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Fair Value Measurements and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring basis
The following tables present the categorization of the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at March 31, 2018
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds (1)
$
1,502

 
$
1,502

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Government bonds
$
1

 
$
—

 
$
1

 
$
—

Equity investments
$
3

 
$
—

 
$
3

 
$
—

Derivatives: (2)
 

 
 

 
 

 
 

Gross foreign exchange contracts
$
54

 
$
—

 
$
54

 
$
—

Liabilities:
 

 
 

 
 

 
 

Derivatives: (2)
 

 
 

 
 

 
 

Gross foreign exchange contracts
$
8

 
$
—

 
$
8

 
$
—

(1)
Included within Fiduciary assets or Short-term investments in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)
Refer to Note 15 “Derivatives and Hedging” for additional information regarding the Company’s derivatives and hedging activity.
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2017
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds (1)
$
1,847

 
$
1,847

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Government bonds
$
1

 
$
—

 
$
1

 
$
—

Equity investments
$
4

 
$
—

 
$
4

 
$
—

Derivatives: (2)
 

 
 

 
 

 
 

Gross foreign exchange contracts
$
33

 
$
—

 
$
33

 
$
—

Liabilities:
 

 
 

 
 

 
 

Derivatives: (2)
 

 
 

 
 

 
 

Gross foreign exchange contracts
$
6

 
$
—

 
$
6

 
$
—

(1)
Included within Fiduciary assets or Short-term investments in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity. 
(2)
Refer to Note 15 “Derivatives and Hedging” for additional information regarding the Company’s derivatives and hedging activity.
Schedule of financial instruments where the carrying amounts and fair values differ
The fair value of debt is classified as Level 2 of the fair value hierarchy. The following table discloses the Company’s financial instruments where the carrying amounts and fair values differ (in millions):
 
March 31, 2018
 
December 31, 2017
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Current portion of long-term debt
$
—

 
$
—

 
$
299

 
$
301

Long-term debt
$
5,697

 
$
6,077

 
$
5,667

 
$
6,267