FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial assets and liabilities carried at fair value and nonrecurring fair value measurements

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	10,871	$	—	$	—	$	10,871
Certificates of deposit	97		—		—		97
Short-term investments:
International government securities	—		63		—		63
U.S. government securities	—		151		—		151
Corporate debt securities	—		362		—		362
Long-term investments:
Equity securities	311		—		—		311
Derivatives:
Foreign currency exchange derivatives	—		62		—		62
Total assets at fair value	$	11,279	$	638	$	—	$	11,917
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	36	$	—	$	36
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)	$	—	$	—	$	98	$	98

(1)    During the year ended December 31, 2023, the Company's 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 categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (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 Company's investment in Yanolja was written down to its estimated fair value (see Note 5).

Schedule of derivative instruments

The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2023 and 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 sheet.

	December 31,
	2023		2022
Estimated fair value of derivative assets	$	62	$	65
Estimated fair value of derivative liabilities	36		26
Notional amount:
Foreign currency purchases	$	4,907	$	2,870
Foreign currency sales	4,200		2,682

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 is as follows (in millions):

	Year Ended December 31,
	2023		2022		2021
Losses on foreign currency exchange derivatives	$	106	$	52	$	30