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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables summarize our financial instruments that are measured at fair value on a recurring basis.
Basis of fair value measurement
(in millions)Balance as of September 30, 2019Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$26  $—  $26  $—  
Interest rate contracts —   —  
Marketable equity securities  —  —  
Total$31  $ $27  $—  
Liabilities
Foreign exchange contracts$ $—  $ $—  
Interest rate contracts95  —  95  —  
Contingent payments related to acquisitions27  —  —  27  
Total$123  $—  $96  $27  

As Restated
Basis of fair value measurement
(in millions)Balance as of December 31, 2018Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$25  $—  $25  $—  
Marketable equity securities  —  —  
Total$28  $ $25  $—  
Liabilities
Foreign exchange contracts$ $—  $ $—  
Interest rate contracts —   —  
Contingent payments related to acquisitions32  —  —  32  
Total$38  $—  $ $32  
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consist of contingent payments related to acquisitions.
Three months ended
September 30,
Nine months ended
September 30,
(in millions)2019201820192018
Fair value at beginning of period$27  $23  $32  $ 
Additions—   —  24  
Change in fair value recognized in earnings—  —  (4) —  
Payments—  —  (1) (1) 
Fair value at end of period$27  $32  $27  $32  
Book Values and Fair Values of Financial Instruments the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of September 30, 2019 and December 31, 2018.
Book valuesFair values(a)
As Restated
(in millions)2019201820192018
Liabilities
Short-term debt$—  $ $—  $ 
Current maturities of long-term debt and finance lease obligations    
Long-term debt and finance lease obligations5,063  3,481  5,466  3,469  
(a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.