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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Securities, Available-for-Sale [Abstract] |
Summary of 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, 2023 |  | December 31, 2022
(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 |  | $ | 430 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 428 |  |  | $ | 415 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 410 |
U.S. government agencies securities |  | 153 |  |  | — |  |  | (1) |  |  | 152 |  |  | 36 |  |  | — |  |  | — |  |  | 35 |
Non-U.S. government securities |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  | 34 |  |  | — |  |  | — |  |  | 34 |
Certificates of deposit |  | 97 |  |  | — |  |  | — |  |  | 97 |  |  | 54 |  |  | — |  |  | — |  |  | 54 |
Corporate debt securities |  | 1,351 |  |  | — |  |  | (17) |  |  | 1,334 |  |  | 1,452 |  |  | — |  |  | (26) |  |  | 1,427 |
Residential mortgage and asset-backed securities |  | 362 |  |  | — |  |  | (1) |  |  | 361 |  |  | 335 |  |  | — |  |  | (3) |  |  | 333 |
Total |  | $ | 2,403 |  |  | $ | — |  |  | $ | (21) |  |  | $ | 2,382 |  |  | $ | 2,325 |  |  | $ | 1 |  |  | $ | (34) |  |  | $ | 2,293 |
Summary of Available-for-Sale Debt Securities in a Continuous 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:
|  | September 30, 2023
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(in millions) |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. treasury securities |  | $ | (1) |  |  | $ | 261 |  |  | $ | (1) |  |  | $ | 71 |  |  | $ | (3) |  |  | $ | 332 |
U.S. government agencies securities |  | (1) |  |  | 150 |  |  | — |  |  | 2 |  |  | (1) |  |  | 152 |
Non-U.S. government securities |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | 10 |
Corporate debt securities |  | (4) |  |  | 549 |  |  | (13) |  |  | 642 |  |  | (17) |  |  | 1,191 |
Residential mortgage and asset-backed securities |  | (1) |  |  | 273 |  |  | — |  |  | 42 |  |  | (1) |  |  | 315 |
Total |  | $ | (7) |  |  | $ | 1,238 |  |  | $ | (14) |  |  | $ | 761 |  |  | $ | (21) |  |  | $ | 2,000 |
|  | December 31, 2022
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(in millions) |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated 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 |
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 |
Summary of the Balance Sheet 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, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $ | 67 |  |  | $ | 75 |
Short-term marketable debt securities |  | 1,159 |  |  | 973 |
Long-term marketable debt securities |  | 1,156 |  |  | 1,245 |
Total |  | $ | 2,382 |  |  | $ | 2,293 |
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, 2023
(in millions) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 1,233 |  |  | $ | 1,226 |
After one year through five years |  | 1,161 |  |  | 1,147 |
After five years through ten years |  | 6 |  |  | 6 |
After ten years |  | 3 |  |  | 3 |
Total |  | $ | 2,403 |  |  | $ | 2,382 |
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:
(in millions) |  | September 30, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $ | 4,240 |  |  | $ | 3,831 |
Prepaid and other current assets(1) |  | 1,110 |  |  | 473 |
Other long-term assets(1) |  | 244 |  |  | 943 |
Total |  | $ | 5,594 |  |  | $ | 5,248 |
________________________________ (1) Includes our equity method investments in Arcus and Galapagos, 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 Arcus was classified in Prepaid and other current assets as of September 30, 2023 and December 31, 2022. Our investment in Galapagos is subject to certain lock-up provisions until August 2024 and was classified in Prepaid and other current assets and in Other long-term assets as of September 30, 2023 and December 31, 2022, respectively.

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