Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Financial Assets And (Liabilities) Measured At Fair Value On A Recurring Basis

The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2019:

	Level 1		Level 2			Level 3			Total
	(in millions)
Cash equivalents:
Money market funds	$	353	$	—		$	—		$	353
Commercial paper	—		16			—			16
Total cash equivalents	353		16			—			369
Short-term investments:
Time deposits(1)	—		506			—			506
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	526		47			—			573
Corporate and other debt securities	—		371			—			371
Certificates of deposit and commercial paper	—		19			—			19
Asset-backed securities	—		341			—			341
Municipal debt securities	—		57			—			57
Total available-for-sale investment securities	526		835			—			1,361
Held-to-maturity investment securities:
Corporate and other debt securities	—		418			—			418
Commercial paper	—		410			—			410
Total short-term held-to-maturity investment securities	—		828			—			828
Total short-term investments(2)	526		2,169			—			2,695
Long-term investments:
Held-to-maturity investment securities:
Corporate and other debt securities	—		6			—			6
Total long-term held-to-maturity investment securities	—		6			—			6
Total long-term investments(3)	—		6			—			6
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		25			—			25
Accrued expenses and other current liabilities	—		(16		)	—			(16		)
Other noncurrent assets	—		30			—			30
Other noncurrent liabilities	—		(1		)	—			(1		)
Total derivative financial instruments - foreign exchange forward contracts	—		38			—			38
Contingent consideration liabilities	—		—			(52		)	(52		)
Total	$	879	$	2,229		$	(52	)	$	3,056

            

(1) Includes $427 million in restricted time deposits. See Note 9.

(2) Excludes an equity security invested in a mutual fund valued at $25 million based on the NAV of the fund.

(3) Excludes equity and cost method investments of $73 million at March 31, 2019.

The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2018:

	Level 1		Level 2			Level 3		Total
	(in millions)
Cash equivalents:
Money market funds	$	103	$	—		$	—	$	103
Bank deposits	—		32			—		32
Certificates of deposit and commercial paper	—		68			—		68
Total cash equivalents	103		100			—		203
Short-term investments:
Time deposits(1)	—		500			—		500
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	570		55			—		625
Corporate and other debt securities	—		416			—		416
Certificates of deposit and commercial paper	—		296			—		296
Asset-backed securities	—		334			—		334
Municipal debt securities	—		89			—		89
Total available-for-sale investment securities	570		1,190			—		1,760
Held-to-maturity investment securities:
Corporate and other debt securities	—		546			—		546
Commercial paper	—		518			—		518
Total short-term held-to-maturity investment securities	—		1,064			—		1,064
Total short-term investments(2)	570		2,754			—		3,324
Long-term investments:
Held-to-maturity investment securities:
Corporate and other debt securities	—		6			—		6
Total long-term held-to-maturity investment securities	—		6			—		6
Total long-term investments(3)	—		6			—		6
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		12			—		12
Accrued expenses and other current liabilities	—		(25		)	—		(25		)
Other noncurrent assets	—		15			—		15
Other noncurrent liabilities	—		(9		)	—		(9		)
Total	$	673	$	2,853		$	—	$	3,526

(1) Includes $423 million in restricted time deposits. See Note 9.

(2) Excludes an equity security invested in a mutual fund valued at $25 million based on the NAV of the fund.

(3)

Excludes equity and cost method investments of $74 million at December 31, 2018.