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Available-for-sale Debt Securities and Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Securities, Available-for-Sale [Abstract]  
Summary of Available-for-Sale Debt Securities at Estimated Fair Value
The following table summarizes our available-for-sale debt securities:
December 31, 2022December 31, 2021
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$415 $— $(5)$410 $408 $— $(1)$407 
U.S. government agencies securities36 — — 35 4 — — 4 
Non-U.S. government securities34 — — 34 50 — — 50 
Certificates of deposit54 — — 54 249 — — 249 
Corporate debt securities1,452 — (26)1,427 1,365 — (2)1,363 
Residential mortgage and asset-backed securities335 — (3)333 425 — (1)424 
Total$2,325 $1 $(34)$2,293 $2,501 $— $(4)$2,497 
Summary of Available-for-Sale Debt Securities In Continuous Unrealized Loss Position
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(2)$174 $(3)$206 $(5)$379 
U.S. government agencies securities— 21 — — — 21 
Non-U.S. government securities— 31 — 3 — 34 
Certificates of deposit— — — — — — 
Corporate debt securities(17)774 (8)439 (26)1,213 
Residential mortgage and asset-backed securities(2)205 (1)56 (3)261 
Total$(22)$1,204 $(12)$705 $(34)$1,908 
December 31, 2021
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(1)$402 $— $— $(1)$402 
U.S. government agencies securities— 5 — — — 5 
Non-U.S. government securities— 46 — — — 46 
Certificates of deposit— — — — — — 
Corporate debt securities(2)1,159 — — (2)1,159 
Residential mortgage and asset-backed securities(1)410 — 10 (1)420 
Total$(4)$2,022 $— $10 $(4)$2,032 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities in our Consolidated Balance Sheets:
(in millions)December 31, 2022December 31, 2021
Cash and cash equivalents$75 $6 
Short-term marketable debt securities973 1,182 
Long-term marketable debt securities1,245 1,309 
Total$2,293 $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:
December 31, 2022
(in millions)Amortized CostFair Value
Within one year$1,057 $1,048 
After one year through five years1,260 1,236 
After five years through ten years3 3 
After ten years6 6 
Total$2,325 $2,293 
Summary of Equity Securities
The following table summarizes the classification of our equity securities measured at fair value on a recurring basis, on our Consolidated Balance Sheets:
(in millions)December 31, 2022December 31, 2021
Cash and cash equivalents$3,831 $3,661 
Prepaid and other current assets(1)
473 885 
Other long-term assets(1)
943 1,197 
Total$5,248 $5,743 
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(1)     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. Our investment in Galapagos is classified in Other long-term assets due to certain lock-up provisions in our amended subscription agreement with them, which extend to August 2024.