v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
Fair value measurement as of June 30, 2025Level 1Level 2Level 3Total
Assets
Money market funds$187 $— $— $187 
U.S. treasury securities— 229 — 229 
Corporate securities and commercial paper— 485 — 485 
U.S. government agency obligations— 2 — 2 
Certificate of deposit— 24 — 24 
Total assets measured at fair value$187 $740 $— $927 
Fair value measurement as of December 31, 2024Level 1Level 2Level 3Total
Assets
Money market funds$120 $— $— $120 
U.S. treasury securities— 251 — 251 
Corporate securities and commercial paper— 592 — 592 
U.S. government agency obligations— 5 — 5 
Certificate of deposit— 24 — 24 
Total assets measured at fair value$120 $872 $— $992 
Liabilities    
Liability for sale of future royalties$— $— $21 $21 
Total liabilities measured at fair value$— $— $21 $21 
Summary of Changes of Liabilities for Sale of Future Royalties
The liability is reported in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets and changes were as follows (in millions):
Six Months Ended June 30,
20252024
Beginning balance$21 $19 
Interest accretion— 1 
Ending balance$21 $20