Financial Assets & Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

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


	Fair Value
	Hierarchy	At March 31, 2023				At December 31, 2022
(Dollars in millions)	Level	Assets (5)		Liabilities (6)		Assets (5)		Liabilities (6)
Cash equivalents: (1)
Time deposits and certificates of deposit (2)	2	$	3,896	$	N/A	$	3,712	$	N/A
Money market funds	1		817		N/A		306		N/A
Total cash equivalents		$	4,713	$	N/A	$	4,018	$	N/A
Equity investments	1		1		N/A		—		N/A
Debt securities-current (2)(3)	2		8,057		N/A		852		N/A
Debt securities-noncurrent (2)(4)	2,3		33		N/A		31		N/A
Derivatives designated as hedging instruments:
Interest rate contracts	2		19		281		3		336
Foreign exchange contracts	2		111		388		184		674
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2		10		50		42		16
Equity contracts	2		28		12		49		8
Total		$	12,971	$	731	$	5,179	$	1,034

(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)	U.S. treasury bills and term deposits that are reported within marketable securities in the Consolidated Balance Sheet. The March 31, 2023 balance includes proceeds from the first quarter 2023 debt issuances. See note 12, “Borrowings,” for additional information.

(4)	Includes immaterial activity related to private company investments reported within investments and sundry assets in the Consolidated Balance Sheet.

(5)

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, 2023 were $145 million and $23 million, respectively, and at December 31, 2022 were $271 million and $7 million, respectively.

(6)

The gross balances of derivative liabilities contained within other accrued expenses and liabilities, and other liabilities in the Consolidated Balance Sheet at March 31, 2023 were $248 million and $483 million, respectively, and at December 31, 2022 were $546 million and $488 million, respectively.

N/A - not applicable