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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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There are three levels of inputs to valuation techniques used to measure fair value:
Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities.
Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data.
Level 3: Unobservable inputs are used when little or no market data is available.

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2023 are classified in the categories described in the table below (in millions):
 Level 1Level 2Total
Recurring fair value measurements (1)
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments$13,345 $— $13,345 
Certificates of deposit62 — 62 
Short-term investments:   
International government securities— 38 38 
U.S. government securities— 144 144 
Corporate debt securities— 177 177 
Long-term investments:
International government securities— 40 40 
U.S. government securities— 111 111 
Corporate debt securities— 217 217 
Equity securities285 — 285 
Derivatives:
Foreign currency exchange derivatives— 43 43 
Total assets at fair value$13,692 $770 $14,462 
LIABILITIES:
Foreign currency exchange derivatives$— $31 $31 
(1)    The Company did not have any Level 3 fair value measurements at March 31, 2023.
Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):    
Level 1Level 2
Level 3 (1)
Total
Recurring fair value measurements
ASSETS:   
Cash equivalents and restricted cash equivalents:
Money market fund investments$11,483 $— $— $11,483 
Certificates of deposit60 — — 60 
Short-term investments:
International government securities— 13 — 13 
U.S. government securities— 130 — 130 
Corporate debt securities— 32 — 32 
Long-term investments:
International government securities— 62 — 62 
U.S. government securities— 144 — 144 
Corporate debt securities— 359 — 359 
Equity securities2,071 — — 2,071 
Derivatives:
Foreign currency exchange derivatives— 65 — 65 
Total assets at fair value$13,614 $805 $— $14,419 
LIABILITIES:
Foreign currency exchange derivatives$— $26 $— $26 
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)
$— $— $122 $122 
(1)    During the year ended December 31, 2022, the investment in Yanolja was written down to its estimated fair value.

Investments

See Note 5 for additional information related to the Company's investments.

Derivatives

The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. As of March 31, 2023 and December 31, 2022, the Company did not designate any derivatives as hedges for accounting purposes.

The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at March 31, 2023 and December 31, 2022 (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.
 March 31, 2023December 31, 2022
Estimated fair value of derivative assets$43 $65 
Estimated fair value of derivative liabilities$31 $26 
Notional amount:
 Foreign currency purchases$4,300 $2,870 
 Foreign currency sales$3,289 $2,682 
The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 is as follows (in millions):
Three Months Ended
March 31,
20232022
Losses on foreign currency exchange derivatives$17 $16 

Other Financial Assets and Liabilities

At March 31, 2023 and December 31, 2022, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments and certificates of deposit and their carrying value generally approximates the fair value as they are readily convertible to known amounts of cash. Other financial assets and liabilities, including restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair values because of the short-term nature of these items. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Note 9 for the estimated fair value of the Company's outstanding senior notes, including the estimated fair value of the Company's convertible senior notes.