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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets
Significant
other
observable
inputs
Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$1,103 $1,103 $— $— 
Bank time deposits1,560 1,560 — — 
Investments
39 18 — 21 
Insurance contracts
240 — 240 — 
Derivative contracts
460 — 460 — 
Total assets
$3,401 $2,680 $700 $21 
Liabilities
Derivative contracts
$59 $— $59 $— 
Contingent consideration
13 — — 13 
Total liabilities
$72 $— $59 $13 
December 31,Quoted
prices in
active
markets
Significant
other
observable
inputs
Significant
unobservable
inputs
(In millions)2023(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,021 $5,021 $— $— 
Bank time deposits— — 
Investments
20 20 — — 
Insurance contracts
210 — 210 — 
Derivative contracts
— — 
Total assets
$5,262 $5,044 $218 $— 
Liabilities
Derivative contracts
$290 $— $290 $— 
Contingent consideration
87 — — 87 
Total liabilities
$377 $— $290 $87 
Schedule of Fair Value of Investments
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.
(In millions)20242023
Contingent consideration
Beginning balance
$87 $174 
Acquisitions (including assumed balances)
— 
Payments
(2)(63)
Changes in fair value included in earnings
(73)(25)
Ending balance
$13 $87 
The following table provides a rollforward of investments classified as level 3:
(In millions)2024
Investments
Beginning balance
$— 
Purchases
21 
Ending balance
$21 
Schedule of the Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2024December 31, 2023
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$30,999 $28,454 $34,650 $32,191 
Other
73 73 77 77 
$31,072 $28,527 $34,727 $32,268 
Schedule of Carrying Value and Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2024December 31, 2023
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$30,999 $28,454 $34,650 $32,191 
Other
73 73 77 77 
$31,072 $28,527 $34,727 $32,268