FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial assets and liabilities carried at fair value and nonrecurring fair value measurements

Financial assets and liabilities carried at fair value at December 31, 2020 and nonrecurring fair value measurements are classified in the categories described in the tables below (in millions):

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	10,208	$	—	$	—	$	10,208
Time deposits and certificates of deposit	32		—		—		32
Short-term investments:
Trip.com Group convertible debt securities	—		501		—		501
Long-term investments:
Investments in private companies:
Debt securities	—		—		200		200
Other long-term investments:
Trip.com Group convertible debt securities	—		24		—		24
Equity securities	3,080		—		—		3,080
Derivatives:
Foreign currency exchange derivatives	—		9		—		9
Total assets at fair value	$	13,320	$	534	$	200	$	14,054
LIABILITIES
Foreign currency exchange derivatives	$	—	$	7	$	—	$	7
Nonrecurring fair value measurements
Investments in equity securities of private companies (1)	$	—	$	—	$	404	$	404
Goodwill of the OpenTable and KAYAK reporting unit (2)	—		—		1,000		1,000
Total nonrecurring fair value measurements	$	—	$	—	$	1,404	$	1,404

(1) At March 31, 2020, the investment in Didi Chuxing was written down to its estimated fair value of $400 million, resulting in an impairment charge of $100 million (see Note 5).

(2) At March 31, 2020, the goodwill of the OpenTable and KAYAK reporting unit was written down to its estimated fair value of $1.5 billion, resulting in an impairment charge of $489 million. At September 30, 2020, the goodwill was further written down to its estimated fair value of $1.0 billion, resulting in an additional impairment charge of $573 million (see Note 11).

Financial assets and liabilities carried at fair value at December 31, 2019 are classified in the categories described in the tables below (in millions):

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	5,734	$	—	$	—	$	5,734
Corporate debt securities	—		2		—		2
Time deposits and certificates of deposit	29		—		—		29
Short-term investments:
International government securities	—		109		—		109
U.S. government securities	—		138		—		138
Corporate debt securities	—		751		—		751
Long-term investments:
Investments in private companies:
Debt securities	—		—		250		250
Other long-term investments:
International government securities	—		68		—		68
U.S. government securities	—		135		—		135
Corporate debt securities	—		963		—		963
Trip.com Group convertible debt securities	—		767		—		767
Equity securities	1,793		—		—		1,793
Derivatives:
Foreign currency exchange derivatives	—		12		—		12
Total assets at fair value	$	7,556	$	2,945	$	250	$	10,751
LIABILITIES
Foreign currency exchange derivatives	$	—	$	5	$	—	$	5

Schedule of derivative instruments

The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2020 and 2019 (in millions). The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheet.

	December 31, 2020		December 31, 2019
Estimated fair value of derivative assets	$	9	$	12
Estimated fair value of derivative liabilities	7		5
Notional amount:
Foreign currency purchases	898		1,770
Foreign currency sales	839		901

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 is as follows (in millions):

	For the Year Ended December 31,
	2020		2019		2018
Losses on foreign currency exchange derivatives	$	31	$	19	$	44