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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended March 31, 2023
OR
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from to
Commission File Number: 1-36691
Booking Holdings Inc.
(Exact name of registrant as specified in its charter) 
Delaware06-1528493
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
800 Connecticut Avenue
Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 299-8000
Former name, former address and former fiscal year, if changed since last report: N/A
 _____________________________________________________________________________________________
 Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class: Trading Symbol(s)Name of each exchange on which registered:
Common Stock par value $0.008 per share BKNGThe NASDAQ Global Select Market
2.375% Senior Notes Due 2024BKNG 24The NASDAQ Stock Market LLC
0.100% Senior Notes Due 2025BKNG 25The NASDAQ Stock Market LLC
4.000% Senior Notes Due 2026BKNG 26The NASDAQ Stock Market LLC
1.800% Senior Notes Due 2027BKNG 27The NASDAQ Stock Market LLC
0.500% Senior Notes Due 2028BKNG 28The NASDAQ Stock Market LLC
4.250% Senior Notes Due 2029BKNG 29The NASDAQ Stock Market LLC
4.500% Senior Notes Due 2031BKNG 31The NASDAQ Stock Market LLC
4.750% Senior Notes Due 2034BKNG 34The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer Non-accelerated filer
Smaller reporting company
Emerging growth company
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
Number of shares of Common Stock outstanding at April 27, 2023:
Common Stock, par value $0.008 per share36,933,652
(Class)(Number of Shares)



Booking Holdings Inc.
Form 10-Q
 
For the Three Months Ended March 31, 2023
 
PART I - FINANCIAL INFORMATION 
  
Item 1. Financial Statements
  
Consolidated Balance Sheets at March 31, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2023 and 2022
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For the Three Months Ended March 31, 2023 and 2022
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three Months Ended March 31, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2023 and 2022
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II - OTHER INFORMATION 
  
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
  
SIGNATURES
2


PART I — FINANCIAL INFORMATION
Item 1.  Financial Statements

Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 March 31,
2023
December 31,
2022
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$14,140 $12,221 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $363 and $176, respectively)
359 175 
Accounts receivable, net (Allowance for expected credit losses of $93 and $117, respectively)
2,048 2,229 
Prepaid expenses, net 655 477 
Other current assets430 696 
Total current assets17,632 15,798 
Property and equipment, net699 669 
Operating lease assets622 645 
Intangible assets, net1,777 1,829 
Goodwill2,816 2,807 
Long-term investments (Includes available-for-sale debt securities:
Amortized cost of $374 and $576, respectively)
806 2,789 
Other assets, net 854 824 
Total assets$25,206 $25,361 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$2,132 $2,507 
Accrued expenses and other current liabilities3,584 3,244 
Deferred merchant bookings4,500 2,223 
Short-term debt854 500 
Total current liabilities11,070 8,474 
Deferred income taxes368 685 
Operating lease liabilities539 552 
Long-term U.S. transition tax liability711 711 
Other long-term liabilities172 172 
Long-term debt11,272 11,985 
  Total liabilities24,132 22,579 
Commitments and contingencies (see Note 13)
Stockholders' equity:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 64,008,335 and 63,780,528, respectively
  
Treasury stock: 26,796,116 and 25,917,558 shares, respectively
(33,178)(30,983)
Additional paid-in capital6,712 6,491 
Retained earnings27,807 27,541 
Accumulated other comprehensive loss(267)(267)
  Total stockholders' equity1,074 2,782 
Total liabilities and stockholders' equity$25,206 $25,361 
        
See Notes to Unaudited Consolidated Financial Statements.
3


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
 Three Months Ended
March 31,
 20232022
Agency revenues$1,782 $1,450 
Merchant revenues1,752 1,050 
Advertising and other revenues244 195 
Total revenues3,778 2,695 
Operating expenses:  
Marketing expenses1,517 1,147 
Sales and other expenses542 339 
Personnel, including stock-based compensation of $113 and $93, respectively
722 596 
General and administrative289 158 
Information technology137 134 
Depreciation and amortization120 111 
Restructuring, disposal, and other exit activities1 36 
Total operating expenses3,328 2,521 
Operating income450 174 
Interest expense(194)(68)
Other income (expense), net47 (955)
Income (loss) before income taxes303 (849)
Income tax expense (benefit)37 (149)
Net income (loss)$266 $(700)
Net income (loss) applicable to common stockholders per basic common share$7.07 $(17.10)
Weighted-average number of basic common shares outstanding (in 000's)37,621 40,921 
Net income (loss) applicable to common stockholders per diluted common share$7.00 $(17.10)
Weighted-average number of diluted common shares outstanding (in 000's)37,983 40,921 

See Notes to Unaudited Consolidated Financial Statements.

