XML 60 R36.htm IDEA: XBRL DOCUMENT v3.22.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2022Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$16 $— $16 $— 
Debt securities53 — — 53 
Marketable equity securities— — 
Total$77 $$16 $53 
Liabilities
Foreign exchange contracts$$— $$— 
Contingent payments related to acquisitions124 — — 124 
Total$131 $— $$124 
Basis of fair value measurement
(in millions)Balance as of December 31, 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 securities10 10 — — 
Total$48 $10 $$30 
Liabilities
Foreign exchange contracts$$— $$— 
Contingent payments related to acquisitions143 — — 143 
Total$148 $— $$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 debt securities.
Three months ended March 31,
20222021
(in millions)Contingent payments related to acquisitionsDebt securitiesContingent payments related to acquisitions
Fair value at beginning of period$143 $30 $30 
Additions— 21 24 
Change in fair value recognized in earnings(17)— — 
Change in fair value recognized in AOCI— — 
Payments(2)— (16)
Fair value at end of period$124 $53 $38 
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, 2022 and December 31, 2021.
Book valuesFair values(a)
(in millions)2022202120222021
Liabilities
Short-term debt$200 $301 $200 $301 
Current maturities of long-term debt and finance lease obligations209 210 209 212 
Long-term debt and finance lease obligations16,765 17,149 16,221 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.