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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2022(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,804 $5,804 $— $— 
Investments
25 25 — — 
Warrants
12 — 12 — 
Insurance contracts
162 — 162 — 
Derivative contracts
79 — 79 — 
Total assets
$6,082 $5,829 $253 $— 
Liabilities
Derivative contracts
$101 $— $101 $— 
Contingent consideration
174 — — 174 
Total liabilities
$275 $— $101 $174 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2021(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$2,210 $2,210 $— $— 
Investments
298 298 — — 
Warrants
15 — 15 — 
Insurance contracts
181 — 181 — 
Derivative contracts
36 — 36 — 
Total assets
$2,740 $2,508 $232 $— 
Liabilities
Derivative contracts
$1 $— $1 $— 
Contingent consideration
317 — — 317 
Total liabilities
$318 $— $1 $317 
Rollforward of the Fair Value of Investments The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.
(In millions)20222021
Contingent consideration
Beginning balance
$317 $70 
Acquisitions (including assumed balances)
(18)403 
Payments
(66)(109)
Changes in fair value included in earnings
(59)(47)
Ending balance
$174 $317 
Schedule of Aggregate Notional Value of Outstanding Derivative Contracts The following table provides the aggregate notional value of outstanding derivative contracts.
December 31,December 31,
(In millions)20222021
Notional amount
Cross-currency interest rate swaps - designated as net investment hedges
$2,100 $900 
Currency exchange contracts
2,434 2,149 
Schedule of Fair Value of Derivative Instruments
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheet and statement of income.
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2022202120222021
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$77 $25 $85 $— 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
2 11 16 1 
Total derivatives
$79 $36 $101 $1 
(a)The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(b)The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.
Schedule of Derivative Instruments, Gain (Loss) Recognized
 Gain (loss) recognized
(In millions)20222021
Fair value hedging relationships
Cross-currency interest rate swaps
Hedged long-term obligations - included in other income/(expense)
$77 $— 
Derivatives designated as hedging instruments - included in other income/(expense)
(81)— 
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)
— 25 
Derivatives designated as hedging instruments - included in other income/(expense)
— (3)
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to other income/(expense)
(3)(73)
 Gain (loss) recognized
(In millions)20222021
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
695 922 
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
52 71 
Included in other income/(expense)
19 8 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
6 12 
Included in other income/(expense)
102 162 
Schedule of Carrying Value and Fair Value of the Company's Debt Instruments The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2022December 31, 2021
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$33,889 $29,901 $32,072 $33,449 
Commercial paper
310 310 2,522 2,522 
Other
79 79 76 76 
$34,278 $30,290 $34,670 $36,047 
The fair value of debt instruments was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.