Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 (in millions):



	March 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale debt securities:
U.S. treasury securities	$	2,072	$	—	$	—	$	2,072	$	2,433	$	—	$	—	$	2,433
Certificates of deposit	—		3,201		—		3,201		—		3,517		—		3,517
U.S. government agencies securities	—		134		—		134		—		1,081		—		1,081
Non-U.S. government securities	—		22		—		22		—		174		—		174
Corporate debt securities	—		9,235		—		9,235		—		9,204		—		9,204
Residential mortgage and asset-backed securities	—		256		—		256		—		91		—		91
Equity securities:
Equity investment in Galapagos	3,316		—		—		3,316		3,477		—		—		3,477
Money market funds	7,763		—		—		7,763		7,069		—		—		7,069
Other publicly traded equity securities	239		—		—		239		322		—		—		322
Deferred compensation plan	156		—		—		156		171		—		—		171
Foreign currency derivative contracts	—		76		—		76		—		37		—		37
Total	$	13,546	$	12,924	$	—	$	26,470	$	13,472	$	14,104	$	—	$	27,576
Liabilities:
Deferred compensation plan	$	156	$	—	$	—	$	156	$	171	$	—	$	—	$	171
Foreign currency derivative contracts	—		5		—		5		—		8		—		8
Total	$	156	$	5	$	—	$	161	$	171	$	8	$	—	$	179

Summary of classification of other equity securities

The following table summarizes the classification of our equity securities in our Condensed Consolidated Balance Sheets (in millions):



	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	7,763	$	7,069
Prepaid and other current assets	239		319
Other long-term assets	3,472		3,651
Total	$	11,474	$	11,039