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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Nonrecurring Fair Value Measurements
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.
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 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