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INVESTMENTS
 12 Months Ended
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)CostGross
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 entities111 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 securities365 — (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 entities78 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)202420232022
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.