v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 December 31, 2024Level 1Level 2Level 3Total
Assets
Money market funds$120 $— $— $120 
U.S. treasury securities— 251 — 251 
Corporate securities and commercial paper— 592 — 592 
U.S. government agency obligations— 5 — 5 
Certificate of deposit— 24 — 24 
Total assets measured at fair value$120 $872 $— $992 
Liabilities
Liability for sale of future royalties$— $— $21 $21 
Total liabilities measured at fair value$— $— $21 $21 
Fair value measurement as of December 31, 2023Level 1Level 2Level 3Total
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 Consolidated Balance Sheets and changes were as follows (in millions):
Year Ended December 31
20242023
Beginning balance$19 $17 
Interest accretion2 2 
Ending balance$21 $19