Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value of Financial Assets and Liabilities on Recurring Basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


Fair value measurement as of December 31, 2024, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	997	$	—	$	997






Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	—		135		—		135


Equity securities	4,188		—		—		4,188
Derivatives:
Foreign currency forward contracts	—		420		—		420
Cross-currency swap contracts	—		—		—		—
Interest rate swap contracts	—		—		—		—
Total assets	$	14,542	$	1,552	$	—	$	16,094
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	8	$	—	$	8
Cross-currency swap contracts	—		483		—		483
Interest rate swap contracts	—		531		—		531

Contingent consideration obligations	—		—		106		106
Total liabilities	$	—	$	1,022	$	106	$	1,128


Fair value measurement as of December 31, 2023, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—






Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145
Cross-currency swap contracts	—		—		—		—
Interest rate swap contracts	—		—		—		—
Total assets	$	14,780	$	283	$	—	$	15,063

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571

Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188

Contingent Consideration Obligations

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Years ended December 31,
	2024		2023		2022
Beginning balance	$	96	$	270	$	342

Payments	(8)		(9)		(7)
Net changes in valuations	18		(165)		(65)
Ending balance	$	106	$	96	$	270