v3.23.1
Investments
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2022
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit$573 $— $— $573 
Government bonds83 — — 83 
Commercial paper574 — — 574 
Corporate debt securities965 1 (7)959 
Mortgage-backed and asset-backed securities
37 — (3)34 
Total debt securities2,232 1 (10)2,223 
Time deposits20 — — 20 
Equity investments (1)
1 — — 1 
Total short-term investments
$2,253 $1 $(10)$2,244 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 
Long-term investments (2)
Carrying Value, Beginning of Period Upward AdjustmentsDownward AdjustmentsCarrying Value,
End of Period
Equity investments:
Equity investments without readily determinable fair values (3), (4)
$75 $— $— $75 
March 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$492 $— $— $492 
Government bonds
254 1 — 255 
Commercial paper
586 — — 586 
Corporate debt securities
1,023 2 (6)1,019 
Mortgage-backed and asset-backed securities
58 — (3)55 
Total debt securities2,413 3 (9)2,407 
Time deposits20 — — 20 
Equity investments (1)
1 — — 1 
Total short-term investments
$2,434 $3 $(9)$2,428 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 
Long-term investments(2)
Carrying Value, Beginning of PeriodUpward AdjustmentsDownward AdjustmentsCarrying Value,
End of Period
Equity investments:
Equity investments without readily determinable fair values (3), (4)
$75 $— $— $75 

(1)Unrealized gain (loss) on equity investments were immaterial for the three months ended March 31, 2022 and 2023.
(2)Classified within other assets, noncurrent on the condensed consolidated balance sheets.    
(3)No impairment charges recorded for the three months ended March 31, 2022 and 2023.
(4)As of December 31, 2022 and March 31, 2023, the cumulative downward adjustments for observable price changes and impairment were $56.2 million.

As of December 31, 2022 and March 31, 2023, the Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.

Unrealized gains and losses, net of tax before reclassifications from AOCI to other expense, net were not material for the three months ended March 31, 2022 and 2023. Realized gains and losses reclassified from AOCI to other expense, net were not material for the three months ended March 31, 2022 and 2023.

Debt securities in an unrealized loss position had an estimated fair value of $748.3 million and $816.6 million, and unrealized losses of $19.4 million and $18.3 million as of December 31, 2022 and March 31, 2023, respectively. A total of $92.3 million and $39.0 million of these securities, with unrealized losses of $12.9 million and $12.5 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2022 and March 31, 2023, respectively.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):

March 31, 2023
Amortized
Cost		Estimated
Fair Value
Due within one year$1,789 $1,788 
Due in one year to five years601 590 
Due within five to ten years30 27 
Due beyond ten years6 6 
Total$2,426 $2,411 
Investments Accounted for Under the Equity Method As of December 31, 2022 and March 31, 2023, the carrying values of the Company’s equity method investments were $13.8 million and $10.1 million, respectively. The Company recorded unrealized losses of $1.3 million and $3.7 million for the three months ended March 31, 2022 and 2023, respectively, within other expense, net in the condensed consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. The Company recorded no impairment charges related to the carrying value of equity method investments for the three months ended March 31, 2022 and 2023.