4


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
Three Months Ended
March 31,
20232022
Net income (loss)$266 $(700)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(2)(38)
Net unrealized gains (losses) on available-for-sale securities2 (1)
Total other comprehensive income (loss), net of tax (39)
Comprehensive income (loss)$266 $(739)

See Notes to Unaudited Consolidated Financial Statements.
5


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2023 and 2022
(In millions, except share data)
 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
(in 000's)
AmountShares
(in 000's)
Amount
Three Months Ended March 31, 2023
Balance, December 31, 202263,781 $ (25,918)$(30,983)$6,491 $27,541 $(267)$2,782 
Net income— — — — — 266 — 266 
Foreign currency translation adjustments, net of tax— — — — — — (2)(2)
Net unrealized gains on available-for-sale securities, net of tax— — — — — — 2 2 
Exercise of stock options and vesting of restricted stock units and performance share units227  — — 105 — — 105 
Repurchase of common stock—  (878)(2,195)— — — (2,195)
Stock-based compensation and other stock-based payments— — — — 116 — — 116 
Balance, March 31, 202364,008 $ (26,796)$(33,178)$6,712 $27,807 $(267)$1,074 
Three Months Ended March 31, 2022
Balance, December 31, 202163,584 $ (22,518)$(24,290)$6,159 $24,453 $(144)$6,178 
Cumulative effect of adoption of accounting standards update— — — — (96)30 — (66)
Net loss— — — — — (700)— (700)
Foreign currency translation adjustments, net of tax— — — — — — (38)(38)
Net unrealized losses on available-for-sale securities, net of tax— — — — — — (1)(1)
Exercise of stock options and vesting of restricted stock units and performance share units175  — — 3 — — 3 
Repurchase of common stock— — (487)(1,100)— — — (1,100)
Stock-based compensation and other stock-based payments— — — — 97 — — 97 
Balance, March 31, 202263,759 $ (23,005)$(25,390)$6,163 $23,783 $(183)$4,373 

See Notes to Unaudited Consolidated Financial Statements.

6


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Three Months Ended
March 31,
 20232022
OPERATING ACTIVITIES:
Net income (loss)$266 $(700)
Adjustments to reconcile net income (loss) to net cash provided by operating activities: 
Depreciation and amortization120 111 
Provision for expected credit losses and chargebacks54 55 
Deferred income tax benefit(340)(216)
Net losses on equity securities133 987 
Stock-based compensation expense and other stock-based payments113 93 
Operating lease amortization41 39 
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt26 (30)
Other 30 
Changes in assets and liabilities: 
Accounts receivable158 (326)
Prepaid expenses and other current assets118 (56)
Deferred merchant bookings and other current liabilities2,038 1,868 
Long-term assets and liabilities 162 (160)
Net cash provided by operating activities2,889 1,695 
INVESTING ACTIVITIES: 
Proceeds from sale and maturity of investments1,683  
Additions to property and equipment(88)(109)
Other investing activities(9)(12)
Net cash provided by (used in) investing activities1,586 (121)
FINANCING ACTIVITIES:
Payment on maturity of debt(500)(1,102)
Payments for repurchase of common stock (2,150)(1,049)
Proceeds from exercise of stock options105 3 
Other financing activities(17)9 
Net cash used in financing activities(2,562)(2,139)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents8 (9)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents1,921 (574)
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 12,251 11,152 
Total cash and cash equivalents and restricted cash and cash equivalents, end of period $14,172 $10,578 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes$311 $98 
Cash paid during the period for interest$142 $72 

See Notes to Unaudited Consolidated Financial Statements.
7


Booking Holdings Inc.
Notes to Unaudited Consolidated Financial Statements
 
1.    BASIS OF PRESENTATION
 
Management of Booking Holdings Inc. (the "Company") is responsible for the Unaudited Consolidated Financial Statements included in this document. The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared the Unaudited Consolidated Financial Statements following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by U.S. GAAP for annual financial statements. These Unaudited Consolidated Financial Statements should be read in combination with the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
 
The Unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company's subsidiaries is generally the respective local currency. For international operations, assets and liabilities are translated into U.S. Dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of "Accumulated other comprehensive loss" in the accompanying Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations.
 
Revenues, expenses, assets, and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for any subsequent quarter or the full year.

Impact of COVID-19

Even though there have been improvements in the economic and operating conditions for the Company's business since the outset of the COVID-19 pandemic, the Company cannot predict the long-term effects of the pandemic on its business or the travel and restaurant industries as a whole. See Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the impact of the COVID-19 pandemic.

