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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
 9 Months Ended
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, 2023December 31, 2022
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value 
U.S. treasury securities$430 $— $(3)$428 $415 $— $(5)$410 
U.S. government agencies securities153 — (1)152 36 — — 35 
Non-U.S. government securities10 — — 10 34 — — 34 
Certificates of deposit97 — — 97 54 — — 54 
Corporate debt securities1,351 — (17)1,334 1,452 — (26)1,427 
Residential mortgage and asset-backed securities362 — (1)361 335 — (3)333 
Total$2,403 $— $(21)$2,382 $2,325 $1 $(34)$2,293 
Summary of Available-for-Sale Debt Securities in a Continuous Loss Position
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
September 30, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(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)$2,000 
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(2)$174 $(3)$206 $(5)$379 
U.S. government agencies securities— 21 — — — 21 
Non-U.S. government securities— 31 — 3 — 34 
Corporate debt securities(17)774 (8)439 (26)1,213 
Residential mortgage and asset-backed securities(2)205 (1)56 (3)261 
Total$(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, 2023December 31, 2022
Cash and cash equivalents$67 $75 
Short-term marketable debt securities1,159 973 
Long-term marketable debt securities1,156 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 CostFair Value
Within one year$1,233 $1,226 
After one year through five years1,161 1,147 
After five years through ten years6 6 
After ten years3 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, 2023December 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 
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(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.