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 bonds | 83 | | — | | — | | 83 | | | | | | | | | Commercial paper | 574 | | — | | — | | 574 | | | | | | | | | Corporate debt securities | 965 | | 1 | | (7) | | 959 | | | | | | | | Mortgage-backed and asset-backed securities | 37 | | — | | (3) | | 34 | | | | | | | | | Total debt securities | 2,232 | | 1 | | (10) | | 2,223 | | | | | | | | | Time deposits | 20 | | — | | — | | 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 Adjustments | Downward Adjustments | Carrying 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 securities | 2,413 | | 3 | | (9) | | 2,407 | | | | | | | | | Time deposits | 20 | | — | | — | | 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 Period | Upward Adjustments | Downward Adjustments | Carrying 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.
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