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EQUITY SECURITIES
 3 Months Ended
Mar. 31, 2025
Equity Securities [Abstract]  
EQUITY SECURITIES EQUITY SECURITIES
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:
(in millions)March 31, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents$6,255 $8,502 
Prepaid and other current assets1,204 1,577 
Other long-term assets325 327 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets(1)
359 386 
Total$8,143 $10,791 
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(1)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
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 as discussed in Note 6. Acquisitions, Collaborations and Other Arrangements and was classified in Prepaid and other current assets as of March 31, 2025 and December 31, 2024 at $419 million and $462 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of March 31, 2025 and December 31, 2024 at $247 million and $448 million, respectively.
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months Ended
March 31,
(in millions)20252024
Unrealized loss, net$436 $15