Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value of Financial Assets and Liabilities on 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):


Fair value measurement as of December 31, 2023, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—






Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Other investments	—		—		—		—
Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145
Cross-currency swap contracts	—		—		—		—
Interest rate swap contracts	—		—		—		—
Total assets	$	14,780	$	283	$	—	$	15,063
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571
Forward interest rate contracts	—		—		—		—
Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188


Fair value measurement as of December 31, 2022, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—
Other investments	—		130		—		130
Equity securities	480		—		335		815
Derivatives:
Foreign currency forward contracts	—		287		—		287
Cross-currency swap contracts	—		54		—		54

Total assets	$	4,815	$	471	$	335	$	5,621

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	76	$	—	$	76
Cross-currency swap contracts	—		541		—		541
Interest rate swap contracts	—		776		—		776
Forward interest rate contracts	—		5		—		5
Contingent consideration obligations	—		—		270		270
Total liabilities	$	—	$	1,398	$	270	$	1,668

Contingent Consideration Obligations

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Beginning balance	$	270	$	342	$	33
Additions	—		—		309
Payments	(9)		(7)		(7)
Net changes in valuations	(165)		(65)		7
Ending balance	$	96	$	270	$	342