Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025, 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	$	—	$	998	$	—	$	998






Money market mutual funds	7,395		—		—		7,395
Other short-term interest-bearing securities	—		132		—		132


Equity securities	6,144		—		—		6,144
Derivatives:
Foreign currency forward contracts	—		196		—		196
Cross-currency swap contracts	—		48		—		48

Total assets	$	13,539	$	1,374	$	—	$	14,913
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	214	$	—	$	214
Cross-currency swap contracts	—		320		—		320
Interest rate swap contracts	—		293		—		293

Contingent consideration obligations	—		—		161		161
Total liabilities	$	—	$	827	$	161	$	988


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


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

Schedule of Contingent Consideration Obligations

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


	Years ended December 31,
	2025		2024
Beginning balance	$	106	$	96
Additions	68		—
Payments	(7)		(8)
Net changes in valuations	(6)		18
Ending balance	$	161	$	106