INVESTMENTS

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table summarizes, by major security type, the Company's investments at March 31, 2022 (in millions):


	Cost		Gross Unrealized Gains /Upward Adjustments		Gross Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:

Debt securities	$	25	$	—	$	(1)	$	24

Long-term investments:


Equity securities of private companies	$	78	$	259	$	—	$	337



Equity securities with readily determinable fair values	1,165		1,153		(455)		1,863
Total	$	1,243	$	1,412	$	(455)	$	2,200

The following table summarizes, by major security type, the Company's investments at December 31, 2021 (in millions):


	Cost		Gross Unrealized Gains/Upward Adjustments		Gross Unrealized Losses/Downward Adjustments		Carrying Value
Short-term investments:

Debt securities	$	25	$	—	$	—	$	25







Long-term investments:


Equity securities of private companies	$	66	$	259	$	—	$	325







Equity securities with readily determinable fair values	1,165		1,990		(305)		2,850
Total	$	1,231	$	2,249	$	(305)	$	3,175

Short-term investments in debt securities are included in "Other current assets" in the Consolidated Balance Sheets.

Equity securities with readily determinable fair values include the Company's investments in Meituan, Grab Holdings Limited ("Grab"), and DiDi Global Inc. ("DiDi") with fair values of $1.6 billion, $148 million, and $98 million, respectively, at March 31, 2022 and $2.3 billion, $301 million, and $195 million at December 31, 2021, respectively, which are included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized losses of $728 million, $153 million, and $97 million for the three months ended March 31, 2022 related to Meituan, Grab, and DiDi, respectively, and net unrealized gains of $29 million for the three months ended March 31, 2021 related to Meituan, are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations. In April 2022, DiDi announced that a shareholders' meeting will be held in May 2022 to consider the delisting of its American Depositary Shares ("ADSs") from the New York Stock Exchange and that it will not apply for listing of its shares on any other stock exchange before completion of the delisting. As of May 3, 2022, the market prices of DiDi's ADSs and Grab's shares decreased by 20% and 10%, respectively, as compared to their respective market prices on March 31, 2022.

Investments in equity securities without readily determinable fair values are measured at cost less impairment, if any. Such investments are also required to be measured at fair value as of the date of certain observable transactions for the identical or a similar investment of the same issuer. The Company’s investment in equity securities of private companies at March 31, 2022 and December 31, 2021, includes $51 million invested in Yanolja Co., Ltd. ("Yanolja"), which had a carrying value of $306 million as of those dates.