INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company's investments by major security type at December 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	$	63	$	—	$	—	$	63
U.S. government securities (1)	152		—		(1)		151
Corporate debt securities	365		—		(3)		362

Total short-term investments	$	580	$	—	$	(4)	$	576

Long-term investments:





Equity securities:
Equity securities with readily determinable fair values	$	715	$	—	$	(404)	$	311
Equity securities of private companies	78		259		(208)		129
Total equity securities	793		259		(612)		440
Total long-term investments	$	793	$	259	$	(612)	$	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 Gain (Loss) on Investments

Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 were as follows (in millions):


	Year Ended December 31,
	2023		2022		2021
DiDi	$	30	$	(70)	$	(205)
Grab	7		(165)		101

Meituan	—		(526)		(731)