INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company's investments by major security type at June 30, 2023 (in millions):


	Cost		Gross 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 securities	365		—		(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 securities	25		—		(1)		24
Total debt securities	37		—		(1)		36
Equity securities:
Equity securities with readily determinable fair values	715		—		(440)		275
Equity securities of private companies	78		259		(208)		129
Total equity securities	793		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):


	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.

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 and six months ended June 30, 2023 and 2022 were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Grab	$	18	$	(41)	$	9	$	(194)
DiDi	(32)		18		(7)		(79)
Meituan	—		393		—		(335)