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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
 3 Months Ended
Mar. 31, 2023
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:
March 31, 2023December 31, 2022
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value 
U.S. treasury securities$346 $— $(2)$344 $415 $— $(5)$410 
U.S. government agencies securities156 — — 155 36 — — 35 
Non-U.S. government securities23 — — 23 34 — — 34 
Certificates of deposit90 — — 90 54 — — 54 
Corporate debt securities1,400 1 (21)1,379 1,452 — (26)1,427 
Residential mortgage and asset-backed securities336 — (2)335 335 — (3)333 
Total$2,350 $2 $(26)$2,326 $2,325 $1 $(34)$2,293 
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
March 31, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(1)$89 $(2)$177 $(2)$266 
U.S. government agencies securities— 108 — — — 108 
Non-U.S. government securities— 23 — — — 23 
Corporate debt securities(6)451 (16)651 (21)1,102 
Residential mortgage and asset-backed securities(1)192 (1)53 (2)245 
Total$(8)$862 $(18)$880 $(26)$1,743 
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(2)$174 $(3)$206 $(5)$379 
U.S. government agencies securities— 21 — — — 21 
Non-U.S. government securities— 31 — 3 — 34 
Corporate debt securities(17)774 (8)439 (26)1,213 
Residential mortgage and asset-backed securities(2)205 (1)56 (3)261 
Total$(22)$1,204 $(12)$705 $(34)$1,908 
No allowance for credit losses was recognized for investments with unrealized losses as of March 31, 2023 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 in our Condensed Consolidated Balance Sheets:
(in millions)March 31, 2023December 31, 2022
Cash and cash equivalents$63 $75 
Short-term marketable debt securities936 973 
Long-term marketable debt securities1,327 1,245 
Total$2,326 $2,293 
The following table summarizes our available-for-sale debt securities by contractual maturity:
March 31, 2023
(in millions)Amortized CostFair Value
Within one year$1,006 $999 
After one year through five years1,325 1,308 
After five years through ten years14 14 
After ten years5 5 
Total$2,350 $2,326 
Equity Securities
Equity Securities Measured at Fair Value
The following table summarizes the classification of our equity securities measured at fair value on a recurring basis, on our Condensed Consolidated Balance Sheets:
(in millions)March 31, 2023December 31, 2022
Cash and cash equivalents$3,175 $3,831 
Prepaid and other current assets(1)
394 473 
Other long-term assets(1)
982 943 
Total$4,551 $5,248 
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(1)     Prepaid and other current assets and Other long-term assets include our equity method investments in Arcus and Galapagos, respectively, for which 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 classified in Other long-term assets due to certain lock-up provisions in our amended subscription agreement with them, which extend to August 2024.
Other Equity Securities
Equity method investments and other equity investments without readily determinable fair values were $333 million and $423 million as of March 31, 2023 and December 31, 2022, respectively, and were excluded from the table above. These amounts were included in Other long-term assets on our Condensed Consolidated Balance Sheets.
Unrealized Gains and Losses
Net unrealized losses recognized on equity securities were $256 million and $96 million for the three months ended March 31, 2023, and 2022, respectively, and were included in Other income (expense), net on our Condensed Consolidated Statements of Income.