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INVESTMENTS | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments by major security type at December 31, 2024 and 2023:
(in millions) |  | Cost |  | Gross Unrealized Gains /Upward Adjustments |  | Gross Unrealized Losses /Downward Adjustments |  | Carrying Value
December 31, 2024 |  |  |  |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities with readily determinable fair values |  | $ | 715 |  |  | $ | — |  |  | $ | (324) |  |  | $ | 391 |
Equity securities of private entities |  | 111 |  |  | 259 |  |  | (225) |  |  | 145 |
Total long-term investments |  | $ | 826 |  |  | $ | 259 |  |  | $ | (549) |  |  | $ | 536 |
December 31, 2023 |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
International government securities |  | $ | 63 |  |  | $ | — |  |  | $ | — |  |  | $ | 63 |
U.S. government securities (1) |  | 152 |  |  | — |  |  | (1) |  |  | 151 |
Corporate debt securities |  | 365 |  |  | — |  |  | (3) |  |  | 362 |
Total short-term investments |  | $ | 580 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 576 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities with readily determinable fair values |  | $ | 715 |  |  | $ | — |  |  | $ | (404) |  |  | $ | 311 |
Equity securities of private entities |  | 78 |  |  | 259 |  |  | (208) |  |  | 129 |
Total long-term investments |  | $ | 793 |  |  | $ | 259 |  |  | $ | (612) |  |  | $ | 440 |
(1) Includes investments in U.S. municipal bonds. The Company's investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The Company's investments in available-for-sale debt securities at December 31, 2023 had investment grade credit quality ratings and the investments in international government securities principally included debt securities issued by the governments of Germany, France, Norway, Canada, and Sweden. Equity securities with readily determinable fair values include the Company's investments in Grab Holdings Limited ("Grab") and DiDi Global Inc. ("DiDi"), with fair values of $200 million and $179 million, respectively, at December 31, 2024 and $143 million and $155 million, respectively, at December 31, 2023. During the year ended December 31, 2023, the Company sold its entire investment in Meituan for $1.7 billion, resulting in a loss of $149 million included in "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2023. The cost basis of the Company's investment in Meituan was $450 million. Equity securities with readily determinable fair values are included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 were as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Grab |  | $ | 57 |  |  | $ | 7 |  |  | $ | (165) |
DiDi |  | 24 |  |  | 30 |  |  | (70) |
Meituan |  | — |  |  | — |  |  | (526) |
The Company's investments in equity securities of private entities at December 31, 2024 and 2023, includes $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). Certain observable transactions subsequent to the Company's original investment resulted in an adjusted carrying value of $306 million for the investment as of December 31, 2021. The Company evaluated its investment in Yanolja for impairment as of June 30, 2023 and 2022 and recognized impairment charges of $24 million and $184 million during the years ended December 31, 2023 and 2022, respectively (see Note 6). The carrying value of the Company's investment in Yanolja was $98 million as of December 31, 2024 and 2023.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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