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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2021
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, 2021Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$$— $$— 
Debt securities30 — 30 — 
Marketable equity securities15 15 — — 
Total$54 $15 $39 $— 
Liabilities
Foreign exchange contracts$$— $$— 
Contingent payments related to acquisitions61 — — 61 
Total$69 $— $$61 
Basis of fair value measurement
(in millions)Balance as of December 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$11 $— $11 $— 
Debt securities13 — 13 — 
Marketable equity securities17 17 — — 
Total$41 $17 $24 $— 
Liabilities
Foreign exchange contracts$19 $— $19 $— 
Contingent payments related to acquisitions30 — — 30 
Total$49 $— $19 $30 
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
September 30,
Nine months ended
September 30,
(in millions)2021202020212020
Fair value at beginning of period$34 $39 $30 $39 
Additions28 — 52 
Change in fair value recognized in earnings(1)(6)(2)
Payments— (10)(16)(11)
Currency translation — — — 
Fair value at end of period$61 $30 $61 $30 
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, 2021 and December 31, 2020.
Book valuesFair values(a)
(in millions)2021202020212020
Liabilities
Short-term debt$301 $— $301 $— 
Current maturities of long-term debt and finance lease obligations209 406 213 409 
Long-term debt and finance lease obligations5,446 5,786 5,950 6,471 
(a)    These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.