XML 50 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration