v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis.
Basis of fair value measurement
(in millions)Balance as of June 30, 2026Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$$— $$— 
Available-for-sale debt securities— — 
Marketable equity securities— — 
Total$11 $$$
Liabilities
Foreign exchange contracts$$— $$— 
Contingent payments related to acquisitions10 — — 10 
Indemnifications related to Kidney Care separation1
43 — — 43 
Total$56 $— $$53 
1 See Note 2 for additional information.
Basis of fair value measurement
(in millions)Balance as of December 31, 2025Quoted prices in active markets for identical assets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Assets
Available-for-sale debt securities— — 
Marketable equity securities15 15 — — 
Total$16 $15 $— $
Liabilities
Foreign exchange contracts$$— $$— 
Contingent payments related to acquisitions— — 
Indemnifications related to Kidney Care separation1
53 — — 53 
Total$61 $— $$60 
1 See Note 2 for additional information.
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs
The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consist of indemnifications related to the Kidney Care separation, contingent payments related to acquisitions and available-for-sale debt securities.
Three Months Ended June 30,
20262025
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesIndemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$53 $$$37 $12 $
Additions— — — 19 — — 
Change in fair value recognized in earnings— — — — — 
Payments(10)— — — — — 
Fair value at end of period$43 $10 $$56 $12 $
Six Months Ended June 30,
20262025
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesIndemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$53 $$$— $12 $
Additions— — — 56 — — 
Change in fair value recognized in earnings— — — — — 
Payments(10)— — — — — 
Fair value at end of period$43 $10 $$56 $12 $
Book Values and Fair Values of Financial Instruments For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of June 30, 2026 and December 31, 2025.
Book valuesFair values(a)
(in millions)2026202520262025
Liabilities
Current maturities of long-term debt 840 — 828 $— 
Long-term debt 8,577 9,436 7,777 8,714 
(a)    These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.