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

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Summary of Available-for-Sale Debt Securities at Estimated Fair Value

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

	December 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	$	427	$	—	$	(1)	$	426	$	415	$	—	$	(5)	$	410
U.S. government agencies securities	127		—		—		127		36		—		—		35
Non-U.S. government securities	10		—		—		10		34		—		—		34
Certificates of deposit	45		—		—		45		54		—		—		54
Corporate debt securities	1,455		4		(8)		1,451		1,452		—		(26)		1,427
Residential mortgage and asset-backed securities	366		1		—		367		335		—		(3)		333
Total	$	2,430	$	5	$	(10)	$	2,426	$	2,325	$	1	$	(34)	$	2,293

Summary of Available-for-Sale Debt Securities In Continuous Unrealized 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:

	December 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	$	—	$	161	$	(1)	$	48	$	(1)	$	209
U.S. government agencies securities	—		106		—		2		—		108
Non-U.S. government securities	—		5		—		5		—		10
Corporate debt securities	(1)		333		(7)		546		(8)		878
Residential mortgage and asset-backed securities	—		123		—		24		—		147
Total	$	(2)	$	727	$	(8)	$	624	$	(10)	$	1,351

	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 the Classification of Available-for-Sale Debt Securities

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

	December 31,
(in millions)	2023		2022
Cash and cash equivalents	$	83	$	75
Short-term marketable debt securities	1,179		973
Long-term marketable debt securities	1,163		1,245
Total	$	2,426	$	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:

	December 31, 2023
(in millions)	Amortized Cost		Fair Value
Within one year	$	1,267	$	1,262
After one year through five years	1,153		1,153
After five years through ten years	9		9
After ten years	2		2
Total	$	2,430	$	2,426

Summary of Equity Securities at Fair Value

The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets:

	December 31,
(in millions)	2023		2022
Equity securities measured at fair value:
Cash and cash equivalents	$	4,465	$	3,831
Prepaid and other current assets	1,086		473
Other long-term assets	656		943
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets	$	340	$	423
Total	$	6,547	$	5,671

summary of Net Unrealized Gains and Losses on Equity Securities

The following table summarizes net unrealized gains and losses on equity securities still held as of the respective balance sheet dates, included in Other income (expense), net on our Consolidated Statements of Income:

	Year Ended December 31,
(in millions)	2023		2022		2021
Net unrealized losses on equity securities still held	$	60	$	684	$	647