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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
6 Months Ended
Jun. 30, 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:
June 30, 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$378 $— $(3)$375 $415 $— $(5)$410 
U.S. government agencies securities162 — (1)161 36 — — 35 
Non-U.S. government securities16 — — 15 34 — — 34 
Certificates of deposit104 — — 104 54 — — 54 
Corporate debt securities1,358 — (20)1,338 1,452 — (26)1,427 
Residential mortgage and asset-backed securities348 — (2)346 335 — (3)333 
Total$2,367 $— $(26)$2,341 $2,325 $$(34)$2,293 
Summary of Available-for-Sale Debt Securities in a Continuous Loss Position
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
June 30, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(2)$299 $(1)$46 $(3)$345 
U.S. government agencies securities(1)149 — — (1)149 
Non-U.S. government securities— 11 — — 15 
Corporate debt securities(6)522 (14)647 (20)1,168 
Residential mortgage and asset-backed securities(1)266 — 42 (2)308 
Total$(10)$1,246 $(16)$739 $(26)$1,985 
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(2)$174 $(3)$206 $(5)$379 
U.S. government agencies securities— 21 — — — 21 
Non-U.S. government securities— 31 — — 34 
Corporate debt securities(17)774 (8)439 (26)1,213 
Residential mortgage and asset-backed securities(2)205 (1)56 (3)261 
Total$(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)June 30, 2023December 31, 2022
Cash and cash equivalents$44 $75 
Short-term marketable debt securities963 973 
Long-term marketable debt securities1,334 1,245 
Total$2,341 $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:
June 30, 2023
(in millions)Amortized CostFair Value
Within one year$1,014 $1,007 
After one year through five years1,332 1,313 
After five years through ten years17 16 
After ten years
Total$2,367 $2,341 
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)June 30, 2023December 31, 2022
Cash and cash equivalents$4,253 $3,831 
Prepaid and other current assets(1)
431 473 
Other long-term assets(1)
1,046 943 
Total$5,730 $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.