FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Nonrecurring Fair Value Measurements

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2024 are classified in the categories described in the table below (in millions):

	Level 1		Level 2		Total
Recurring fair value measurements (1)
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	14,390	$	—	$	14,390
Certificates of deposit	87		—		87
Short-term investments:
International government securities	—		41		41
U.S. government securities	—		106		106
Corporate debt securities	—		215		215
Long-term investments:
Equity securities	295		—		295
Derivatives:
Foreign currency exchange derivatives	—		20		20
Total assets at fair value	$	14,772	$	382	$	15,154
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	43	$	43

(1)    The Company did not have any Level 3 fair value measurements at March 31, 2024.

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):    

	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	10,871	$	—	$	—	$	10,871
Certificates of deposit	97		—		—		97
Short-term investments:
International government securities	—		63		—		63
U.S. government securities	—		151		—		151
Corporate debt securities	—		362		—		362
Long-term investments:
Equity securities	311		—		—		311
Derivatives:
Foreign currency exchange derivatives	—		62		—		62
Total assets at fair value	$	11,279	$	638	$	—	$	11,917
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	36	$	—	$	36
Nonrecurring fair value measurements
Investment in equity securities of a private entity (1)	$	—	$	—	$	98	$	98

(1)    During the year ended December 31, 2023, the investment in Yanolja was written down to its estimated fair value.

Fair Value and the Notional Amount of Derivatives and the Effect of Foreign Currency Exchange Derivatives

The table below provides estimated fair values of foreign currency exchange derivatives outstanding at March 31, 2024 and December 31, 2023 (in millions).

	March 31, 2024		December 31, 2023
Estimated fair value of derivative assets	$	20	$	62
Estimated fair value of derivative liabilities	$	43	$	36

For the Company's foreign currency exchange derivatives outstanding as of March 31, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $6.3 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $3.1 billion and $4.2 billion, respectively. The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheets.

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 is as follows (in millions):

	Three Months Ended March 31,
	2024		2023
Losses on foreign currency exchange derivatives	$	85	$	17