FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 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 March 31, 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	$	8	$	—	$	8	$	—
Available-for-sale debt securities	42		—		—		42
Marketable equity securities	38		38		—		—
Total	$	88	$	38	$	8	$	42
Liabilities
Foreign exchange contracts	$	8	$	—	$	8	$	—
Contingent payments related to acquisitions	70		—		—		70
Total	$	78	$	—	$	8	$	70

			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 March 31,
	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	$	84	$	47	$	143	$	30
Additions	—		—		—		21
Change in fair value recognized in earnings	(13)		—		(17)		—
Change in fair value recognized in AOCI	—		—		—		2
Transfers out of Level 3	—		(5)		—		—
Payments	(1)		—		(2)		—
Fair value at end of period	$	70	$	42	$	124	$	53

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 March 31, 2023 and December 31, 2022.

	Book values				Fair values(a)
(in millions)	2023		2022		2023		2022
Liabilities
Short-term debt	$	50	$	299	$	50	$	299
Current maturities of long-term debt and finance lease obligations	1,103		1,105		1,084		1,079
Long-term debt and finance lease obligations	15,278		15,232		14,011		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.