FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 and nonrecurring basis, as applicable, are classified in the categories described in the table below (in millions):

	Level 1		Level 2		Level 3		Total
September 30, 2024
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments	$	14,258	$	—	$	—	$	14,258
Certificates of deposit	95		—		—		95
Long-term investments:
Equity securities	355		—		—		355
Derivatives:
Foreign currency exchange derivatives	—		114		—		114
Total assets at fair value	$	14,708	$	114	$	—	$	14,822
LIABILITIES:
Foreign currency exchange derivatives	$	—	$	65	$	—	$	65
December 31, 2023
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

For the Company's foreign currency exchange derivatives outstanding as of September 30, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $8.5 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $4.3 billion and $4.2 billion, respectively. The notional amount of a foreign currency exchange derivative 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 and nine months ended September 30, 2024 and 2023 is as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gains (losses) on foreign currency exchange derivatives	$	130	$	(56)	$	(32)	$	(140)