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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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:

						September 30, 2023																								December 31, 2022
(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						$	428					$	—					$	—					$	428					$	410					$	—					$	—					$	410
U.S. government agencies securities						—						152						—						152						—						35						—						35
Non-U.S. government securities						—						10						—						10						—						34						—						34
Certificates of deposit						—						97						—						97						—						54						—						54
Corporate debt securities						—						1,334						—						1,334						—						1,427						—						1,427
Residential mortgage and asset-backed securities						—						361						—						361						—						333						—						333
Equity securities:
Money market funds						4,240						—						—						4,240						3,831						—						—						3,831
Equity investment in Galapagos NV (“Galapagos”)						571						—						—						571						736						—						—						736
Equity investment in Arcus Biosciences, Inc. (“Arcus”)						266						—						—						266						286						—						—						286
Other publicly traded equity securities						257						—						—						257						175						—						—						175
Deferred compensation plan						259						—						—						259						220						—						—						220
Foreign currency derivative contracts						—						67						—						67						—						60						—						60
Total						$	6,021					$	2,021					$	—					$	8,042					$	5,658					$	1,943					$	—					$	7,600
Liabilities:
Liability for MYR GmbH (“MYR”) contingent consideration						$	—					$	—					$	275					$	275					$	—					$	—					$	275					$	275
Deferred compensation plan						258						—						—						258						220						—						—						220
Foreign currency derivative contracts						—						8						—						8						—						42						—						42
Total						$	258					$	8					$	275					$	540					$	220					$	42					$	275					$	538

Summary of Change in Fair Value of Contingent Consideration

The following table summarizes the change in fair value of our contingent consideration liability:

						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(in millions)						2023						2022						2023						2022
Beginning balance						$	288					$	306					$	275					$	317
Changes in valuation assumptions(1)						(2)						(30)						3						(19)
Effect of foreign exchange remeasurement(2)						(11)						(27)						(4)						(49)
Ending balance						$	275					$	249					$	275					$	249

________________________________

(1)    Included in Research and development expenses on our Condensed Consolidated Statements of Income. The changes primarily related to increasing discount rates and updated probability rate estimates.

(2)    Included in Other income (expense), net on our Condensed Consolidated Statements of Income.

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- References

No definition available.

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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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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