INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company's investments by major security type at March 31, 2023 (in millions):


	Cost		Gross Unrealized Gains /Upward Adjustments		Gross Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities	$	38	$	—	$	—	$	38
U.S. government securities (1)	145		—		(1)		144
Corporate debt securities	180		—		(3)		177

Total short-term investments	$	363	$	—	$	(4)	$	359

Long-term investments:
Debt securities:
International government securities	$	41	$	—	$	(1)	$	40
U.S. government securities	113		—		(2)		111
Corporate debt securities	220		—		(3)		217
Total debt securities	374		—		(6)		368
Equity securities:
Equity securities with readily determinable fair values	715		—		(430)		285
Equity securities of private companies	78		259		(184)		153
Total equity securities	793		259		(614)		438
Total long-term investments	$	1,167	$	259	$	(620)	$	806

(1) Includes investments in U.S. municipal bonds.

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


	Cost		Gross Unrealized Gains/Upward Adjustments		Gross Unrealized Losses/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities	$	13	$	—	$	—	$	13
U.S. government securities (1)	131		—		(1)		130
Corporate debt securities	32		—		—		32

Total short-term investments	$	176	$	—	$	(1)	$	175

Long-term investments:
Debt securities:
International government securities	$	63	$	—	$	(1)	$	62
U.S. government securities (1)	147		—		(3)		144
Corporate debt securities	366		—		(7)		359
Total debt securities	576		—		(11)		565
Equity securities:
Equity securities with readily determinable fair values	1,165		1,352		(446)		2,071
Equity securities of private companies	78		259		(184)		153
Total equity securities	1,243		1,611		(630)		2,224
Total long-term investments	$	1,819	$	1,611	$	(641)	$	2,789

(1) Includes investments in U.S. municipal bonds.

^[1]

Unrealized Gains (Losses) on Investments

Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 were as follows (in millions):


	Three Months Ended March 31,
		2023		2022
DiDi		$	25	$	(97)
Grab		(9)		(153)

Meituan		—		(728)

[1]	Includes investments in U.S. municipal bonds.