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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value | The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | June 30, 2022 |  | December 31, 2021
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 427 |  |  | $ | — |  |  | $ | — |  |  | $ | 427 |  |  | $ | 407 |  |  | $ | — |  |  | $ | — |  |  | $ | 407 |
U.S. government agencies securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Non-U.S. government securities |  | — |  |  | 31 |  |  | — |  |  | 31 |  |  | — |  |  | 50 |  |  | — |  |  | 50 |
Certificates of deposit |  | — |  |  | 88 |  |  | — |  |  | 88 |  |  | — |  |  | 249 |  |  | — |  |  | 249 |
Corporate debt securities |  | — |  |  | 1,386 |  |  | — |  |  | 1,386 |  |  | — |  |  | 1,363 |  |  | — |  |  | 1,363 |
Residential mortgage and asset-backed securities |  | — |  |  | 358 |  |  | — |  |  | 358 |  |  | — |  |  | 424 |  |  | — |  |  | 424 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 3,094 |  |  | — |  |  | — |  |  | 3,094 |  |  | 3,661 |  |  | — |  |  | — |  |  | 3,661 |
Equity investment in Galapagos NV (“Galapagos”) |  | 935 |  |  | — |  |  | — |  |  | 935 |  |  | 931 |  |  | — |  |  | — |  |  | 931 |
Equity investment in Arcus Biosciences, Inc. (“Arcus”) |  | 350 |  |  | — |  |  | — |  |  | 350 |  |  | 559 |  |  | — |  |  | — |  |  | 559 |
Other publicly traded equity securities |  | 117 |  |  | — |  |  | — |  |  | 117 |  |  | 331 |  |  | — |  |  | — |  |  | 331 |
Deferred compensation plan |  | 215 |  |  | — |  |  | — |  |  | 215 |  |  | 261 |  |  | — |  |  | — |  |  | 261 |
Foreign currency derivative contracts |  | — |  |  | 136 |  |  | — |  |  | 136 |  |  | — |  |  | 80 |  |  | — |  |  | 80 |
Total |  | $ | 5,138 |  |  | $ | 1,999 |  |  | $ | — |  |  | $ | 7,137 |  |  | $ | 6,150 |  |  | $ | 2,170 |  |  | $ | — |  |  | $ | 8,320 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability for MYR GmbH (“MYR”) contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 306 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | 317 |  |  | $ | 317 |
Deferred compensation plan |  | 215 |  |  | — |  |  | — |  |  | 215 |  |  | 261 |  |  | — |  |  | — |  |  | 261 |
Foreign currency derivative contracts |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Total |  | $ | 215 |  |  | $ | 3 |  |  | $ | 306 |  |  | $ | 523 |  |  | $ | 261 |  |  | $ | 5 |  |  | $ | 317 |  |  | $ | 583 |
Summary of Change in Fair Value of Contingent Consideration | The following table summarizes the change in fair value of our contingent consideration:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Beginning balance |  | $ | 322 |  |  | $ | 341 |  |  | $ | 317 |  |  | $ | — |  |
Additions |  | — |  |  | — |  |  | — |  |  | 341 |  |
Changes in valuation assumptions |  | — |  |  | (1) |  |  | 11 |  |  | (1) |  |
Effect of foreign exchange remeasurement |  | (16) |  |  | (6) |  |  | (22) |  |  | (6) |  |
Ending balance |  | $ | 306 |  |  | $ | 334 |  |  | $ | 306 |  |  | $ | 334 |  |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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