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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 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 |  | $ | 14,390 |  |  | $ | — |  |  |  |  | $ | 14,390 |
Certificates of deposit |  | 87 |  |  | — |  |  |  |  | 87 |
Short-term investments: |  |  |  |  |  |  |  |
International government securities |  | — |  |  | 41 |  |  |  |  | 41 |
U.S. government securities |  | — |  |  | 106 |  |  |  |  | 106 |
Corporate debt securities |  | — |  |  | 215 |  |  |  |  | 215 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 295 |  |  | — |  |  |  |  | 295 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 20 |  |  |  |  | 20 |
Total assets at fair value |  | $ | 14,772 |  |  | $ | 382 |  |  |  |  | $ | 15,154 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 43 |  |  |  |  | $ | 43 |
(1) The Company did not have any Level 3 fair value measurements at March 31, 2024. Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2023 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 |  | $ | 10,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,871 |
Certificates of deposit |  | 97 |  |  | — |  |  | — |  |  | 97 |
Short-term investments: |  |  |  |  |  |  |  |
International government securities |  | — |  |  | 63 |  |  | — |  |  | 63 |
U.S. government securities |  | — |  |  | 151 |  |  | — |  |  | 151 |
Corporate debt securities |  | — |  |  | 362 |  |  | — |  |  | 362 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 311 |  |  | — |  |  | — |  |  | 311 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 62 |  |  | — |  |  | 62 |
Total assets at fair value |  | $ | 11,279 |  |  | $ | 638 |  |  | $ | — |  |  | $ | 11,917 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investment in equity securities of a private entity (1) |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | 98 |
(1) During the year ended December 31, 2023, 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 of foreign currency exchange derivatives outstanding at March 31, 2024 and December 31, 2023 (in millions).
|  | March 31, 2024 |  | December 31, 2023
Estimated fair value of derivative assets |  | $ | 20 |  |  | $ | 62 |
Estimated fair value of derivative liabilities |  | $ | 43 |  |  | $ | 36 |
For the Company's foreign currency exchange derivatives outstanding as of March 31, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $6.3 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $3.1 billion and $4.2 billion, respectively. 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. 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, 2024 and 2023 is as follows (in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Losses on foreign currency exchange derivatives |  |  |  |  |  | $ | 85 |  |  | $ | 17 |

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