Reclassification
Certain amounts from prior periods have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

See "Recent Accounting Pronouncements Adopted" and "Other Recent Accounting Pronouncements" in Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.


8


2.    REVENUE

Disaggregation of Revenue

Geographic Information

The Company's revenue from its businesses outside of the U.S. consists of the results of Booking.com, Agoda, and Rentalcars.com in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com (which is domiciled in the Netherlands) at a hotel in New York by a consumer in the United States is part of the results of the Company's businesses outside of the U.S. The Company's geographic information on revenues is as follows (in millions):
Outside of the U.S.
United StatesThe NetherlandsOtherTotal Company
Total revenues for the three months ended March 31,
2023$523 $2,859 $396 $3,778 
2022$475 $1,969 $251 $2,695 

Revenue by Type of Service

Approximately 88% and 86% of the Company's revenues for the three months ended March 31, 2023 and 2022, respectively, relate to online accommodation reservation services. Revenue from all other sources of online travel reservation services and advertising and other revenues each individually represent less than 10% of the Company's total revenue for each period.

Incentive Programs

At March 31, 2023 and December 31, 2022, liabilities of $153 million and $143 million, respectively, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets for incentives granted to consumers, including referral bonuses, rebates, credits, discounts, and loyalty programs.

Deferred Merchant Bookings

Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are mostly subject to refunds for cancellations.

3.    STOCK-BASED COMPENSATION
 
The Company maintains equity incentive plans that include broad-based grants of restricted stock units, performance share units granted to officers and certain other employees, and stock options granted to certain employees.

Restricted stock units and performance share units granted by the Company during the three months ended March 31, 2023 had an aggregate grant-date fair value of $555 million. Restricted stock units and performance share units that vested during the three months ended March 31, 2023 had an aggregate fair value at vesting of $401 million. At March 31, 2023, there was $1.0 billion of estimated total future stock-based compensation expense related to unvested restricted stock units and performance share units to be recognized over a weighted-average period of 2.3 years.
9



The following table summarizes the activity in restricted stock units and performance share units for employees and non-employee directors during the three months ended March 31, 2023: 
Restricted Stock UnitsPerformance Share Units
SharesWeighted-average Grant-date Fair ValueSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2022 (1)
280,460$2,070143,702$2,294
Granted (2)
158,615$2,62051,866$2,679
Vested(123,150)$1,980(30,118)$2,327
Performance shares adjustment (3)
33,424$2,412
Forfeited(4,457)$2,225(5,225)$2,241
Unvested at March 31, 2023311,468$2,384193,649$2,414
(1)    Excludes 14,087 performance share units awarded during the years ended December 31, 2022 and 2021 for which the grant date under Accounting Standards Codification ("ASC") 718, Compensation - Stock Compensation, was not established as of December 31, 2022. Among other conditions, for the grant date to be established, a mutual understanding is required to be reached between the Company and the employee of the key terms and conditions of the award, including the performance targets. The performance targets for each of the annual performance periods under the award are set at the beginning of the respective year.
(2)     Includes 9,688 performance share units awarded during the years ended December 31, 2022 and 2021 for which the grant date under ASC 718 was established.
(3)    Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications.

The following table summarizes the activity in stock options during the three months ended March 31, 2023:
Employee Stock Options Number of SharesWeighted-average Exercise PriceAggregate
 Intrinsic Value (in millions)
Weighted-average Remaining Contractual Term
(in years)
Balance, December 31, 2022120,813 $1,408$73 7.3
Exercised(74,545)$1,411
Forfeited (62)$1,411
Balance, March 31, 202346,206 $1,404$58 7.0
Exercisable at March 31, 202346,206 $1,404$58 7.0
The aggregate intrinsic value of employee stock options exercised during the three months ended March 31, 2023 was $89 million.

4.    NET INCOME (LOSS) PER SHARE
 
A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income (loss) per share is as follows (in thousands):
 Three Months Ended
March 31,
 20232022
Weighted-average number of basic common shares outstanding37,621 40,921 
Weighted-average dilutive stock options, restricted stock units and performance share units
242  
Assumed conversion of convertible senior notes120  
Weighted-average number of diluted common and common equivalent shares outstanding
37,983 40,921 

10


For the three months ended March 31, 2023 and 2022, 58,079 and 269,653 potential common shares, respectively, related to stock options, restricted stock units, performance share units, and convertible senior notes, as applicable, were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the respective period.

