INVESTMENTS

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company's investments by major security type at June 30, 2022 (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	$	78	$	259	$	(184)	$	153



Equity securities with readily determinable fair values	1,165		1,543		(480)		2,228
Total	$	1,243	$	1,802	$	(664)	$	2,381

The following table summarizes the Company's investments by major security type 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, DiDi Global Inc. ("DiDi"), and Grab Holdings Limited ("Grab") with fair values of $2.0 billion, $116 million, and $107 million, respectively, at June 30, 2022 and $2.3 billion, $195 million, and $301 million, respectively, at December 31, 2021, which are included in "Long-term investments" in the Consolidated Balance Sheets.

Net unrealized gains (losses) related to these investments for the three and six months ended June 30, 2022 and 2021 were as follow (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Meituan (1)	$	393	$	234	$	(335)	$	263
DiDi (1)	18		155		(79)		155
Grab (2)	(41)		126		(194)		126

(1) Included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations.

(2) Net unrealized losses for the three and six months ended June 30, 2022 are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations and net unrealized gains for the three and six months ended June 30, 2021 are included in Net unrealized gains on available-for-sale securities in the Unaudited Consolidated Statements of Comprehensive Income (Loss).

In June 2022, DiDi delisted its American Depository Shares ("ADSs") from the New York Stock Exchange. The shares are currently trading in the over-the-counter market with trade prices publicly reported by OTC Markets Group Inc. As of August 2, 2022, the market prices of DiDi's ADSs and Meituan's shares decreased by 11% and 9%, respectively, as compared to their respective market prices on June 30, 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 June 30, 2022 and December 31, 2021, includes the $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). The investment had a carrying value of $306 million as of December 31, 2021. Considering the recent significant adverse changes in the market valuations of companies in the travel and technology industries, the Company evaluated its investment in Yanolja for impairment and recognized an impairment charge of $184 million during the three months ended June 30, 2022, resulting in an adjusted carrying value of $122 million at June 30, 2022 (see Note 6).