Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of June 30, 2022:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	117	$	—	$	—	$	117
Derivatives	—		35		—		35
Total	$	117	$	35	$	—	$	152
Liabilities:
Derivatives	$	—	$	10	$	—	$	10
Contingent consideration	—		—		76		76
Total	$	—	$	10	$	76	$	86

Schedule of Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30:

	Contingent Consideration
(in millions)	2022		2021
Balance as of January 1	$	76	$	119
Business combinations	23		23
Contingent consideration paid	(18)		(35)
Revaluations included in earnings and foreign currency translation adjustments	(5)		(21)
Balance as of June 30	$	76	$	86