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Fair Value Measurements and Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
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 December 31, 2022 and December 31, 2021 (in millions):
  Fair Value Measurements Using
 Balance at December 31, 2022Quoted 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)
$3,323 $3,323 $— $— 
Other investments    
Government bonds$$— $$— 
Derivatives (2)
    
Gross foreign exchange contracts$19 $— $19 $— 
Liabilities    
Derivatives (2)
    
Gross foreign exchange contracts$$— $$— 
  Fair Value Measurements Using
 Balance at December 31, 2021Quoted 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)
$2,918 $2,918 $— $— 
Other investments 
Government bonds$$— $$— 
Derivatives (2)
 
Gross foreign exchange contracts$40 $— $40 $— 
Liabilities 
Derivatives (2)
 
Gross foreign exchange contracts$11 $— $11 $— 
(1)Included within Fiduciary assets or Short-term investments in the Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)Refer to Note 13 “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):
20222021
 As of December 31Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Current portion of long-term debt $350 $347 $499 $507 
Long-term debt$9,825 $8,745 $8,228 $9,204