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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
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 as of December 31, 2023:
|  |  |  | December 31, 2023
(in millions) |  |  |  |  |  |  |  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. treasury securities |  |  |  |  |  |  |  |  |  | $ | 427 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 426 |
U.S. government agencies securities |  |  |  |  |  |  |  |  |  | 127 |  |  | — |  |  | — |  |  | 127 |
Non-U.S. government securities |  |  |  |  |  |  |  |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Certificates of deposit |  |  |  |  |  |  |  |  |  | 45 |  |  | — |  |  | — |  |  | 45 |
Corporate debt securities |  |  |  |  |  |  |  |  |  | 1,455 |  |  | 4 |  |  | (8) |  |  | 1,451 |
Residential mortgage and asset-backed securities |  |  |  |  |  |  |  |  |  | 366 |  |  | 1 |  |  | — |  |  | 367 |
Total |  |  |  |  |  |  |  |  |  | $ | 2,430 |  |  | $ | 5 |  |  | $ | (10) |  |  | $ | 2,426 |
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, as of December 31, 2023:
|  | 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 |
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 as of December 31, 2023:
(in millions) |  |  |  | December 31, 2023
Cash and cash equivalents |  |  |  | $ | 83 |
Short-term marketable debt securities |  |  |  | 1,179 |
Long-term marketable debt securities |  |  |  | 1,163 |
Total |  |  |  | $ | 2,426 |
Summary of Equity Securities | The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:
(in millions) |  | June 30, 2024 |  | December 31, 2023
Equity securities measured at fair value: |  |  |  |
Cash and cash equivalents |  | $ | 1,525 |  |  | $ | 4,465 |
Prepaid and other current assets |  | 1,426 |  |  | 1,086 |
Other long-term assets |  | 330 |  |  | 656 |
Equity method investments and other equity investments without readily determinable fair values: |  |  |  |
Other long-term assets |  | 376 |  |  | $ | 340 |
Total |  | $ | 3,657 |  |  | $ | 6,547 |
Summary of Net Unrealized Gains and Losses on Equity Securities | 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 Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized loss (gain) from equity securities still held, net |  | $ | 392 |  |  | $ | (69) |  |  | $ | 412 |  |  | $ | 121 |

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