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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | September 30, 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 |  | $ | 456 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 448 |  |  | $ | 408 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 407 |
U.S. government agencies securities |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Non-U.S. government securities |  | 44 |  |  | — |  |  | — |  |  | 44 |  |  | 50 |  |  | — |  |  | — |  |  | 50 |
Certificates of deposit |  | 65 |  |  | — |  |  | — |  |  | 65 |  |  | 249 |  |  | — |  |  | — |  |  | 249 |
Corporate debt securities |  | 1,397 |  |  | — |  |  | (30) |  |  | 1,367 |  |  | 1,365 |  |  | — |  |  | (2) |  |  | 1,363 |
Residential mortgage and asset-backed securities |  | 350 |  |  | — |  |  | (3) |  |  | 347 |  |  | 425 |  |  | — |  |  | (1) |  |  | 424 |
Total |  | $ | 2,331 |  |  | $ | — |  |  | $ | (40) |  |  | $ | 2,290 |  |  | $ | 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) |  | September 30, 2022 |  | December 31, 2021
Cash and cash equivalents |  | $ | 47 |  |  | $ | 6 |
Short-term marketable debt securities |  | 961 |  |  | 1,182 |
Long-term marketable debt securities |  | 1,282 |  |  | 1,309 |
Total |  | $ | 2,290 |  |  | $ | 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:
|  | September 30, 2022
(in millions) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 1,018 |  |  | $ | 1,008 |
After one year through five years |  | 1,298 |  |  | 1,268 |
After five years through ten years |  | 7 |  |  | 7 |
After ten years |  | 7 |  |  | 7 |
Total |  | $ | 2,331 |  |  | $ | 2,290 |
Summary 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. Prepaid and other current assets and Other long-term assets include our equity method investments in Arcus and Galapagos, respectively, for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments.
(in millions) |  | September 30, 2022 |  | December 31, 2021
Cash and cash equivalents |  | $ | 3,316 |  |  | $ | 3,661 |
Prepaid and other current assets |  | 578 |  |  | 885 |
Other long-term assets |  | 899 |  |  | 1,197 |
Total |  | $ | 4,793 |  |  | $ | 5,743 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
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