Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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 September 30, 2019:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	69	$	—	$	—	$	69
Derivatives		—		—		—		—
Total	$	69	$	—	$	—	$	69
Liabilities:
Derivatives	$	—	$	40	$	—	$	40
Contingent consideration		—		—		113		113
Total	$	—	$	40	$	113	$	153

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 nine months ended September 30:

	Contingent Consideration
(in millions)	2019			2018
Balance as of January 1	$	123		$	69
Business combinations		41			22
Contingent consideration paid		(44	)		(24	)
Revaluations included in earnings and foreign currency translation adjustments		(7	)		35
Balance as of September 30	$	113		$	102