INVESTMENTS

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

The following table summarizes the Company's investments by major security type at March 31, 2024 (in millions): 

	Cost		Gross Unrealized Gains /Upward Adjustments		Gross Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities	$	41	$	—	$	—	$	41
U.S. government securities	106		—		—		106
Corporate debt securities	216		—		(1)		215
Total short-term investments	$	363	$	—	$	(1)	$	362
Long-term investments:
Equity securities:
Equity securities with readily determinable fair values	$	715	$	—	$	(420)	$	295
Equity securities of private entities	97		259		(208)		148
Total long-term investments	$	812	$	259	$	(628)	$	443

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 entities	78		259		(208)		129
Total long-term investments	$	793	$	259	$	(612)	$	440

(1)    Includes investments in U.S. municipal bonds.

The Company has classified its investments in 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. The Company's investments in available-for-sale debt securities at March 31, 2024 had investment grade credit quality ratings. At March 31, 2024, investments in international government securities principally included debt securities issued by the governments of Germany, Norway, Canada, and Sweden.

Equity securities with readily determinable fair values include the Company's investments in DiDi Global Inc. ("DiDi") and Grab Holdings Limited ("Grab"), with fair values of $150 million and $133 million, respectively, at March 31, 2024, and $155 million and $143 million, respectively, at December 31, 2023. Net unrealized (losses) gains related to these investments are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. During the three months ended March 31, 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 three months ended March 31, 2023. The cost basis of the Company's investment in Meituan was $450 million.

The Company's investments in equity securities of private entities at March 31, 2024 and December 31, 2023

include the investment in Yanolja Co., Ltd., ("Yanolja") which had a carrying value of $98 million at March 31, 2024 and December 31, 2023.