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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Financial assets and liabilities carried at fair value and nonrecurring fair value measurements | Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023 and nonrecurring basis, as applicable, are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2):
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2024 |  |  |  |  |  |  |  |
Recurring fair value measurements |  |  |  |  |  |  |  |
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents: |  |  |  |  |  |  |  |
Money market fund investments |  | $ | 14,806 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,806 |
Certificates of deposit |  | 120 |  |  | — |  |  | — |  |  | 120 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 391 |  |  | — |  |  | — |  |  | 391 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 70 |  |  | — |  |  | 70 |
LIABILITIES: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 93 |  |  | $ | — |  |  | $ | 93 |
Embedded derivative liability |  | — |  |  | 1,300 |  |  | — |  |  | 1,300 |
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 |
LIABILITIES: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
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.
Schedule of derivative instruments | The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 is as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Losses on foreign currency exchange derivatives |  | $ | (156) |  |  | $ | (106) |  |  | $ | (52) |

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