Fair value measurement - (Tables)

12 Months Ended

Dec. 31, 2022

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):


Fair value measurement as of December 31, 2022, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	—	$	—	$	—	$	—
U.S. Treasury bills	1,676		—		—		1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—
Other investments	—		130		—		130
Equity securities	480		—		335		815
Derivatives:
Foreign currency forward contracts	—		287		—		287
Cross-currency swap contracts	—		54		—		54
Interest rate swap contracts	—		—		—		—
Total assets	$	4,815	$	471	$	335	$	5,621
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	76	$	—	$	76
Cross-currency swap contracts	—		541		—		541
Interest rate swap contracts	—		776		—		776
Forward interest rate contracts	—		5		—		5
Contingent consideration obligations	—		—		270		270
Total liabilities	$	—	$	1,398	$	270	$	1,668


Fair value measurement as of December 31, 2021, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:
U.S. Treasury notes	$	47	$	—	$	—	$	47
U.S. Treasury bills	1,400		—		—		1,400






Money market mutual funds	5,856		—		—		5,856
Other short-term interest-bearing securities	—		1		—		1
Other investments	—		—		—		—
Equity securities	611		—		220		831
Derivatives:
Foreign currency forward contracts	—		183		—		183
Cross-currency swap contracts	—		66		—		66
Interest rate swap contracts	—		16		—		16
Total assets	$	7,914	$	266	$	220	$	8,400
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	39	$	—	$	39
Cross-currency swap contracts	—		339		—		339
Interest rate swap contracts	—		156		—		156
Forward interest rate contracts	—		—		—		—
Contingent consideration obligations	—		—		342		342
Total liabilities	$	—	$	534	$	342	$	876

Changes in contingent consideration

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Years ended December 31,
	2022		2021		2020
Beginning balance	$	342	$	33	$	61
Additions	—		309		—
Payments	(7)		(7)		(6)
Net changes in valuations	(65)		7		(22)
Ending balance	$	270	$	342	$	33