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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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:

						March 31, 2021																								December 31, 2020
(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						$	464					$	—					$	—					$	464					$	309					$	—					$	—					$	309
Certificates of deposit						—						358						—						358						—						216						—						216
Non-U.S. government securities						—						62						—						62						—						43						—						43
Corporate debt securities						—						1,247						—						1,247						—						1,142						—						1,142
Residential mortgage and asset-backed securities						—						347						—						347						—						316						—						316
Equity securities:
Money market funds						2,216						—						—						2,216						4,361						—						—						4,361
Equity investment in Galapagos						1,302						—						—						1,302						1,648						—						—						1,648
Other publicly traded equity securities						968						—						—						968						743						—						—						743
Deferred compensation plan						235						—						—						235						218						—						—						218
Foreign currency derivative contracts						—						32						—						32						—						12						—						12
Total						$	5,185					$	2,046					$	—					$	7,231					$	7,279					$	1,729					$	—					$	9,008
Liabilities:
Liability for MYR contingent consideration						$	—					$	—					$	341					$	341					$	—					$	—					$	—					$	—
Deferred compensation plan						235						—						—						235						218						—						—						218
Foreign currency derivative contracts						—						41						—						41						—						121						—						121
Total						$	235					$	41					$	341					$	617					$	218					$	121					$	—					$	339

Summary of Classification of Equity Securities

The following table summarizes the classification of our equity securities measured at fair value on a recurring basis on our Condensed Consolidated Balance Sheets:

(in millions)						March 31, 2021						December 31, 2020
Cash and cash equivalents						$	2,216					$	4,361
Prepaid and other current assets(1)						797						853
Other long-term assets(1)						1,708						1,756
Total						$	4,721					$	6,970

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(1)     Includes equity investment in Galapagos NV (“Galapagos”)

Equity Method Investments

The following table summarizes the classification of our equity investment in Galapagos in our Condensed Consolidated Balance Sheets:

(in millions)						March 31, 2021						December 31, 2020
Prepaid and other current assets						$	276					$	351
Other long-term assets						1,026						1,297
Total						$	1,302					$	1,648

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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