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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
 6 Months Ended
Jun. 30, 2024
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
During the three months ended March 31, 2024, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisition of CymaBay discussed in Note 6. Acquisitions, Collaborations and Other Arrangements. As such, there are no balances as of June 30, 2024 in the following tables.
The following table summarizes our available-for-sale debt securities as of December 31, 2023:
December 31, 2023
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value 
U.S. treasury securities$427 $— $(1)$426 
U.S. government agencies securities127 — — 127 
Non-U.S. government securities10 — — 10 
Certificates of deposit45 — — 45 
Corporate debt securities1,455 4 (8)1,451 
Residential mortgage and asset-backed securities366 1 — 367 
Total$2,430 $5 $(10)$2,426 
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time, as of December 31, 2023:
December 31, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$— $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 
The following table summarizes the classification of our available-for-sale debt securities in our Condensed Consolidated Balance Sheets as of December 31, 2023:
(in millions)December 31, 2023
Cash and cash equivalents$83 
Short-term marketable debt securities1,179 
Long-term marketable debt securities1,163 
Total$2,426 
Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:
(in millions)June 30, 2024December 31, 2023
Equity securities measured at fair value:
Cash and cash equivalents$1,525 $4,465 
Prepaid and other current assets1,426 1,086 
Other long-term assets330 656 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets376 $340 
Total$3,657 $6,547 
For our equity method investments in Galapagos and Arcus Biosciences, Inc. (“Arcus”), 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 subject to certain lock-up provisions until August 2024 and was classified in Prepaid and other current assets as of June 30, 2024 and December 31, 2023 at $417 million and $686 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of June 30, 2024 and December 31, 2023 at $458 million and $283 million, respectively.
Unrealized Gains and Losses
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 Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2024202320242023
Unrealized loss (gain) from equity securities still held, net$392 $(69)$412 $121