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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2020Quoted prices in active markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$29  $—  $29  $—  
Marketable equity securities3  3  —  —  
Total$32  $3  $29  $—  
Liabilities
Foreign exchange contracts$7  $—  $7  $—  
Interest rate contracts226  —  226  —  
Contingent payments related to acquisitions39  —  —  39  
Total$272  $—  $233  $39  
Basis of fair value measurement
(in millions)Balance as of December 31, 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$11  $—  $11  $—  
Interest rate contracts10  —  10  —  
Marketable equity securities3  3  —  —  
Total$24  $3  $21  $—  
Liabilities
Foreign exchange contracts$2  $—  $2  $—  
Interest rate contracts52  —  52  —  
Contingent payments related to acquisitions39  —  —  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
March 31,
(in millions)20202019
Fair value at beginning of period$39  $32  
Additions4  —  
Change in fair value recognized in earnings(3) —  
Payments(1) (1) 
Fair value at end of period$39  $31  
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 March 31, 2020 and December 31, 2019.
Book valuesFair values(a)
(in millions)2020201920202019
Liabilities
Short-term debt$221  $226  $221  $226  
Current maturities of long-term debt and finance lease obligations315  315  315  315  
Long-term debt and finance lease obligations5,996  4,809  6,324  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.