AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Debt Securities, Available-for-sale [Abstract]

Reconciliation of Available-for-Sale Debt Securities from Cost Basis to Fair Value

The following table summarizes our available-for-sale debt securities:


	March 31, 2022								December 31, 2021
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	481	$	—	$	(5)	$	476	$	408	$	—	$	(1)	$	407
U.S. government agencies securities	5		—		—		5		4		—		—		4
Non-U.S. government securities	30		—		—		30		50		—		—		50
Certificates of deposit	153		—		—		153		249		—		—		249
Corporate debt securities	1,457		—		(15)		1,442		1,365		—		(2)		1,363
Residential mortgage and asset-backed securities	410		—		(3)		407		425		—		(1)		424
Total	$	2,536	$	—	$	(23)	$	2,514	$	2,501	$	—	$	(4)	$	2,497

Summary of Classification of Available-for-Sale Debt Securities

The following table summarizes the classification of our available-for-sale debt securities in our Condensed Consolidated Balance Sheets:


(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	57	$	6
Short-term marketable debt securities	1,029		1,182
Long-term marketable debt securities	1,427		1,309
Total	$	2,514	$	2,497

Summary of Available-for-Sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale debt securities by contractual maturity:


	March 31, 2022
(in millions)	Amortized Cost		Fair Value
Within one year	$	1,091	$	1,086
After one year through five years	1,414		1,397
After five years	31		31
Total	$	2,536	$	2,514

Summary of Equity Securities

The following table summarizes the classification of our equity securities measured at fair value on a recurring basis, including our equity method investments in Galapagos and Arcus for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments, on our Condensed Consolidated Balance Sheets:


(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	2,360	$	3,661
Prepaid and other current assets	692		885
Other long-term assets	1,286		1,197
Total	$	4,337	$	5,743