Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Summary of assets and liabilities measured at fair value

The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):



	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale debt securities:
U.S. treasury securities	$	2,860	$	—	$	—	$	2,860	$	3,969	$	—	$	—	$	3,969
Certificates of deposit	—		4,152		—		4,152		—		4,361		—		4,361
U.S. government agencies securities	—		1,145		—		1,145		—		938		—		938
Non-U.S. government securities	—		192		—		192		—		305		—		305
Corporate debt securities	—		10,474		—		10,474		—		13,067		—		13,067
Residential mortgage and asset-backed securities	—		230		—		230		—		1,524		—		1,524
Equity securities:
Equity investment in Galapagos	2,082		—		—		2,082		622		—		—		622
Money market funds	3,599		—		—		3,599		5,305		—		—		5,305
Publicly traded equity securities	287		9		—		296		259		—		—		259
Deferred compensation plan	159		—		—		159		124		—		—		124
Foreign currency derivative contracts	—		80		—		80		—		78		—		78
Total	$	8,987	$	16,282	$	—	$	25,269	$	10,279	$	20,273	$	—	$	30,552
Liabilities:
Deferred compensation plan	$	159	$	—	$	—	$	159	$	124	$	—	$	—	$	124
Foreign currency derivative contracts	—		1		—		1		—		1		—		1
Total	$	159	$	1	$	—	$	160	$	124	$	1	$	—	$	125

Summary of classification of Galapagos equity investment

The following table summarizes the classification of our equity investment in Galapagos in our Condensed Consolidated Balance Sheets (in millions):



	September 30, 2019		December 31, 2018
Prepaid and other current assets	$	—	$	622
Other long-term assets	2,082		—
Total	$	2,082	$	622

Summary of classification of other equity securities

The following table summarizes the classification of our other equity securities in our Condensed Consolidated Balance Sheets (in millions):



	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	3,599	$	5,305
Prepaid and other current assets	292		241
Other long-term assets	163		142
Total	$	4,054	$	5,688