5.    INVESTMENTS

The following table summarizes the Company's investments by major security type at March 31, 2023 (in millions): 
 CostGross
Unrealized Gains /Upward Adjustments
Gross
Unrealized Losses /Downward Adjustments
Carrying Value
Short-term investments:
Debt securities:
International government securities$38 $ $ $38 
U.S. government securities (1)
145  (1)144 
Corporate debt securities180  (3)177 
Total short-term investments$363 $ $(4)$359 
Long-term investments:
Debt securities:
International government securities$41 $ $(1)$40 
U.S. government securities
113  (2)111 
Corporate debt securities220  (3)217 
Total debt securities374  (6)368 
Equity securities:
Equity securities with readily determinable fair values715  (430)285 
Equity securities of private companies78 259 (184)153 
Total equity securities793 259 (614)438 
Total long-term investments$1,167 $259 $(620)$806 
(1)    Includes investments in U.S. municipal bonds.

11


The following table summarizes the Company's investments by major security type at December 31, 2022 (in millions):
 CostGross
Unrealized Gains/Upward Adjustments
Gross
Unrealized Losses/Downward Adjustments
Carrying
 Value
Short-term investments:
Debt securities:
International government securities$13 $ $ $13 
U.S. government securities (1)
131  (1)130 
Corporate debt securities32   32 
Total short-term investments$176 $ $(1)$175 
Long-term investments:
Debt securities:
International government securities$63 $ $(1)$62 
U.S. government securities (1)
147  (3)144 
Corporate debt securities366  (7)359 
Total debt securities576  (11)565 
Equity securities:
Equity securities with readily determinable fair values1,165 1,352 (446)2,071 
Equity securities of private companies78 259 (184)153 
Total equity securities1,243 1,611 (630)2,224 
Total long-term investments$1,819 $1,611 $(641)$2,789 
(1)    Includes investments in U.S. municipal bonds.

The Company has classified its investments in international government securities, U.S. government securities, and corporate debt securities as available-for-sale debt securities. The aggregate unrealized gains and losses on the available-for-sale debt securities, net of tax, are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets.

At March 31, 2023, the Company's investments in debt securities had an average credit quality of A+/A1/A+ and the Company's long-term investments in available-for-sale debt securities had maturity dates between 1 and 2 years. The Company invests in international government securities with high credit quality. At March 31, 2023, investments in international government securities principally included debt securities issued by the governments of Germany, France, Norway, Sweden, and Canada.

Equity securities with readily determinable fair values at March 31, 2023 include the Company's investments in DiDi Global Inc. ("DiDi") and Grab Holdings Limited ("Grab"), with fair values of $150 million and $127 million, respectively. At December 31, 2022, equity securities with readily determinable fair values included the Company's investments in DiDi, Grab, and Meituan, with fair values of $125 million, $136 million, and $1.8 billion, respectively. 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 Unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 were as follows (in millions):

Three Months Ended
March 31,
20232022
DiDi
$25 $(97)
Grab
(9)(153)
Meituan
 (728)

12


During the three months ended March 31, 2023, the Company sold its entire investment in Meituan for $1.7 billion, resulting in a net loss of $149 million included in "Other income (expense), net" in the Unaudited Consolidated Statement of Operations for the three months ended March 31, 2023. The cost basis of the Company's investment in Meituan was $450 million.

The Company's investments in equity securities of private companies at March 31, 2023 and December 31, 2022, includes the investment in Yanolja Co., Ltd. ("Yanolja") which had a carrying value of $122 million at March 31, 2023 and December 31, 2022.

6.    FAIR VALUE MEASUREMENTS
 `
There are three levels of inputs to valuation techniques used to measure fair value:
Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities.
Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data.
Level 3: Unobservable inputs are used when little or no market data is available.

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2023 are classified in the categories described in the table below (in millions):
 Level 1Level 2Total
Recurring fair value measurements (1)
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments$13,345 $ $13,345 
Certificates of deposit62  62 
Short-term investments:   
International government securities 38 38 
U.S. government securities 144 144 
Corporate debt securities 177 177 
Long-term investments:
International government securities 40 40 
U.S. government securities 111 111 
Corporate debt securities 217 217 
Equity securities285  285 
Derivatives:
Foreign currency exchange derivatives 43 43 
Total assets at fair value$13,692 $770 $14,462 
LIABILITIES:
Foreign currency exchange derivatives$ $31 $31 
(1)    The Company did not have any Level 3 fair value measurements at March 31, 2023.

13


Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):    
Level 1Level 2
Level 3 (1)
Total
Recurring fair value measurements
ASSETS:   
Cash equivalents and restricted cash equivalents:
Money market fund investments$11,483 $ $ $11,483 
Certificates of deposit60   60 
Short-term investments:
International government securities 13  13 
U.S. government securities 130  130 
Corporate debt securities 32  32 
Long-term investments:
International government securities 62  62 
U.S. government securities 144