FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Nonrecurring Fair Value Measurements

Financial assets and liabilities measured at fair value on a recurring basis at June 30, 2023 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	13,597	$	—	$	—	$	13,597
Certificates of deposit	29		—		—		29
Short-term investments:
International government securities	—		66		—		66
U.S. government securities	—		215		—		215
Corporate debt securities	—		359		—		359
Long-term investments:
International government securities	—		9		—		9
U.S. government securities	—		3		—		3
Corporate debt securities	—		24		—		24
Equity securities	275		—		—		275
Derivatives:
Foreign currency exchange derivatives	—		49		—		49
Total assets at fair value	$	13,901	$	725	$	—	$	14,626
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	84	$	—	$	84
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)	$	—	$	—	$	98	$	98

(1)    As of June 30, 2023, the 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, 2022 and nonrecurring fair value measurements are classified in the categories described in the table below (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
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 year ended December 31, 2022, the investment in Yanolja was written down to its estimated fair value.

Fair Value and the Notional Amount of Derivatives and the Effect of Foreign Currency Exchange Derivatives

The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at June 30, 2023 and December 31, 2022 (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 sheets.

	June 30, 2023		December 31, 2022
Estimated fair value of derivative assets	$	49	$	65
Estimated fair value of derivative liabilities	$	84	$	26
Notional amount:
Foreign currency purchases	$	4,320	$	2,870
Foreign currency sales	$	4,588	$	2,682

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 is as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Losses on foreign currency exchange derivatives	$	67	$	40	$	84	$	56