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

9 Months Ended

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