INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company's investments by major security type at June 30, 2024 (in millions):


	Cost		Gross Unrealized Gains /Upward Adjustments		Gross Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:




Debt securities (1)	$	37	$	—	$	—	$	37


Long-term investments:






Equity securities with readily determinable fair values	$	715	$	—	$	(392)	$	323
Equity securities of private entities	111		259		(225)		145

Total long-term investments	$	826	$	259	$	(617)	$	468

(1) Primarily consists of corporate debt securities.

The following table summarizes the Company's investments by major security type at December 31, 2023 (in millions):


	Cost		Gross Unrealized Gains/Upward Adjustments		Gross Unrealized Losses/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities	$	63	$	—	$	—	$	63
U.S. government securities (1)	152		—		(1)		151
Corporate debt securities	365		—		(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 entities	78		259		(208)		129

Total long-term investments	$	793	$	259	$	(612)	$	440

(1) Includes investments in U.S. municipal bonds.

The Company has classified its investments in 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. The Company's investments in available-for-sale debt securities at June 30, 2024 had investment grade credit quality ratings.

Equity securities with readily determinable fair values include the Company's investments in DiDi Global Inc. and Grab Holdings Limited, with fair values of $163 million and $150 million, respectively, at June 30, 2024 and $155 million and $143 million, respectively, at December 31, 2023. Net unrealized gains (losses) related to these investments are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. During the six months ended June 30, 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 Unaudited Consolidated Statement of Operations for the six months ended June 30, 2023. The cost basis of the Company's investment in Meituan was $450 million.

The Company's investments in equity securities of private entities at June 30, 2024 and December 31, 2023 include $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). The Company evaluated its investment in Yanolja for impairment as of June 30, 2023 and recognized an impairment charge of $24 million during the three and six months ended June 30, 2023 (see Note 6). The carrying value of the Company's investment in Yanolja was $98 million at June 30, 2024 and December 31, 2023.