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INVESTMENTS | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments by major security type at March 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 |  | $ | 38 |  |  | $ | — |  |  | $ | — |  |  | $ | 38 |
U.S. government securities (1) |  | 145 |  |  | — |  |  | (1) |  |  | 144 |
Corporate debt securities |  | 180 |  |  | — |  |  | (3) |  |  | 177 |
Total short-term investments |  | $ | 363 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 359 |
Long-term investments: |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
International government securities |  | $ | 41 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 40 |
U.S. government securities |  | 113 |  |  | — |  |  | (2) |  |  | 111 |
Corporate debt securities |  | 220 |  |  | — |  |  | (3) |  |  | 217 |
Total debt securities |  | 374 |  |  | — |  |  | (6) |  |  | 368 |
Equity securities: |  |  |  |  |  |  |  |
Equity securities with readily determinable fair values |  | 715 |  |  | — |  |  | (430) |  |  | 285 |
Equity securities of private companies |  | 78 |  |  | 259 |  |  | (184) |  |  | 153 |
Total equity securities |  | 793 |  |  | 259 |  |  | (614) |  |  | 438 |
Total long-term investments |  | $ | 1,167 |  |  | $ | 259 |  |  | $ | (620) |  |  | $ | 806 |
(1) Includes investments in U.S. municipal bonds. The following table summarizes the Company's investments by major security type at December 31, 2022 (in millions):
|  | Cost |  | Gross Unrealized Gains/Upward Adjustments |  | Gross Unrealized Losses/Downward Adjustments |  | Carrying Value
Short-term investments: |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
International government securities |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
U.S. government securities (1) |  | 131 |  |  | — |  |  | (1) |  |  | 130 |
Corporate debt securities |  | 32 |  |  | — |  |  | — |  |  | 32 |
Total short-term investments |  | $ | 176 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 175 |
Long-term investments: |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
International government securities |  | $ | 63 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 62 |
U.S. government securities (1) |  | 147 |  |  | — |  |  | (3) |  |  | 144 |
Corporate debt securities |  | 366 |  |  | — |  |  | (7) |  |  | 359 |
Total debt securities |  | 576 |  |  | — |  |  | (11) |  |  | 565 |
Equity securities: |  |  |  |  |  |  |  |
Equity securities with readily determinable fair values |  | 1,165 |  |  | 1,352 |  |  | (446) |  |  | 2,071 |
Equity securities of private companies |  | 78 |  |  | 259 |  |  | (184) |  |  | 153 |
Total equity securities |  | 1,243 |  |  | 1,611 |  |  | (630) |  |  | 2,224 |
Total long-term investments |  | $ | 1,819 |  |  | $ | 1,611 |  |  | $ | (641) |  |  | $ | 2,789 |
(1) Includes investments in U.S. municipal bonds. The Company has classified its investments in international government securities, U.S. government securities, and corporate 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. At March 31, 2023, the Company's investments in debt securities had an average credit quality of A+/A1/A+ and the Company's long-term investments in available-for-sale debt securities had maturity dates between 1 and 2 years. The Company invests in international government securities with high credit quality. At March 31, 2023, investments in international government securities principally included debt securities issued by the governments of Germany, France, Norway, Sweden, and Canada. Equity securities with readily determinable fair values at March 31, 2023 include the Company's investments in DiDi Global Inc. ("DiDi") and Grab Holdings Limited ("Grab"), with fair values of $150 million and $127 million, respectively. At December 31, 2022, equity securities with readily determinable fair values included the Company's investments in DiDi, Grab, and Meituan, with fair values of $125 million, $136 million, and $1.8 billion, respectively. Equity securities with readily determinable fair values are included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 were as follows (in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022
DiDi |  |  |  |  |  | $ | 25 |  |  | $ | (97) |
Grab |  |  |  |  |  | (9) |  |  | (153) |
Meituan |  |  |  |  |  | — |  |  | (728) |
During the three months ended March 31, 2023, the Company sold its entire investment in Meituan for $1.7 billion, resulting in a net 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 companies at March 31, 2023 and December 31, 2022, includes the investment in Yanolja Co., Ltd. ("Yanolja") which had a carrying value of $122 million at March 31, 2023 and December 31, 2022.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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