Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments On the Consolidated Balance Sheet

Investments on the consolidated balance sheet consisted of the following at December 31:


	2022		2021
	(in millions)
Available-for-sale securities 1	$	272	$	314
Held-to-maturity securities 2	128		159
Total investments	$	400	$	473

1See Available-for-Sale Securities section below for further detail.

2The cost of these securities approximates fair value.

Available-for-sale investment securities

The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values at December 31 were as follows:


	2022								2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions)
Municipal securities	$	—	$	—	$	—	$	—	$	2	$	—	$	—	$	2
Government and agency securities	91		—		(2)		89		98		—		—		98
Corporate securities	187		—		(4)		183		214		—		—		214

Total	$	278	$	—	$	(6)	$	272	$	314	$	—	$	—	$	314

Maturity Distribution Based on Contractual Terms of Investment Securities

The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at December 31, 2022 was as follows:


	Amortized Cost		Fair Value
	(in millions)
Due within 1 year	$	158	$	157
Due after 1 year through 5 years	120		115
Total	$	278	$	272

Equity Method Investments

The following table is a summary of the activity related to the Company’s equity investments:


	Balance at December 31, 2021		Purchases		Sales		Changes in Fair Value 1		Other 2		Balance at December 31, 2022
	(in millions)
Marketable securities	$	627	$	—	$	—	$	(213)	$	(15)	$	399
Nonmarketable securities	1,207		88		(7)		68		(25)		1,331
Total equity investments	$	1,834	$	88	$	(7)	$	(145)	$	(40)	$	1,730

1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.

2Includes translational impact of currency.

Equity Securities without Readily Determinable Fair Value

The following table sets forth the components of the Company’s Nonmarketable securities at December 31:


	2022		2021
	(in millions)
Measurement alternative	$	1,087	$	952
Equity method	244		255
Total Nonmarketable securities	$	1,331	$	1,207

Carrying Value of Measurement Alternative Investments

The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through December 31:


	2022
	(in millions)
Initial cost basis	$	503
Cumulative adjustments 1:
Upward adjustments	620
Downward adjustments (including impairment)	(36)
Carrying amount, end of period	$	1,087

1 Includes immaterial translational impact of currency.

Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments

The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities for the years ended December 31:


	2022		2021		2020
	(in millions)
Measurement alternative investments:
Upward adjustments	$	114	$	468	$	21
Downward adjustments (including impairment)	$	(23)	$	(2)	$	(3)
Marketable securities:
Unrealized gains (losses), net	$	(213)	$	8	$	(5)