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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
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 June 30, 2022 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 |  | $ | 10,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,850 |
Time deposits and certificates of deposit |  | 77 |  |  | — |  |  | — |  |  | 77 |
Short-term investments: |  |  |  |  |  |  |  |
Debt securities |  | — |  |  | 25 |  |  | — |  |  | 25 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 2,228 |  |  | — |  |  | — |  |  | 2,228 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 11 |  |  | — |  |  | 11 |
Total assets at fair value |  | $ | 13,155 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 13,191 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investment in equity securities of a private company (1) |  | $ | — |  |  | $ | — |  |  | $ | 122 |  |  | $ | 122 |
Total nonrecurring fair value measurements |  | $ | — |  |  | $ | — |  |  | $ | 122 |  |  | $ | 122 |
(1) At June 30, 2022, the investment in Yanolja was written down to its estimated fair value of $122 million, resulting in an impairment charge of $184 million (see Note 5). Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
|  | Level 1 |  | Level 2 |  |  |  | Total
Recurring fair value measurements (1) |  |  |  |  |  |  |  |
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents: |  |  |  |  |  |  |  |
Money market fund investments |  | $ | 10,410 |  |  | $ | — |  |  |  |  | $ | 10,410 |
Time deposits and certificates of deposit |  | 25 |  |  | — |  |  |  |  | 25 |
Short-term investments: |  |  |  |  |  |  |  |
Debt securities |  | — |  |  | 25 |  |  |  |  | 25 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 2,850 |  |  | — |  |  |  |  | 2,850 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 5 |  |  |  |  | 5 |
Total assets at fair value |  | $ | 13,285 |  |  | $ | 30 |  |  |  |  | $ | 13,315 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 11 |  |  |  |  | $ | 11 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investments in equity securities of private companies (2) |  | $ | — |  |  | $ | 325 |  |  |  |  | $ | 325 |
Total nonrecurring fair value measurements |  | $ | — |  |  | $ | 325 |  |  |  |  | $ | 325 |
(1) The Company did not have any Level 3 fair value measurements at December 31, 2021. (2) During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies, including Yanolja, based on observable price changes in orderly transactions for identical or similar investments of the same issuer.
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 Six Months Ended June 30, 2021
Balance, beginning of year |  |  | $ | 200 |
Unrealized gains included in other comprehensive (loss) income (1) |  |  | 126 |
Balance, end of period |  |  | $ | 326 |
(1) Included in Net unrealized gains on available-for-sale securities in the Unaudited Consolidated Statements of Comprehensive Income (Loss).
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 June 30, 2022 and December 31, 2021 (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.
| June 30, 2022 |  | December 31, 2021
Estimated fair value of derivative assets | $ | 11 |  |  | $ | 5 |
Estimated fair value of derivative liabilities | $ | 24 |  |  | $ | 11 |
Notional amount: |  |  |
Foreign currency purchases | $ | 1,338 |  |  | $ | 840 |
Foreign currency sales | $ | 2,076 |  |  | $ | 1,857 |
The Company recorded losses of $40 million and $56 million for the three and six months ended June 30, 2022, respectively, in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations, related to foreign currency exchange derivatives.

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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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