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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023 and nonrecurring basis, as applicable, are classified in the categories described in the table below (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2024 |  |  |  |  |  |  |  |
Recurring fair value measurements |  |  |  |  |  |  |  |
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents: |  |  |  |  |  |  |  |
Money market fund investments |  | $ | 14,258 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,258 |
Certificates of deposit |  | 95 |  |  | — |  |  | — |  |  | 95 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 355 |  |  | — |  |  | — |  |  | 355 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 114 |  |  | — |  |  | 114 |
Total assets at fair value |  | $ | 14,708 |  |  | $ | 114 |  |  | $ | — |  |  | $ | 14,822 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 65 |  |  | $ | — |  |  | $ | 65 |
December 31, 2023 |  |  |  |  |  |  |  |
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 | For the Company's foreign currency exchange derivatives outstanding as of September 30, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $8.5 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $4.3 billion and $4.2 billion, respectively. The notional amount of a foreign currency exchange derivative 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 and nine months ended September 30, 2024 and 2023 is as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Gains (losses) on foreign currency exchange derivatives |  | $ | 130 |  |  | $ | (56) |  |  | $ | (32) |  |  | $ | (140) |

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