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MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (in millions):
CostUnrealized
Gains		Unrealized
Losses		Estimated
Fair Value
September 30, 2024:
Current trading marketable securities:
Equity securities$3 $— $— $3 
Total trading marketable securities3 — — 3 
Current available-for-sale securities:
U.S. government and agency debt securities178 — (1)177 
Mortgage and asset-backed debt securities— — — — 
Corporate debt securities25 — — 25 
Non-U.S. government debt securities— — — — 
Total available-for-sale marketable securities203 — (1)202 
Total current marketable securities$206 $— $(1)$205 
 CostUnrealized
Gains		Unrealized
Losses		Estimated
Fair Value
December 31, 2023:
Current trading marketable securities:
Equity securities$4 $— $— $4 
Total trading marketable securities4 — — 4 
Current available-for-sale securities:
U.S. government and agency debt securities963 2 (4)961 
Mortgage and asset-backed debt securities3 — — 3 
Corporate debt securities1,891 4 (4)1,891 
Non-U.S. government debt securities7 — — 7 
Total available-for-sale marketable securities2,864 6 (8)2,862 
Total current marketable securities$2,868 $6 $(8)$2,866 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of marketable securities as of September 30, 2024 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.
CostEstimated
Fair Value
Due in one year or less$123 $122 
Due after one year through three years80 80 
Due after three years through five years— — 
Due after five years— — 
203 202 
Equity securities3 3 
$206 $205 
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 September 30, 2024 and December 31, 2023, 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 
September 30, 2024:
Marketable Securities:
U.S. government and agency debt securities$177 $— $— $177 
Mortgage and asset-backed debt securities— — — — 
Corporate debt securities— 25 — 25 
Equity securities— 3 — 3 
Non-U.S. government debt securities— — — — 
Total marketable securities177 28 — 205 
Other non-current investments(1)
— 20 — 20 
Total$177 $48 $— $225 
(1)    Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
December 31, 2023:
Marketable Securities:
U.S. government and agency debt securities$961 $— $— $961 
Mortgage and asset-backed debt securities— 3 — 3 
Corporate debt securities— 1,891 — 1,891 
Equity securities— 4 — 4 
Non-U.S. government debt securities— 7 — 7 
Total marketable securities961 1,905 — 2,866 
Other non-current investments(1)
— 19 — 19 
Total$961 $1,924 $— $2,885 
(1)    Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.