AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Summary of Reconciliation of Available-for-Sale Debt Securities from Cost Basis to Fair Value

The following table summarizes our available-for-sale debt securities:

	March 31, 2023								December 31, 2022
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	346	$	—	$	(2)	$	344	$	415	$	—	$	(5)	$	410
U.S. government agencies securities	156		—		—		155		36		—		—		35
Non-U.S. government securities	23		—		—		23		34		—		—		34
Certificates of deposit	90		—		—		90		54		—		—		54
Corporate debt securities	1,400		1		(21)		1,379		1,452		—		(26)		1,427
Residential mortgage and asset-backed securities	336		—		(2)		335		335		—		(3)		333
Total	$	2,350	$	2	$	(26)	$	2,326	$	2,325	$	1	$	(34)	$	2,293

Summary of Available-for-Sale Debt Securities in a Continuous Loss Position

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 Months				12 Months or Longer				Total
(in millions)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated 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 Months				12 Months or Longer				Total
(in millions)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated 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

Summary of Classification of Available-for-Sale Debt Securities

The following table summarizes the classification of our available-for-sale debt securities in our Condensed Consolidated Balance Sheets:

(in millions)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	63	$	75
Short-term marketable debt securities	936		973
Long-term marketable debt securities	1,327		1,245
Total	$	2,326	$	2,293

Summary of Available-for-Sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale debt securities by contractual maturity:

	March 31, 2023
(in millions)	Amortized Cost		Fair Value
Within one year	$	1,006	$	999
After one year through five years	1,325		1,308
After five years through ten years	14		14
After ten years	5		5
Total	$	2,350	$	2,326

Summary of Equity Securities

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, 2023		December 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.