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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Available-for-sale debt securities(1):
U.S. treasury securities$— $— $— $— $426 $— $— $426 
U.S. government agencies securities— — — — — 127 — 127 
Non-U.S. government securities— — — — — 10 — 10 
Certificates of deposit— — — — — 45 — 45 
Corporate debt securities— — — — — 1,451 — 1,451 
Residential mortgage and asset-backed securities— — — — — 367 — 367 
Equity securities:
Money market funds1,550 — — 1,550 4,465 — — 4,465 
Publicly traded equity securities(2)
1,808 — — 1,808 1,458 — — 1,458 
Deferred compensation plan318 — — 318 284 — — 284 
Foreign currency derivative contracts— 39 — 39 — 7 — 7 
Total$3,676 $39 $— $3,715 $6,633 $2,007 $— $8,639 
Liabilities:
Liability for MYR GmbH (“MYR”) contingent consideration$— $— $222 $222 $— $— $228 $228 
Deferred compensation plan318 — — 318 283 — — 283 
Foreign currency derivative contracts— 10 — 10 — 59 — 59 
Total$318 $10 $222 $549 $283 $59 $228 $570 
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(1)    During the three months ended March 31, 2024, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) discussed in Note 6. Acquisitions, Collaborations and Other Arrangements.
(2)    Publicly traded equity securities include investments in Galapagos NV (“Galapagos”) of $535 million and Arcellx, Inc. (“Arcellx”) of $467 million as of March 31, 2024, which are subject to contractual sale restrictions until August 2024 and June 2025, respectively.
Summary of Classification of Equity Securities
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:
(in millions)March 31, 2024December 31, 2023
Fair value$21,930 $22,567 
Carrying value$23,838 $23,834 
Summary of Change in Fair Value of Contingent Consideration
The following table summarizes the change in fair value of our contingent consideration liability:
Three Months Ended
March 31,
(in millions)20242023
Beginning balance$228 $275 
Changes in valuation assumptions(1)
— (3)
Effect of foreign exchange remeasurement(2)
(6)5 
Ending balance(3)
$222 $277 
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(1)    Included in Research and development expenses on our Condensed Consolidated Statements of Operations. The change in 2023 primarily related to an update in expected payment dates.
(2)    Included in Other (income) expense, net on our Condensed Consolidated Statements of Operations.
(3)    Included in Other long-term obligations on our Condensed Consolidated Balance Sheets.