Financial Assets & Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Financial assets and financial liabilities measured at fair value on a recurring basis

The following table presents the company’s financial assets and financial liabilities that are measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023.

	Fair Value Hierarchy Level	At March 31, 2024				At December 31, 2023
(Dollars in millions)		Assets (6)		Liabilities (7)		Assets (6)		Liabilities (7)
Cash equivalents: (1)
Time deposits and certificates of deposit (2)	2	$	7,232	N/A		$	7,206	N/A
Money market funds	1	487		N/A		494		N/A
Total cash equivalents		$	7,719	N/A		$	7,699	N/A
Equity investments	1	7		N/A		25		N/A
Debt securities-current (2)(3)	2	4,512		N/A		373		N/A
Debt securities-noncurrent (2)(4)	2,3	108		N/A		8		N/A
Derivatives designated as hedging instruments:
Interest rate contracts	2	—		436		2		299
Foreign exchange contracts	2	263		102		131		275
Derivatives not designated as hedging instruments:
Foreign exchange contracts (5)	2	23		25		115		19
Equity contracts	2	55		1		93		—
Total		$	12,686	$	564	$	8,446	$	593

(1)Included within cash and cash equivalents in the Consolidated Balance Sheet.

(2)Available-for-sale debt securities with carrying values that approximate fair value.

(3)Term deposits and U.S. treasury bills that are reported within marketable securities in the Consolidated Balance Sheet. The March 31, 2024 balance includes proceeds from the first quarter 2024 debt issuance. Refer to note 12, “Borrowings,” for additional information.

(4)March 31, 2024 includes a $100 million seller financing loan in connection with the divestiture of The Weather Company assets reported within investments and sundry assets in the Consolidated Balance Sheet. Refer to note 5, "Acquisitions & Divestitures," for additional information.

(5)Asset amounts include $12 million and $62 million at March 31, 2024 and December 31, 2023, respectively, related to foreign exchange call option contracts in connection with the planned acquisition of StreamSets and webMethods from Software AG. Refer to note 16, "Derivative Financial Instruments," for additional information.

(6)The gross balances of derivative assets contained within prepaid expenses and other current assets, and investments and sundry assets in the Consolidated Balance Sheet at March 31, 2024 were $328 million and $12 million, respectively, and at December 31, 2023 were $304 million and $37 million, respectively.

(7)The gross balances of derivative liabilities contained within other accrued expenses and liabilities, and other liabilities in the Consolidated Balance Sheet at March 31, 2024 were $95 million and $469 million, respectively, and at December 31, 2023 were $294 million and $299 million, respectively.

N/A – not applicable