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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES | 9 Months Ended
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Sep. 30, 2025
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:
|  | September 30, 2025
(in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. treasury securities |  | $ | 755 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 757 |
U.S. government agencies securities |  | 5 |  |  | — |  |  | — |  |  | 5 |
Corporate debt securities |  | 956 |  |  | 6 |  |  | — |  |  | 963 |
Residential mortgage and asset-backed securities |  | 298 |  |  | 1 |  |  | — |  |  | 300 |
Total |  | $ | 2,014 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 2,024 |
There were no available-for-sale debt securities balances as of December 31, 2024. No allowance for credit losses was recognized for investments with unrealized losses as of September 30, 2025 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 on our Condensed Consolidated Balance Sheets:
(in millions) |  | September 30, 2025
Short-term marketable debt securities |  | $ | 19 |
Long-term marketable debt securities |  | 2,005 |
Total |  | $ | 2,024 |
The following table summarizes our available-for-sale debt securities by contractual maturity:
|  | September 30, 2025
(in millions) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 19 |  |  | $ | 19 |
After one year through five years |  | 1,984 |  |  | 1,993 |
After five years through ten years |  | 11 |  |  | 11 |
After ten years |  | — |  |  | — |
Total |  | $ | 2,014 |  |  | $ | 2,024 |
Equity Securities The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Equity securities measured at fair value: |  |  |  |
Cash and cash equivalents |  | $ | 5,745 |  |  | $ | 8,502 |
Prepaid and other current assets: |  |  |  |
Equity method investment in Galapagos – fair value option |  | 570 |  |  | 462 |
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option |  | 427 |  |  | 448 |
Other equity method investments – fair value option(1) |  | 143 |  |  | 53 |
Other |  | 686 |  |  | 614 |
Other long-term assets |  | 380 |  |  | 327 |
Equity method investments and other equity investments without readily determinable fair values: |  |  |  |
Other long-term assets(2) |  | 393 |  |  | 386 |
Total |  | $ | 8,344 |  |  | $ | 10,791 |
________________________________ (1) Mostly comprised of our equity interest in Assembly, which was approximately 27% of outstanding Assembly stock at the time of our latest purchase of shares. (2) 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. 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 |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Unrealized (gain) loss, net, related to fair value option investments |  | $ | (312) |  |  | $ | (68) |  |  | $ | (108) |  |  | $ | 341 |
Unrealized gain, net, related to all other equity investments |  | (182) |  |  | (188) |  |  | (93) |  |  | (186) |
Total unrealized (gain) loss, net |  | $ | (494) |  |  | $ | (257) |  |  | $ | (201) |  |  | $ | 155 |

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