Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale debt securities:
U.S. treasury securities	$	2,238	$	—	$	—	$	2,238	$	2,433	$	—	$	—	$	2,433
Certificates of deposit	—		2,136		—		2,136		—		3,517		—		3,517
U.S. government agencies securities	—		71		—		71		—		1,081		—		1,081
Non-U.S. government securities	—		220		—		220		—		174		—		174
Corporate debt securities	—		7,525		—		7,525		—		9,204		—		9,204
Residential mortgage and asset-backed securities	—		1,209		—		1,209		—		91		—		91
Equity securities:
Equity investment in Galapagos	2,361		—		—		2,361		3,477		—		—		3,477
Money market funds	11,430		—		—		11,430		7,069		—		—		7,069
Other publicly traded equity securities	619		—		—		619		322		—		—		322
Deferred compensation plan	200		—		—		200		171		—		—		171
Foreign currency derivative contracts	—		6		—		6		—		37		—		37
Total	$	16,848	$	11,167	$	—	$	28,015	$	13,472	$	14,104	$	—	$	27,576
Liabilities:
Deferred compensation plan	$	200	$	—	$	—	$	200	$	171	$	—	$	—	$	171
Foreign currency derivative contracts	—		50		—		50		—		8		—		8
Total	$	200	$	50	$	—	$	250	$	171	$	8	$	—	$	179

Summary of classification of equity securities

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


	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	11,430	$	7,069
Prepaid and other current assets	986		319
Other long-term assets	2,194		3,651
Total	$	14,610	$	11,039