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INVESTMENTS
 3 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The following table summarizes the Company's investments by major security type at June 30, 2023 (in millions): 
 CostGross
Unrealized Gains /Upward Adjustments		Gross
Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities$67 $— $(1)$66 
U.S. government securities (1)
218 — (3)215 
Corporate debt securities365 — (6)359 
Total short-term investments$650 $— $(10)$640 
Long-term investments:
Debt securities:
International government securities$9 $— $— $9 
U.S. government securities
3 — — 3 
Corporate debt securities25 — (1)24 
Total debt securities37 — (1)36 
Equity securities:
Equity securities with readily determinable fair values715 — (440)275 
Equity securities of private companies78 259 (208)129 
Total equity securities793 259 (648)404 
Total long-term investments$830 $259 $(649)$440 
(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):
 CostGross
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 securities32 — — 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 securities366 — (7)359 
Total debt securities576 — (11)565 
Equity securities:
Equity securities with readily determinable fair values1,165 1,352 (446)2,071 
Equity securities of private companies78 259 (184)153 
Total equity securities1,243 1,611 (630)2,224 
Total long-term investments$1,819 $1,611 $(641)$2,789 
(1)    Includes investments in U.S. municipal bonds.

The Company has classified its investments in international government securities, U.S. government securities, and corporate debt securities as available-for-sale debt securities. The aggregate unrealized gains and losses on the available-for-sale debt securities, net of tax, are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets.

At June 30, 2023, the Company's investments in debt securities had an average credit quality of A+/A1/A+ and the Company's long-term investments in available-for-sale debt securities had maturity dates between 1 and 2 years. The Company invests in international government securities with high credit quality. At June 30, 2023, investments in international government securities principally included debt securities issued by the governments of Germany, Sweden, France, and Canada.

Equity securities with readily determinable fair values at June 30, 2023 include the Company's investments in Grab Holdings Limited ("Grab") and DiDi Global Inc. ("DiDi"), with fair values of $145 million and $118 million, respectively. At December 31, 2022, equity securities with readily determinable fair values included the Company's investments in Grab, DiDi, and Meituan, with fair values of $136 million, $125 million, and $1.8 billion, respectively. Equity securities with readily determinable fair values are included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 were as follows (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Grab
$18 $(41)$9 $(194)
DiDi
(32)18 (7)(79)
Meituan
— 393 — (335)
During the six months ended June 30, 2023, the Company sold its entire investment in Meituan for $1.7 billion, resulting in a loss of $149 million included in "Other income (expense), net" in the Unaudited Consolidated Statement of Operations for the six months ended June 30, 2023. The cost basis of the Company's investment in Meituan was $450 million.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 investments in equity securities of private companies at June 30, 2023 and December 31, 2022, include $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). The Company evaluated its investment in Yanolja for impairment as of June 30, 2023 and 2022 and recognized impairment charges of $24 million and $184 million during the three and six months ended June 30, 2023 and 2022, respectively (see Note 6). The carrying value of the Company’s investment in Yanolja was $98 million and $122 million as of June 30, 2023 and December 31, 2022, respectively.