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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
September 30,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2023(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$2,662 $2,662 $— $— 
Bank time deposits6 6 — — 
Investments
19 19 — — 
Warrants
11 — 11 — 
Insurance contracts
193 — 193 — 
Derivative contracts
88 — 88 — 
Total assets
$2,979 $2,687 $292 $— 
Liabilities
Derivative contracts
$153 $— $153 $— 
Contingent consideration
81 — — 81 
Total liabilities
$234 $— $153 $81 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2022(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,804 $5,804 $— $— 
Investments
25 25 — — 
Warrants
12 — 12 — 
Insurance contracts
162 — 162 — 
Derivative contracts
79 — 79 — 
Total assets
$6,082 $5,829 $253 $— 
Liabilities
Derivative contracts
$101 $— $101 $— 
Contingent consideration
174 — — 174 
Total liabilities
$275 $— $101 $174 
Rollforward of the Fair Value of Investments The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.
Three months endedNine months ended
September 30,October 1,September 30,October 1,
(In millions)2023202220232022
Contingent consideration
Beginning balance$90 $216 $174 $317 
Acquisitions (including assumed balances)— — 1 (18)
Payments(5)(32)(63)(64)
Changes in fair value included in earnings(4)(16)(31)(67)
Ending balance$81 $168 $81 $168 
Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)September 30, 2023December 31, 2022
Notional amount
Cross-currency interest rate swaps - designated as net investment hedges
$5,650 $2,100 
Currency exchange contracts
1,607 2,434 
Schedule of the Fair Value of Derivative Instruments
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.
 Fair value – assetsFair value – liabilities
 September 30,December 31,September 30,December 31,
(In millions)2023202220232022
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$87 $77 $152 $85 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
1 2 1 16 
Total derivatives$88 $79 $153 $101 
(a)    The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(b)    The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.
Schedule of Derivative Instruments Gains and Losses
 Gain (loss) recognized
Three months endedNine months ended
September 30,October 1,September 30,October 1,
(In millions)2023202220232022
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense
$(1)$(1)$(6)$(3)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
364 658 158 1,691 
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
(56)46 (6)120 
Included in interest expense
35 6 68 12 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
2 3 (1)15 
Included in other income/(expense)
(6)20 (8)32 
Schedule of the Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
September 30, 2023December 31, 2022
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$35,008 $30,700 $33,889 $29,901 
Commercial paper
— — 310 310 
Other
76 76 79 79 
$35,084 $30,776 $34,278 $30,290 
The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.
Schedule of the Carrying Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
September 30, 2023December 31, 2022
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$35,008 $30,700 $33,889 $29,901 
Commercial paper
— — 310 310 
Other
76 76 79 79 
$35,084 $30,776 $34,278 $30,290 
The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.