Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 12

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 12
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 liability has a specified
(contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3:Inputs
to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 inputs include management’s
own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about
risk).

The asset’s or liability’s
fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair
value measurement. The valuation technique used needs to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation
methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024
and 2023. All of the Plan’s assets are invested in the Master Trust.

Self-Directed Brokerage Accounts
– These accounts consist of over-the-counter publicly traded mutual funds that are valued using quoted market prices of the underlying
investments as reported in the active market in which the mutual funds are traded. They are classified within Level 1 of the valuation
hierarchy.

Common Collective Trust Funds
– These funds are investment vehicles consisting of target date funds, index funds, international equity and fixed income funds,
and a U.S. Treasury money market trust. Units held in common collective trust funds are valued at the net asset value (“NAV”)
as a practical expedient as determined by the issuer based on the current fair values of the underlying assets of the fund. Investments
that use NAV as a practical expedient to measure fair value have not been classified in the fair value hierarchy in accordance with Accounting
Standards Codification (“ASC”) Subtopic 820-10.

Separately Managed Accounts–
These investments are individually managed investment accounts that are managed by various investment advisors. The underlying investments
of the accounts include domestic equities including Company stock, corporate and governmental fixed income securities, and short-term
investments. The units held of separately managed accounts are valued at the NAV, as a practical expedient, as determined by the issuers
based on the current fair values of the underlying assets of the separately managed accounts, including any receivables or payables applicable
to the fund. Investments that use NAV as a practical expedient to measure fair value have not been classified in the fair value hierarchy
in accordance with ASC Subtopic 820-10.