Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021:

(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	260	$	—	$	—	$	260
Time deposits	—		4		—		4
Commercial paper	—		285		—		285
Short-term investments:
Time deposits	—		323		—		323
Equity investment security	27		—		—		27
Available-for-sale investment securities:
Commercial paper	—		105		—		105
Other current assets:
Foreign exchange forward and option contracts	—		36		—		36
Long-term investments:
Restricted time deposits(1)	—		397		—		397
Other noncurrent assets
Foreign exchange forward contracts	—		9		—		9
Accrued expenses and other current liabilities:
Foreign exchange forward contracts and option contracts	—		(2)		—		(2)
Contingent consideration liabilities	—		—		(27)		(27)
Other noncurrent liabilities:
Foreign exchange forward contracts and option contracts	—		(2)		—		(2)
Contingent consideration liabilities	—		—		(13)		(13)

(1)See Note 8.

The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2020:

(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	209	$	—	$	—	$	209
Time deposits	—		203		—		203
Commercial paper	—		200		—		200
Short-term investments:
Time deposits	—		3		—		3
Equity investment security	27		—		—		27
Other current assets:
Foreign exchange forward and option contracts	—		46		—		46
Long-term investments:
Restricted time deposits(1)	—		405		—		405
Other noncurrent assets:
Foreign exchange forward and option contracts	—		26		—		26
Accrued expenses and other current liabilities:
Foreign exchange forward and option contracts	—		(1)		—		(1)
Contingent consideration liabilities	—		—		(11)		(11)
Other noncurrent liabilities:
Contingent consideration liabilities	—		—		(43)		(43)

(1)See Note 8.

Summary of Changes in Level 3 Contingent Consideration Liabilities

The following table summarizes the changes in Level 3 contingent consideration liabilities for the six months ended June 30:

(in millions)	2021		2020
Beginning balance	$	54	$	38
Initial measurement recognized at acquisition	8		42
Change in fair value recognized in SG&A expenses	(19)		(23)
Payments	(3)		(3)
Ending balance	$	40	$	54