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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value
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:
 December 31, 2023December 31, 2022
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Available-for-sale debt securities:
U.S. treasury securities$426 $— $— $426 $410 $— $— $410 
U.S. government agencies securities— 127 — 127 — 35 — 35 
Non-U.S. government securities— 10 — 10 — 34 — 34 
Certificates of deposit— 45 — 45 — 54 — 54 
Corporate debt securities— 1,451 — 1,451 — 1,427 — 1,427 
Residential mortgage and asset-backed securities— 367 — 367 — 333 — 333 
Equity securities:
Money market funds4,465 — — 4,465 3,831 — — 3,831 
Publicly traded equity securities(1)
1,458 — — 1,458 1,197 — — 1,197 
Deferred compensation plan284 — — 284 220 — — 220 
Foreign currency derivative contracts— 7 — 7 — 60 — 60 
Total$6,633 $2,007 $— $8,639 $5,658 $1,943 $— $7,600 
Liabilities:
Liability for MYR GmbH (“MYR”) contingent consideration$— $— $228 $228 $— $— $275 $275 
Deferred compensation plan283 — — 283 220 — — 220 
Foreign currency derivative contracts— 59 — 59 — 42 — 42 
Total$283 $59 $228 $570 $220 $42 $275 $538 
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(1)    Publicly traded equity securities include investments in Galapagos NV (“Galapagos”) of $686 million and Arcellx, Inc. (“Arcellx”) of $373 million as of December 31, 2023, which are subject to contractual sale restrictions until August 2024 and June 2025, respectively. See Note 7. Collaborations and Other Arrangements for additional information.
Summary of Estimated Fair Value and Carrying Value of Unsecured Notes and Liability of Future Royalty
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:
December 31,
(in millions)20232022
Fair value$22,567 $21,872 
Carrying value$23,834 $24,088 
The following table summarizes the fair value and carrying value of the liability related to future royalties:
December 31,
(in millions)20232022
Fair value$1,230 $1,090 
Carrying value$1,153 $1,141 
Summary of Change in Fair Value of Contingent Consideration
The following table summarizes the change in fair value of our contingent consideration liability:
Year Ended December 31,
(in millions)20232022
Beginning balance$275 $317 
Changes in valuation assumptions(1)
(60)(21)
Effect of foreign exchange remeasurement(2)
12 (21)
Ending balance(3)
$228 $275 
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(1)    Included in Research and development expenses on our Consolidated Statements of Income. The changes primarily related to changes in assumptions around probability and timing of regulatory approval.
(2)    Included in Other income (expense), net on our Consolidated Statements of Income.
(3)    Included in Other long-term obligations on our Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.