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MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale Securities | The following is a summary of marketable securities classified as trading and available-for-sale as of March 31, 2023 and December 31, 2022 (in millions):
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
March 31, 2023: |  |  |  |  |  |  |
Current trading marketable securities: |  |  |  |  |  |  |
Equity securities | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Total trading marketable securities | 6 |  |  | — |  |  | — |  |  | 6 |
Current available-for-sale securities: |  |  |  |  |  |  |
U.S. government and agency debt securities | 761 |  |  | 2 |  |  | (4) |  |  | 759 |
Mortgage and asset-backed debt securities | 9 |  |  | — |  |  | — |  |  | 9 |
Corporate debt securities | 2,279 |  |  | 3 |  |  | (6) |  |  | 2,276 |
U.S. state and local municipal debt securities | 3 |  |  | — |  |  | — |  |  | 3 |
Non-U.S. government debt securities | 155 |  |  | — |  |  | — |  |  | 155 |
Total available-for-sale marketable securities | 3,207 |  |  | 5 |  |  | (10) |  |  | 3,202 |
Total current marketable securities | $ | 3,213 |  |  | $ | 5 |  |  | $ | (10) |  |  | $ | 3,208 |
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
December 31, 2022: |  |  |  |  |  |  |
Current trading marketable securities: |  |  |  |  |  |  |
Equity securities | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Total trading marketable securities | 2 |  |  | — |  |  | — |  |  | 2 |
Current available-for-sale securities: |  |  |  |  |  |  |
U.S. government and agency debt securities | 355 |  |  | — |  |  | (8) |  |  | 347 |
Mortgage and asset-backed debt securities | 9 |  |  | — |  |  | — |  |  | 9 |
Corporate debt securities | 1,472 |  |  | — |  |  | (6) |  |  | 1,466 |
U.S. state and local municipal debt securities | 4 |  |  | — |  |  | — |  |  | 4 |
Non-U.S. government debt securities | 165 |  |  | — |  |  | — |  |  | 165 |
Total available-for-sale marketable securities | 2,005 |  |  | — |  |  | (14) |  |  | 1,991 |
Total current marketable securities | $ | 2,007 |  |  | $ | — |  |  | $ | (14) |  |  | $ | 1,993 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of marketable securities as of March 31, 2023 by contractual maturity are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties.
| Cost |  | Estimated Fair Value
Due in one year or less | $ | 1,727 |  |  | $ | 1,726 |
Due after one year through three years | 1,478 |  |  | 1,474 |
Due after three years through five years | 2 |  |  | 2 |
Due after five years | — |  |  | — |
| 3,207 |  |  | 3,202 |
Equity securities | 6 |  |  | 6 |
| $ | 3,213 |  |  | $ | 3,208 |
Fair Value, Assets Measured on Recurring Basis | The following table presents information about our investments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions):
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
March 31, 2023: |  |  |  |  |  |  |
Marketable Securities: |  |  |  |  |  |  |
U.S. government and agency debt securities | $ | 759 |  |  | $ | — |  |  | $ | — |  |  | $ | 759 |
Mortgage and asset-backed debt securities | — |  |  | 9 |  |  | — |  |  | 9 |
Corporate debt securities | — |  |  | 2,276 |  |  | — |  |  | 2,276 |
U.S. state and local municipal debt securities | — |  |  | 3 |  |  | — |  |  | 3 |
Equity securities | — |  |  | 6 |  |  | — |  |  | 6 |
Non-U.S. government debt securities | — |  |  | 155 |  |  | — |  |  | 155 |
Total marketable securities | 759 |  |  | 2,449 |  |  | — |  |  | 3,208 |
Other non-current investments(1) | — |  |  | 19 |  |  | — |  |  | 19 |
Total | $ | 759 |  |  | $ | 2,468 |  |  | $ | — |  |  | $ | 3,227 |
(1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.
December 31, 2022: | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Marketable Securities: |  |  |  |  |  |  |
U.S. government and agency debt securities | $ | 279 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 347 |
Mortgage and asset-backed debt securities | — |  |  | 9 |  |  | — |  |  | 9 |
Corporate debt securities | — |  |  | 1,466 |  |  | — |  |  | 1,466 |
U.S. state and local municipal debt securities | — |  |  | 4 |  |  | — |  |  | 4 |
Equity securities | — |  |  | 2 |  |  | — |  |  | 2 |
Non-U.S. government debt securities | — |  |  | 165 |  |  | — |  |  | 165 |
Total marketable securities | 279 |  |  | 1,714 |  |  | — |  |  | 1,993 |
Other non-current investments(1) | — |  |  | 18 |  |  | — |  |  | 18 |
Total | $ | 279 |  |  | $ | 1,732 |  |  | $ | — |  |  | $ | 2,011 |
(1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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