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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | December 31, 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 |  | $ | 426 |  |  | $ | — |  |  | $ | — |  |  | $ | 426 |  |  | $ | 410 |  |  | $ | — |  |  | $ | — |  |  | $ | 410 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies securities |  | — |  |  | 127 |  |  | — |  |  | 127 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. government securities |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | 34 |  |  | — |  |  | 34 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | — |  |  | 45 |  |  | — |  |  | 45 |  |  | — |  |  | 54 |  |  | — |  |  | 54 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | — |  |  | 1,451 |  |  | — |  |  | 1,451 |  |  | — |  |  | 1,427 |  |  | — |  |  | 1,427 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage and asset-backed securities |  | — |  |  | 367 |  |  | — |  |  | 367 |  |  | — |  |  | 333 |  |  | — |  |  | 333 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 4,465 |  |  | — |  |  | — |  |  | 4,465 |  |  | 3,831 |  |  | — |  |  | — |  |  | 3,831 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities(1) |  | 1,458 |  |  | — |  |  | — |  |  | 1,458 |  |  | 1,197 |  |  | — |  |  | — |  |  | 1,197 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | 284 |  |  | — |  |  | — |  |  | 284 |  |  | 220 |  |  | — |  |  | — |  |  | 220 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivative contracts |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 60 |  |  | — |  |  | 60 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 6,633 |  |  | $ | 2,007 |  |  | $ | — |  |  | $ | 8,639 |  |  | $ | 5,658 |  |  | $ | 1,943 |  |  | $ | — |  |  | $ | 7,600 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability for MYR GmbH (“MYR”) contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 228 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 275 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | 283 |  |  | — |  |  | — |  |  | 283 |  |  | 220 |  |  | — |  |  | — |  |  | 220 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivative contracts |  | — |  |  | 59 |  |  | — |  |  | 59 |  |  | — |  |  | 42 |  |  | — |  |  | 42 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 283 |  |  | $ | 59 |  |  | $ | 228 |  |  | $ | 570 |  |  | $ | 220 |  |  | $ | 42 |  |  | $ | 275 |  |  | $ | 538 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
_______________________________ (1) Publicly traded equity securities include investments in Galapagos NV (“Galapagos”) of $686 million and Arcellx, Inc. (“Arcellx”) of $373 million as of December 31, 2023, which are subject to contractual sale restrictions until August 2024 and June 2025, respectively. See Note 7. Collaborations and Other Arrangements for additional information.
Summary of Estimated Fair Value and Carrying Value of Unsecured Notes and Liability of Future Royalty | The following table summarizes the total estimated fair value and carrying value of our senior unsecured notes, determined using Level 2 inputs based on their quoted market values:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Fair value |  | $ | 22,567 |  |  | $ | 21,872 |
Carrying value |  | $ | 23,834 |  |  | $ | 24,088 |
The following table summarizes the fair value and carrying value of the liability related to future royalties:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Fair value |  | $ | 1,230 |  |  | $ | 1,090 |
Carrying value |  | $ | 1,153 |  |  | $ | 1,141 |
Summary of Change in Fair Value of Contingent Consideration | The following table summarizes the change in fair value of our contingent consideration liability:
|  | Year Ended December 31, |
(in millions) |  | 2023 |  | 2022 |
Beginning balance |  | $ | 275 |  |  | $ | 317 |  |
Changes in valuation assumptions(1) |  | (60) |  |  | (21) |  |
Effect of foreign exchange remeasurement(2) |  | 12 |  |  | (21) |  |
Ending balance(3) |  | $ | 228 |  |  | $ | 275 |  |
________________________________ (1) Included in Research and development expenses on our Consolidated Statements of Income. The changes primarily related to changes in assumptions around probability and timing of regulatory approval. (2) Included in Other income (expense), net on our Consolidated Statements of Income. (3) Included in Other long-term obligations on our Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

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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 + 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 -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 + Details
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