Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair value of each major class of financial assets and liabilities measured at fair value on a recurring basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):

	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Fair value measurement as of June 30, 2020, using:							Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	175	$	—	$	—	$	175
U.S. Treasury bills	3,399		—		—		3,399
Corporate debt securities:
Financial	—		—		—		—
Industrial	—		2		—		2
Other	—		—		—		—
Residential-mortgage-backed securities	—		—		—		—
Money market mutual funds	7,158		—		—		7,158
Other short-term interest-bearing securities	—		—		—		—
Equity securities	297		—		—		297
Derivatives:
Foreign currency contracts	—		236		—		236
Cross-currency swap contracts	—		27		—		27
Interest rate swap contracts	—		121		—		121
Total assets	$	11,029	$	386	$	—	$	11,415
Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	26	$	—	$	26
Cross-currency swap contracts	—		604		—		604
Interest rate swap contracts	—		2		—		2
Contingent consideration obligations	—		—		55		55
Total liabilities	$	—	$	632	$	55	$	687

	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Fair value measurement as of December 31, 2019, using:							Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	360	$	—	$	—	$	360
U.S. Treasury bills	—		—		—		—
Corporate debt securities:
Financial	—		1,121		—		1,121
Industrial	—		834		—		834
Other	—		198		—		198
Residential-mortgage-backed securities	—		182		—		182
Money market mutual funds	5,250		—		—		5,250
Other short-term interest-bearing securities	—		289		—		289
Equity securities	303		—		—		303
Derivatives:
Foreign currency contracts	—		224		—		224
Cross-currency swap contracts	—		66		—		66
Interest rate swap contracts	—		259		—		259
Total assets	$	5,913	$	3,173	$	—	$	9,086
Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	31	$	—	$	31
Cross-currency swap contracts	—		315		—		315
Interest rate swap contracts	—		—		—		—
Contingent consideration obligations	—		—		61		61
Total liabilities	$	—	$	346	$	61	$	407