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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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:

						March 31, 2025																								December 31, 2024
(in millions)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Equity securities:
Money market funds						$	6,255					$	—					$	—					$	6,255					$	8,502					$	—					$	—					$	8,502
Publicly traded equity securities(1)						1,189						—						—						1,189						1,561						—						—						1,561
Deferred compensation plan						340						—						—						340						343						—						—						343
Foreign currency derivative contracts						—						44						—						44						—						128						—						128
Total						$	7,784					$	44					$	—					$	7,828					$	10,405					$	128					$	—					$	10,533
Liabilities:
Contingent consideration liability						$	—					$	—					$	216					$	216					$	—					$	—					$	206					$	206
Deferred compensation plan						340						—						—						340						343						—						—						343
Foreign currency derivative contracts						—						28						—						28						—						3						—						3
Total						$	340					$	28					$	216					$	584					$	343					$	3					$	206					$	552

_______________________________

(1)    Publicly traded equity securities include our investments in Arcellx, Inc. (“Arcellx”) of $441 million and Galapagos NV (“Galapagos”) of $419 million as of March 31, 2025, which are subject to contractual sale restrictions. Our investment in Arcellx is restricted until June 2025, and our investment in Galapagos is currently restricted as described further in Note 6. Acquisitions, Collaborations and Other Arrangements.

Summary of Change in Fair Value of Contingent Consideration Liability

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

						Three Months Ended
						March 31,
(in millions)						2025						2024
Beginning balance						$	206					$	228
Changes in valuation assumptions(1)						2						—
Effect of foreign exchange remeasurement(2)						7						(6)
Ending balance(3)						$	216					$	222

________________________________

(1)    Included in Research and development expenses on our Condensed Consolidated Statements of Operations.

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

(3)    Included in Other long-term liabilities on our Condensed Consolidated Balance Sheets.

Summary of Total Estimated Fair Value and Carrying Value of Senior Unsecured Notes

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:

(in millions)						March 31, 2025						December 31, 2024
Fair value						$	21,886					$	23,335
Carrying value						$	23,816					$	25,562

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

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-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

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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

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Publisher FASB
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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

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-Subparagraph (a)
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