FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

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