Fair value of each major class of financial assets and liabilities measured at fair value on a recurring basis |
The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions): | | | | | | | | | | | | | | | | | | | | Quoted prices in active markets for identical assets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | | | | | | | | Fair value measurement as of March 31, 2018, using: | | | | | Total | Assets: | | | | | | | | | Interest-bearing securities: | | | | | | | | | U.S. Treasury securities | | $ | 5,103 |
| | $ | — |
| | $ | — |
| | $ | 5,103 |
| Other government-related debt securities: | | | | | | | | | U.S. | | — |
| | 129 |
| | — |
| | 129 |
| Foreign and other | | — |
| | 1,674 |
| | — |
| | 1,674 |
| Corporate debt securities: | | | | | | | | | Financial | | — |
| | 6,053 |
| | — |
| | 6,053 |
| Industrial | | — |
| | 5,565 |
| | — |
| | 5,565 |
| Other | | — |
| | 896 |
| | — |
| | 896 |
| Residential-mortgage-backed securities | | — |
| | 1,699 |
| | — |
| | 1,699 |
| Other mortgage- and asset-backed securities | | — |
| | 1,267 |
| | — |
| | 1,267 |
| Money market mutual funds | | 9,234 |
| | — |
| | — |
| | 9,234 |
| Other short-term interest-bearing securities | | — |
| | 50 |
| | — |
| | 50 |
| Equity securities | | 155 |
| | — |
| | — |
| | 155 |
| Derivatives: | | | | | | | | | Foreign currency contracts | | — |
| | 17 |
| | — |
| | 17 |
| Cross-currency swap contracts | | — |
| | 433 |
| | — |
| | 433 |
| Total assets | | $ | 14,492 |
| | $ | 17,783 |
| | $ | — |
| | $ | 32,275 |
| | | | | | | | | | Liabilities: | | | | | | | | | Derivatives: | | | | | | | | | Foreign currency contracts | | $ | — |
| | $ | 259 |
| | $ | — |
| | $ | 259 |
| Cross-currency swap contracts | | — |
| | 148 |
| | — |
| | 148 |
| Interest rate swap contracts | | — |
| | 215 |
| | — |
| | 215 |
| Contingent consideration obligations in connection with business combinations | | — |
| | — |
| | 110 |
| | 110 |
| Total liabilities | | $ | — |
| | $ | 622 |
| | $ | 110 |
| | $ | 732 |
|
| | | | | | | | | | | | | | | | | | | | Quoted prices in active markets for identical assets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | | | | | | | | Fair value measurement as of December 31, 2017, using: | | | | | Total | Assets: | | | | | | | | | Interest-bearing securities: | | | | | | | | | U.S. Treasury securities | | $ | 8,242 |
| | $ | — |
| | $ | — |
| | $ | 8,242 |
| Other government-related debt securities: | | | | | | | | | U.S. | | — |
| | 223 |
| | — |
| | 223 |
| Foreign and other | | — |
| | 2,422 |
| | — |
| | 2,422 |
| Corporate debt securities: | | | | | | | | | Financial | | — |
| | 10,072 |
| | — |
| | 10,072 |
| Industrial | | — |
| | 9,670 |
| | — |
| | 9,670 |
| Other | | — |
| | 1,390 |
| | — |
| | 1,390 |
| Residential-mortgage-backed securities | | — |
| | 2,168 |
| | — |
| | 2,168 |
| Other mortgage- and asset-backed securities | | — |
| | 2,297 |
| | — |
| | 2,297 |
| Money market mutual funds | | 3,245 |
| | — |
| | — |
| | 3,245 |
| Other short-term interest-bearing securities | | — |
| | 1,440 |
| | — |
| | 1,440 |
| Equity securities | | 149 |
| | — |
| | — |
| | 149 |
| Derivatives: | | | | | | | | | Foreign currency contracts | | — |
| | 6 |
| | — |
| | 6 |
| Cross-currency swap contracts | | — |
| | 270 |
| | — |
| | 270 |
| Interest rate swap contracts | | — |
| | 10 |
| | — |
| | 10 |
| Total assets | | $ | 11,636 |
| | $ | 29,968 |
| | $ | — |
| | $ | 41,604 |
| | | | | | | | | | Liabilities: | | | | | | | | | Derivatives: | | | | | | | | | Foreign currency contracts | | $ | — |
| | $ | 204 |
| | $ | — |
| | $ | 204 |
| Cross-currency swap contracts | | — |
| | 220 |
| | — |
| | 220 |
| Interest rate swap contracts | | — |
| | 61 |
| | — |
| | 61 |
| Contingent consideration obligations in connection with business combinations | | — |
| | — |
| | 69 |
| | 69 |
| Total liabilities | | $ | — |
| | $ | 485 |
| | $ | 69 |
| | $ | 554 |
|
|