Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)

v3.24.2.u1
MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)
 6 Months Ended
Jun. 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 June 30, 2024 and December 31, 2023 (in millions):
Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
June 30, 2024:
Current trading marketable securities:
Equity securities $ 3  $ —  $ —  $ 3 
Total trading marketable securities 3  —  —  3 
Current available-for-sale securities:
U.S. government and agency debt securities 182  —  (3) 179 
Mortgage and asset-backed debt securities —  —  —  — 
Corporate debt securities 31  —  —  31 
Non-U.S. government debt securities —  —  —  — 
Total available-for-sale marketable securities 213  —  (3) 210 
Total current marketable securities $ 216  $ —  $ (3) $ 213 
  Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
December 31, 2023:
Current trading marketable securities:
Equity securities $ 4  $ —  $ —  $ 4 
Total trading marketable securities 4  —  —  4 
Current available-for-sale securities:
U.S. government and agency debt securities 963  2  (4) 961 
Mortgage and asset-backed debt securities 3  —  —  3 
Corporate debt securities 1,891  4  (4) 1,891 
Non-U.S. government debt securities 7  —  —  7 
Total available-for-sale marketable securities 2,864  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 June 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.
Cost Estimated
Fair Value
Due in one year or less $ 108  $ 106 
Due after one year through three years 105  104 
Due after three years through five years —  — 
Due after five years —  — 
213  210 
Equity securities 3  3 
$ 216  $ 213 
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 June 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 
June 30, 2024:
Marketable Securities:
U.S. government and agency debt securities $ 179  $ —  $ —  $ 179 
Mortgage and asset-backed debt securities —  —  —  — 
Corporate debt securities —  31  —  31 
Equity securities —  3  —  3 
Non-U.S. government debt securities —  —  —  — 
Total marketable securities 179  34  —  213 
Other non-current investments(1)
—  19  —  19 
Total $ 179  $ 53  $ —  $ 232 
(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 securities 961  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.