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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | September 30, 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 |  | $ | 360 |  |  | $ | — |  |  | $ | — |  |  | $ | 360 |  |  | $ | 309 |  |  | $ | — |  |  | $ | — |  |  | $ | 309 |
U.S. government agencies securities |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government securities |  | — |  |  | 44 |  |  | — |  |  | 44 |  |  | — |  |  | 43 |  |  | — |  |  | 43 |
Certificates of deposit |  | — |  |  | 361 |  |  | — |  |  | 361 |  |  | — |  |  | 216 |  |  | — |  |  | 216 |
Corporate debt securities |  | — |  |  | 1,272 |  |  | — |  |  | 1,272 |  |  | — |  |  | 1,142 |  |  | — |  |  | 1,142 |
Residential mortgage and asset-backed securities |  | — |  |  | 447 |  |  | — |  |  | 447 |  |  | — |  |  | 316 |  |  | — |  |  | 316 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 2,768 |  |  | — |  |  | — |  |  | 2,768 |  |  | 4,361 |  |  | — |  |  | — |  |  | 4,361 |
Equity investment in Galapagos |  | 881 |  |  | — |  |  | — |  |  | 881 |  |  | 1,648 |  |  | — |  |  | — |  |  | 1,648 |
Other publicly traded equity securities(1) |  | 876 |  |  | — |  |  | — |  |  | 876 |  |  | 743 |  |  | — |  |  | — |  |  | 743 |
Deferred compensation plan |  | 249 |  |  | — |  |  | — |  |  | 249 |  |  | 218 |  |  | — |  |  | — |  |  | 218 |
Foreign currency derivative contracts |  | — |  |  | 55 |  |  | — |  |  | 55 |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Total |  | $ | 5,134 |  |  | $ | 2,184 |  |  | $ | — |  |  | $ | 7,318 |  |  | $ | 7,279 |  |  | $ | 1,729 |  |  | $ | — |  |  | $ | 9,008 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability for MYR GmbH (“MYR”) contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 328 |  |  | $ | 328 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred compensation plan |  | 249 |  |  | — |  |  | — |  |  | 249 |  |  | 218 |  |  | — |  |  | — |  |  | 218 |
Foreign currency derivative contracts |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  | — |  |  | 121 |  |  | — |  |  | 121 |
Total |  | $ | 249 |  |  | $ | 8 |  |  | $ | 328 |  |  | $ | 585 |  |  | $ | 218 |  |  | $ | 121 |  |  | $ | — |  |  | $ | 339 |
________________________________ (1) Includes our equity investment in Arcus Biosciences, Inc. (“Arcus”) of $482 million as of September 30, 2021 recorded in Prepaid and other current assets and $212 million as of December 31, 2020 recorded in Other long-term assets on our Condensed Consolidated Balance Sheets. See Note 9. Collaborations and Other Arrangements for further information.
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) |  | September 30, 2021 |  | December 31, 2020
Cash and cash equivalents |  | $ | 2,768 |  |  | $ | 4,361 |
Prepaid and other current assets(1) |  | 871 |  |  | 853 |
Other long-term assets(1) |  | 1,135 |  |  | 1,756 |
Total |  | $ | 4,774 |  |  | $ | 6,970 |
________________________________ (1) See the table under the Equity Investment in Galapagos NV (“Galapagos”) for more information.
Equity Method Investments | The following table summarizes the classification of our equity investment in Galapagos in our Condensed Consolidated Balance Sheets:
(in millions) |  | September 30, 2021 |  | December 31, 2020
Prepaid and other current assets |  | $ | — |  |  | $ | 351 |
Other long-term assets |  | 881 |  |  | 1,297 |
Total |  | $ | 881 |  |  | $ | 1,648 |

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- 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 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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