Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule 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 March 31, 2024	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	120	$	—	$	—	$	120
U.S. treasury securities	—		320		—		320
Corporate securities and commercial paper	—		601		—		601
U.S. government agency obligations	—		43		—		43
Certificate of deposit	—		11		—		11
Total assets measured at fair value	$	120	$	975	$	—	$	1,095
Liabilities
Liability for sale of future royalties	$	—	$	—	$	20	$	20
Total liabilities measured at fair value	$	—	$	—	$	20	$	20

Fair value measurement as of December 31, 2023	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	85	$	—	$	—	$	85
U.S. treasury securities	—		213		—		213
Corporate securities and commercial paper	—		471		—		471
U.S. government agency obligations	—		90		—		90
Certificate of deposit	—		7		—		7
Total assets measured at fair value	$	85	$	781	$	—	$	866
Liabilities
Liability for sale of future royalties	$	—	$	—	$	19	$	19
Total liabilities measured at fair value	$	—	$	—	$	19	$	19

Summary of Changes of Liabilities for Sale of Future Royalties

The liability for sale of future royalties is reported in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets and changes were as follows (in millions):

	Three Months Ended March 31,
	2024		2023
Beginning balance	$	19	$	17
Interest accretion	1		1
Ending balance	$	20	$	18