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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 426 |  |  | $ | — |  |  | $ | — |  |  | $ | 426 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | — |  |  | 127 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. government securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45 |  |  | — |  |  | 45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,451 |  |  | — |  |  | 1,451 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage and asset-backed securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 367 |  |  | — |  |  | 367 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 8,502 |  |  | — |  |  | — |  |  | 8,502 |  |  | 4,465 |  |  | — |  |  | — |  |  | 4,465 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities(2) |  | 1,561 |  |  | — |  |  | — |  |  | 1,561 |  |  | 1,458 |  |  | — |  |  | — |  |  | 1,458 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | 343 |  |  | — |  |  | — |  |  | 343 |  |  | 284 |  |  | — |  |  | — |  |  | 284 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivative contracts |  | — |  |  | 128 |  |  | — |  |  | 128 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 10,405 |  |  | $ | 128 |  |  | $ | — |  |  | $ | 10,533 |  |  | $ | 6,633 |  |  | $ | 2,007 |  |  | $ | — |  |  | $ | 8,639 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  | $ | — |  |  | $ | — |  |  | $ | 206 |  |  | $ | 206 |  |  | $ | — |  |  | $ | — |  |  | $ | 228 |  |  | $ | 228 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan |  | 343 |  |  | — |  |  | — |  |  | 343 |  |  | 283 |  |  | — |  |  | — |  |  | 283 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivative contracts |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 59 |  |  | — |  |  | 59 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 343 |  |  | $ | 3 |  |  | $ | 206 |  |  | $ | 552 |  |  | $ | 283 |  |  | $ | 59 |  |  | $ | 228 |  |  | $ | 570 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
_______________________________ (1) During the three months ended March 31, 2024, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) discussed in Note 6. Acquisitions. (2) Publicly traded equity securities include our investment in Arcellx, Inc. (“Arcellx”) of $515 million as of December 31, 2024, which is subject to contractual sale restrictions until June 2025. See Note 7. Collaborations and Other Arrangements for additional information.
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) |  | 2024 |  | 2023 |
Beginning balance |  | $ | 228 |  |  | $ | 275 |  |
Changes in valuation assumptions(1) |  | (7) |  |  | (60) |  |
Effect of foreign exchange remeasurement(2) |  | (14) |  |  | 12 |  |
Ending balance(3) |  | $ | 206 |  |  | $ | 228 |  |
_______________________________ (1) Included in Research and development expenses on our Consolidated Statements of Operations. The change in 2023 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 Operations. (3) Included in Other long-term obligations on our Consolidated Balance Sheets.
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) |  | 2024 |  | 2023
Fair value |  | $ | 23,335 |  |  | $ | 22,567 |
Carrying value |  | $ | 25,562 |  |  | $ | 23,834 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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