Fair Value Measurements (Tables)

12 Months Ended

Dec. 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:


	December 31, 2020								December 31, 2019
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale debt securities:
U.S. treasury securities	$	309	$	—	$	—	$	309	$	2,433	$	—	$	—	$	2,433
Certificates of deposit	—		216		—		216		—		3,517		—		3,517
U.S. government agencies securities	—		—		—		—		—		1,081		—		1,081
Non-U.S. government securities	—		43		—		43		—		174		—		174
Corporate debt securities	—		1,142		—		1,142		—		9,204		—		9,204
Residential mortgage and asset-backed securities	—		316		—		316		—		91		—		91
Equity securities:
Equity investment in Galapagos	1,648		—		—		1,648		3,477		—		—		3,477
Money market funds	4,361		—		—		4,361		7,069		—		—		7,069
Other publicly traded equity securities	743		—		—		743		322		—		—		322
Deferred compensation plan	218		—		—		218		171		—		—		171
Foreign currency derivative contracts	—		12		—		12		—		37		—		37
Total	$	7,279	$	1,729	$	—	$	9,008	$	13,472	$	14,104	$	—	$	27,576
Liabilities:
Deferred compensation plan	$	218	$	—	$	—	$	218	$	171	$	—	$	—	$	171
Foreign currency derivative contracts	—		121		—		121		—		8		—		8
Total	$	218	$	121	$	—	$	339	$	171	$	8	$	—	$	179

Summary of classification of other equity securities

The following table summarizes the classification of our equity securities in our Consolidated Balance Sheets:


(in millions)	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	4,361	$	7,069
Prepaid and other current assets	853		319
Other long-term assets	1,756		3,651
Total	$	6,970	$	11,039