FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	11,483	$	—	$	—	$	11,483
Time deposits and certificates of deposit	60		—		—		60
Short-term investments:
International government securities	—		13		—		13
U.S. government securities	—		130		—		130
Corporate debt securities	—		32		—		32
Long-term investments:
International government securities	—		62		—		62
U.S. government securities	—		144		—		144
Corporate debt securities	—		359		—		359
Equity securities	2,071		—		—		2,071
Derivatives:
Foreign currency exchange derivatives	—		65		—		65
Total assets at fair value	$	13,614	$	805	$	—	$	14,419
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	26	$	—	$	26
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)	$	—	$	—	$	122	$	122

(1)    During the three months ended June 30, 2022, the Company's investment in Yanolja was written down to its estimated fair value (see Note 5).

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (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:
Corporate 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

(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, including Yanolja, based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).

Fair value, rollforward of level 3 recurring fair value measurements

The following table summarizes the fair value adjustments for debt securities measured using significant unobservable inputs (Level 3) (in millions):

	Year Ended December 31, 2021
Balance, beginning of year	$	200
Unrealized gains (1)	265
Transfers out of Level 3	(465)
Balance, end of year	$	—

(1)    During the year ended December 31, 2021, as a result of the Grab Transaction, the Company’s investment in Grab was reclassified as equity securities with readily determinable fair values (see Note 5).

Schedule of derivative instruments

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

	December 31,
	2022		2021
Estimated fair value of derivative assets	$	65	$	5
Estimated fair value of derivative liabilities	26		11
Notional amount:
Foreign currency purchases	$	2,870	$	840
Foreign currency sales	2,682		1,857

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, 2022, 2021, and 2020 is as follows (in millions):

	Year Ended December 31,
	2022		2021		2020
Losses on foreign currency exchange derivatives	$	52	$	30	$	31