INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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.