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v3.25.1

Acquisitions, Divestitures and Strategic Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination [Abstract] |
Business Combination | The preliminary purchase price was comprised of the amount presented below:
(in millions) | Cortex |  |
Payment for acquisition, net of cash acquired | $ | 239 |  |  |
Fair value of contingent consideration | 38 |  |  |
| $ | 277 |  |  |
Business Combination, Recognized Asset Acquired and Liability Assumed | The final determination of the fair value of certain assets and liabilities will be completed within the measurement period in accordance with FASB ASC Topic 805.
(in millions) | Cortex |
Goodwill | $ | 205 |  |
Amortizable intangible assets | 69 |  |
Other assets acquired | 1 |  |
Net deferred tax assets | 11 |  |
Liabilities assumed | (10) |  |
| $ | 277 |  |
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived | We allocated a portion of the purchase price to the specific intangible asset categories as follows:
| Amount Assigned (in millions) |  | Weighted Average Amortization Period (in years) |  | Risk-Adjusted Discount Rates used in Purchase Price Allocation
Amortizable intangible assets: |  |  |  |  |
Technology-related | $ | 69 |  |  | 13 |  | 18%
| $ | 69 |  |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the fair value of our contingent consideration liability during the first quarter of 2025 associated with prior period acquisitions were as follows:
(in millions) |
Balance as of December 31, 2024 | $ | 171 |
Amount recorded related to current year acquisitions | 38 |
Contingent consideration net expense (benefit) | 5 |
Balance as of March 31, 2025 | $ | 214 |
Fair Value Measurement Inputs and Valuation Techniques | The recurring Level 3 fair value measurements of our contingent consideration liability that we expect to be required to settle include the following significant unobservable inputs:
Contingent Consideration Liability | Fair Value as of March 31, 2025 | Valuation Technique | Unobservable Input | Range | Weighted Average(1) |  |
Revenue-based Payments and Commercialization Milestones | $176 million | Discounted Cash Flow | Discount Rate | 6% | - | 15% | 7% |  |
Probability of Payment | 40% | - | 100% | 96% |  |
Projected Year of Payment | 2025 | - | 2029 | 2027 |  |
Clinical-based and Other Milestones | $38 million | Discounted Cash Flow | Discount Rate | 5% | 5% |  |
Probability of Payment | 81% | 81% |  |
Projected Year of Payment | 2026 | 2026 |  |
(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected year of payment, the amount represents the median of the inputs and is not a weighted average.
Investment | The aggregate carrying amount of our strategic investments was comprised of the following:
| As of
(in millions) | March 31, 2025 |  | December 31, 2024
Equity method investments | $ | 358 |  |  | $ | 278 |
Measurement alternative investments(1, 2) | 297 |  |  | 277 |
| $ | 655 |  |  | $ | 555 |
(1) Measurement alternative investments are privately-held equity securities without readily determinable fair values that are measured at cost less impairment, if any, adjusted to fair value for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer, recognized in Other, net within our accompanying unaudited consolidated statements of operations. (2) Includes publicly-held equity securities measured at fair value with changes in fair value recognized in Other, net within our accompanying unaudited consolidated statements of operations.

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