v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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:
June 30, 2026December 31, 2025
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Available-for-sale debt securities(1):
U.S. treasury securities$— $— $— $— $1,224 $— $— $1,224 
U.S. government agencies securities— — — — — 15 — 15 
Corporate debt securities— — — — — 1,398 — 1,398 
Residential mortgage and asset-backed securities— — — — — 407 — 407 
Equity securities:
Money market funds1,563 — — 1,563 6,150 — — 6,150 
Publicly traded equity securities1,676 — — 1,676 1,961 — — 1,961 
Deferred compensation plan458 — — 458 406 — — 406 
Foreign currency derivative contracts— 82 — 82 — 56 — 56 
Total$3,697 $82 $— $3,779 $9,741 $1,875 $— $11,616 
Liabilities:
Contingent consideration liability$— $— $60 $60 $— $— $278 $278 
Deferred compensation plan458 — — 458 406 — — 406 
Foreign currency derivative contracts— 18 — 18 — 72 — 72 
Total$458 $18 $60 $535 $406 $72 $278 $757 
_______________________________
(1)    During 2026, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisitions discussed in Note 6. Acquisitions, Collaborations and Other Arrangements.
Summary of Change in Fair Value of Contingent Consideration Liability
The following table summarizes the changes in fair value of our MYR contingent consideration liability:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Beginning balance$275 $216 $278 $206 
Changes in valuation assumptions(1)
72 35 74 37 
Effect of foreign exchange remeasurement(2)
1 20 (5)27 
Payments(288)— (288)— 
Ending balance(3)
$60 $271 $60 $271 
________________________________
(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 current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025.
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)June 30, 2026December 31, 2025
Fair value$22,262 $22,342 
Carrying value$24,069 $23,827