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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Foreign exchange contracts	$	2	$	—	$	2	$	—

Available-for-sale debt securities	1		—		—		1
Marketable equity securities	14		14		—		—
Total	$	17	$	14	$	2	$	1
Liabilities
Foreign exchange contracts	$	1	$	—	$	1	$	—

Contingent payments related to acquisitions	12		—		—		12
Indemnifications related to Kidney Care separation1	56		—		—		56
Total	$	69	$	—	$	1	$	68

1 See Note 2 for additional information.


			Basis of fair value measurement
(in millions)	Balance as of December 31, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Foreign exchange contracts	$	7	$	—	$	7	$	—

Available-for-sale debt securities	1		—		—		1
Marketable equity securities	13		13		—		—
Total	$	21	$	13	$	7	$	1
Liabilities
Foreign exchange contracts	$	2	$	—	$	2	$	—

Contingent payments related to acquisitions	12		—		—		12
Total	$	14	$	—	$	2	$	12

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,
	2025						2024
(in millions)	Indemnifications related to Kidney Care separation		Contingent payments related to acquisitions		Available-for-sale debt securities		Contingent payments related to acquisitions		Available-for-sale debt securities
Fair value at beginning of period	$	37	$	12	$	1	$	14	$	1
Additions	19		—		—		—		—





Fair value at end of period	$	56	$	12	$	1	$	14	$	1



	Six Months Ended June 30,
	2025						2024
(in millions)	Indemnifications related to Kidney Care separation		Contingent payments related to acquisitions		Available-for-sale debt securities		Contingent payments related to acquisitions		Available-for-sale debt securities
Fair value at beginning of period	$	—	$	12	$	1	$	14	$	1
Additions	56		—		—		—		—





Fair value at end of period	$	56	$	12	$	1	$	14	$	1

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, 2025 and December 31, 2024.


	Book values				Fair values(a)
(in millions)	2025		2024		2025		2024
Liabilities
Short-term debt	$	6	$	2,126	$	6	$	2,126
Current maturities of long-term debt and finance lease obligations	2		626		2		619
Long-term debt and finance lease obligations	9,492		10,374		8,540		9,295

(a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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