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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		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	$	19	$	—	$	19	$	—

Available-for-sale debt securities	22		—		—		22
Marketable equity securities	31		31		—		—
Total	$	72	$	31	$	19	$	22
Liabilities
Foreign exchange contracts	$	8	$	—	$	8	$	—

Contingent payments related to acquisitions	14		—		—		14
Total	$	22	$	—	$	8	$	14


			Basis of fair value measurement
(in millions)	Balance as of December 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	$	51	$	—	$	51	$	—

Available-for-sale debt securities	22		—		—		22
Marketable equity securities	44		44		—		—
Total	$	117	$	44	$	51	$	22
Liabilities
Foreign exchange contracts	$	5	$	—	$	5	$	—

Contingent payments related to acquisitions	14		—		—		14
Total	$	19	$	—	$	5	$	14

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,
	2024				2023
(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	$	14	$	22	$	84	$	47

Change in fair value recognized in earnings	—		—		(13)		—

Transfers out of Level 3	—		—		—		(5)
Payments	—		—		(1)		—

Fair value at end of period	$	14	$	22	$	70	$	42

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, 2024 and December 31, 2023.


	Book values				Fair values(a)
(in millions)	2024		2023		2024		2023
Liabilities
Current maturities of long-term debt and finance lease obligations	$	2,634	$	2,668	$	2,606	$	2,621
Long-term debt and finance lease obligations	11,092		11,130		9,872		10,067

(a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.