisitions			21			—			—			21
Total			$	27		$	—		$	6		$	21

						Basis of fair value measurement
(in millions)			Balance as of December 31, 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			$	14		$	—		$	14		$	—
Available-for-sale debt securities			47			—			—			47
Marketable equity securities			32			32			—			—
Total			$	93		$	32		$	14		$	47
Liabilities
Foreign exchange contracts			$	12		$	—		$	12		$	—
Contingent payments related to acquisitions			84			—			—			84
Total			$	96		$	—		$	12		$	84

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 June 30,
			2023									2022
(in millions)			Contingent payments related to acquisitions			Available-for-sale debt securities						Contingent payments related to acquisitions			Available-for-sale debt securities
Fair value at beginning of period			$	70		$	42					$	124		$	53
Change in fair value recognized in earnings			(1)			(5)						(11)			—
Change in fair value recognized in AOCI			—			—						—			1
Transfers out of Level 3			—			—						—			(10)
Payments			(48)			—						—			—
Fair value at end of period			$	21		$	37					$	113		$	44

Book Values and Fair Values of Financial Instruments

For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of June 30, 2023 and December 31, 2022.

			Book values									Fair values(a)
(in millions)			2023			2022						2023			2022
Liabilities
Current maturities of long-term debt and finance lease obligations			$	1,928		$	1,105					$	1,894		$	1,079
Long-term debt and finance lease obligations			14,306			15,232						12,884			13,657

(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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-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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