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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Carried at Fair Value and Nonrecurring Fair Value Measurements | Financial assets and liabilities carried at fair value at September 30, 2021 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 |  | $ | 11,074 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,074 |
Time deposits and certificates of deposit |  | 41 |  |  | — |  |  | — |  |  | 41 |
Short-term investments: |  |  |  |  |  |  |  |
Trip.com Group convertible debt securities |  | — |  |  | 522 |  |  | — |  |  | 522 |
Long-term investments: |  |  |  |  |  |  |  |
Investments in private companies: |  |  |  |  |  |  |  |
Debt securities |  | — |  |  | — |  |  | 330 |  | 330 |
Other long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 2,884 |  |  | — |  |  | — |  |  | 2,884 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total assets at fair value |  | $ | 13,999 |  |  | $ | 530 |  |  | $ | 330 |  |  | $ | 14,859 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investment in equity securities of a private company |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18 |
Financial assets and liabilities carried at fair value at December 31, 2020 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 |  | $ | 10,208 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,208 |
Time deposits and certificates of deposit |  | 32 |  |  | — |  |  | — |  |  | 32 |
Short-term investments: |  |  |  |  |  |  |  |
Trip.com Group convertible debt securities |  | — |  |  | 501 |  |  | — |  |  | 501 |
Long-term investments: |  |  |  |  |  |  |  |
Investments in private companies: |  |  |  |  |  |  |  |
Debt securities |  | — |  |  | — |  |  | 200 |  |  | 200 |
Other long-term investments: |  |  |  |  |  |  |  |
Trip.com Group convertible debt securities |  | — |  |  | 24 |  |  | — |  |  | 24 |
Equity securities |  | 3,080 |  |  | — |  |  | — |  |  | 3,080 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 9 |  |  | — |  |  | 9 |
Total assets at fair value |  | $ | 13,320 |  |  | $ | 534 |  |  | $ | 200 |  |  | $ | 14,054 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investments in equity securities of private companies (1) |  | $ | — |  |  | $ | — |  |  | $ | 404 |  |  | $ | 404 |
Goodwill of the OpenTable and KAYAK reporting unit (2) |  | — |  |  | — |  |  | 1,000 |  |  | 1,000 |
Total nonrecurring fair value measurements |  | $ | — |  |  | $ | — |  |  | $ | 1,404 |  |  | $ | 1,404 |
(1) At March 31, 2020, the investment in DiDi was written down to its estimated fair value of $400 million, resulting in an impairment charge of $100 million (see Note 5). (2) At March 31, 2020, the goodwill of the OpenTable and KAYAK reporting unit was written down to its estimated fair value of $1.5 billion, resulting in an impairment charge of $489 million. At September 30, 2020, the goodwill was further written down to its estimated fair value of $1.0 billion, resulting in an additional impairment charge of $573 million (see Note 8).
Fair Value Adjustments for Debt Securities Measured using Significant Unobservable Inputs | The following table summarizes the fair value adjustments for debt securities measured using significant unobservable inputs (level 3) (in millions):
| For the Nine Months Ended September 30,
| 2021 |  | 2020(1)
Balance, beginning of year | $ | 200 |  |  | $ | 250 |
Unrealized gains included in accumulated other comprehensive loss(2) | 130 |  |  | — |
Balance, end of period | $ | 330 |  |  | $ | 250 |
(1) The Company recognized an unrealized loss of $20 million during the three months ended March 31, 2020 and an unrealized gain of $20 million during the three months ended June 30, 2020 related to the investment in Grab. (2) The unrealized gains are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet.
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 September 30, 2021 and December 31, 2020 (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.
| September 30, 2021 |  | December 31, 2020
Estimated fair value of derivative assets | $ | 8 |  |  | $ | 9 |
Estimated fair value of derivative liabilities | $ | 11 |  |  | $ | 7 |
Notional amount: |  |  |
Foreign currency purchases | $ | 867 |  |  | $ | 898 |
Foreign currency sales | $ | 1,559 |  |  | $ | 839 |
The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 is as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Losses on foreign currency exchange derivatives | $ | 10 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 31 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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