v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$1,222 $3 $— $1,224 
U.S. government agencies securities15 — — 15 
Corporate debt securities1,392 7 — 1,398 
Residential mortgage and asset-backed securities405 2 — 407 
Total$3,033 $11 $(1)$3,044 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities on our Consolidated Balance Sheets:
(in millions)December 31, 2025
Cash and cash equivalents$2 
Short-term marketable debt securities68 
Long-term marketable debt securities2,974 
Total$3,044 
The following table summarizes our available-for-sale debt securities by contractual maturity:
December 31, 2025
(in millions)Amortized CostFair Value
Within one year$70 $70 
After one year through five years2,931 2,941 
After five years through ten years32 32 
Total$3,033 $3,044 
Summary of Equity Securities at Fair Value
The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions)December 31, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents:
Money market funds$6,150 $8,502 
Prepaid and other current assets:
Equity method investment in Galapagos NV (“Galapagos”) – fair value option551 462 
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option749 448 
Other equity method investments – fair value option(1)
183 53 
Other499 614 
Other long-term assets386 327 
Equity method investments and other equity securities without readily determinable fair values:
Other long-term assets(2)
393 386 
Total$8,909 $10,791 
________________________________
(1)    Mostly comprised of our equity interest in Assembly Biosciences, Inc. (“Assembly”), which was approximately 29% of outstanding Assembly stock at the time of our latest purchase of shares.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
summary of Net Unrealized Gains and Losses on Equity Securities
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023
Unrealized (gain) loss, net, related to fair value option investments$(440)$377 $68 
Unrealized loss (gain), net, related to all other equity investments35 (93)(8)
Total unrealized (gain) loss, net$(404)$284 $60