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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES | 12 Months Ended
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Dec. 31, 2023
Debt Securities, Available-for-Sale [Abstract] |
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES | AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES Available-for-Sale Debt Securities The following table summarizes our available-for-sale debt securities:
|  | December 31, 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 |  | $ | 427 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 426 |  |  | $ | 415 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 410 |
U.S. government agencies securities |  | 127 |  |  | — |  |  | — |  |  | 127 |  |  | 36 |  |  | — |  |  | — |  |  | 35 |
Non-U.S. government securities |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  | 34 |  |  | — |  |  | — |  |  | 34 |
Certificates of deposit |  | 45 |  |  | — |  |  | — |  |  | 45 |  |  | 54 |  |  | — |  |  | — |  |  | 54 |
Corporate debt securities |  | 1,455 |  |  | 4 |  |  | (8) |  |  | 1,451 |  |  | 1,452 |  |  | — |  |  | (26) |  |  | 1,427 |
Residential mortgage and asset-backed securities |  | 366 |  |  | 1 |  |  | — |  |  | 367 |  |  | 335 |  |  | — |  |  | (3) |  |  | 333 |
Total |  | $ | 2,430 |  |  | $ | 5 |  |  | $ | (10) |  |  | $ | 2,426 |  |  | $ | 2,325 |  |  | $ | 1 |  |  | $ | (34) |  |  | $ | 2,293 |
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, 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 |  | $ | — |  |  | $ | 161 |  |  | $ | (1) |  |  | $ | 48 |  |  | $ | (1) |  |  | $ | 209 |
U.S. government agencies securities |  | — |  |  | 106 |  |  | — |  |  | 2 |  |  | — |  |  | 108 |
Non-U.S. government securities |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | 10 |
Corporate debt securities |  | (1) |  |  | 333 |  |  | (7) |  |  | 546 |  |  | (8) |  |  | 878 |
Residential mortgage and asset-backed securities |  | — |  |  | 123 |  |  | — |  |  | 24 |  |  | — |  |  | 147 |
Total |  | $ | (2) |  |  | $ | 727 |  |  | $ | (8) |  |  | $ | 624 |  |  | $ | (10) |  |  | $ | 1,351 |
|  | 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 |
No allowance for credit losses was recognized for investments with unrealized losses as of December 31, 2023, as the unrealized losses were primarily driven by broader change in interest rates with no adverse conditions identified that would prevent the issuer from making scheduled principal and interest payments. We do not currently intend to sell, and it is not more likely than not that we will be required to sell, such investments before recovery of their amortized cost bases. The following table summarizes the classification of our available-for-sale debt securities in our Consolidated Balance Sheets:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Cash and cash equivalents |  | $ | 83 |  |  | $ | 75 |
Short-term marketable debt securities |  | 1,179 |  |  | 973 |
Long-term marketable debt securities |  | 1,163 |  |  | 1,245 |
Total |  | $ | 2,426 |  |  | $ | 2,293 |
The following table summarizes our available-for-sale debt securities by contractual maturity:
|  | December 31, 2023
(in millions) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 1,267 |  |  | $ | 1,262 |
After one year through five years |  | 1,153 |  |  | 1,153 |
After five years through ten years |  | 9 |  |  | 9 |
After ten years |  | 2 |  |  | 2 |
Total |  | $ | 2,430 |  |  | $ | 2,426 |
Equity Securities The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Equity securities measured at fair value: |  |  |  |
Cash and cash equivalents |  | $ | 4,465 |  |  | $ | 3,831 |
Prepaid and other current assets |  | 1,086 |  |  | 473 |
Other long-term assets |  | 656 |  |  | 943 |
Equity method investments and other equity investments without readily determinable fair values: |  |  |  |
Other long-term assets |  | $ | 340 |  |  | $ | 423 |
Total |  | $ | 6,547 |  |  | $ | 5,671 |
For our equity method investments in Galapagos and Arcus Biosciences, Inc. (“Arcus”), 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 subject to certain lock-up provisions until August 2024 and was classified in Prepaid and other current assets and Other long-term assets as of December 31, 2023 and 2022 at $686 million and $736 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of December 31, 2023 and 2022 at $283 million and $286 million, respectively. Unrealized Gains and Losses The following table summarizes net unrealized gains and losses on equity securities still held as of the respective balance sheet dates, included in Other income (expense), net on our Consolidated Statements of Income:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Net unrealized losses on equity securities still held |  | $ | 60 |  |  | $ | 684 |  |  | $ | 647 |
Related Party Transaction During the years ended December 31, 2022 and 2021, Gilead donated certain equity securities at fair value to the Gilead Foundation, a California nonprofit public benefit corporation (the “Foundation”). The Foundation is a related party as certain of our officers also serve as directors of the Foundation. The donation expense of $85 million and $212 million was recorded within Selling, general and administrative expenses on our Consolidated Statements of Income during the years ended December 31, 2022 and 2021, respectively.

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