FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and nonrecurring fair value measurements are classified in the categories described in the table 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	$	9,691	$	—	$	—	$	9,691
Time deposits and certificates of deposit	63		—		—		63
Short-term investments:
Debt securities	—		24		—		24
Long-term investments:
Equity securities	1,863		—		—		1,863
Derivatives:
Foreign currency exchange derivatives	—		11		—		11
Total assets at fair value	$	11,617	$	35	$	—	$	11,652
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	19	$	—	$	19
Nonrecurring fair value measurements
Assets held for sale (1)	$	—	$	—	$	10	$	10
Total nonrecurring fair value measurements	$	—	$	—	$	10	$	10

(1)    See Note 15 for additional information related to assets held for sale.

Financial assets and liabilities carried at fair value at December 31, 2021 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):    

	Level 1		Level 2		Total
Recurring fair value measurements (1)
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	10,410	$	—	$	10,410
Time deposits and certificates of deposit	25		—		25
Short-term investments:
Debt securities	—		25		25
Long-term investments:
Equity securities	2,850		—		2,850
Derivatives:
Foreign currency exchange derivatives	—		5		5
Total assets at fair value	$	13,285	$	30	$	13,315
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	11	$	11
Nonrecurring fair value measurements
Investments in equity securities of private companies (2)	$	—	$	325	$	325
Total nonrecurring fair value measurements	$	—	$	325	$	325

(1)    The Company did not have any Level 3 fair value measurements at December 31, 2021.

(2)    During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).

Fair Value and the Notional Amount of Derivatives and the Effect of Foreign Currency Exchange Derivatives

The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at March 31, 2022 and December 31, 2021 (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 sheets.

	March 31, 2022		December 31, 2021
Estimated fair value of derivative assets	$	11	$	5
Estimated fair value of derivative liabilities	$	19	$	11
Notional amount:
Foreign currency purchases	$	1,360	$	840
Foreign currency sales	$	2,019	$	1,857