Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (in millions):


			Fair Value Measurements Using
	Balance at June 30, 2020		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⁾	$	3,238	$	3,238	$	—	$	—
Other investments

Government bonds	$	1	$	—	$	1	$	—
Equity investments	$	1	$	—	$	1	$	—
Derivatives ⁽²⁾
Gross foreign exchange contracts	$	19	$	—	$	19	$	—
Liabilities
Derivatives ⁽²⁾
Gross foreign exchange contracts	$	4	$	—	$	4	$	—


			Fair Value Measurements Using
	Balance at December 31, 2019		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⁾	$	2,007	$	2,007	$	—	$	—
Other investments

Government bonds	$	1	$	—	$	1	$	—
Equity investments	$	1	$	—	$	1	$	—
Derivatives ⁽²⁾
Gross foreign exchange contracts	$	21	$	—	$	21	$	—
Liabilities					0
Derivatives ⁽²⁾
Gross foreign exchange contracts	$	4	$	—	$	4	$	—

(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 14 “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 provides the carrying value and fair value for the Company’s term debt (in millions):


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	399	$	406	$	600	$	614
Long-term debt	$	7,229	$	8,396	$	6,627	$	7,442