INVESTMENTS

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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.