
	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


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Certificates of deposit	$	328	$	—	$	—	$	328
Government bonds	291		—		—		291
Commercial paper	366		—		—		366
Corporate debt securities	1,209		1		(10)		1,200
Mortgage-backed and asset-backed securities	117		—		(6)		111
Total debt securities	2,311		1		(16)		2,296
Time deposits	490		—		—		490
Equity investments (1)	1		—		—		1
Total short-term investments	$	2,802	$	1	$	(16)	$	2,787

Long-term investments (2)
Debt securities:
Corporate debt securities	$	13	$	—	$	(9)	$	4

As of December 31, 2022 and September 30, 2023, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax before reclassifications from AOCI to other income (expense), net were not material for the three and nine months ended September 30, 2022 and 2023. Realized gains and losses reclassified from AOCI to other income (expense), net were not material for the three and nine months ended September 30, 2022 and 2023.

During the three and nine months ended September 30, 2022, the Company received $885 million and $3.1 billion, respectively, in proceeds from the sale and maturities of short-term investments. During the three and nine months ended September 30, 2023, the Company received $325 million and $1.8 billion, respectively, in proceeds from the sale and maturities of short-term investments.

Debt securities in an unrealized loss position had an estimated fair value of $748 million and $1,097 million, and unrealized losses of $19 million and $24 million as of December 31, 2022 and September 30, 2023, respectively. A total of $92 million and $212 million of these securities, with unrealized losses of $13 million and $18 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2022 and September 30, 2023, respectively.


	September 30, 2023
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,377	$	1,376
Due in one year to five years	877		859
Due within five to ten years	9		9
Due beyond ten years	61		56
Total	$	2,324	$	2,300

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $75 million and $79 million as of December 31, 2022 and September 30, 2023, respectively, and are classified within other assets, noncurrent on the condensed consolidated balance sheets. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and nine months ended September 30, 2022 and 2023. As of December 31, 2022 and September 30, 2023, the cumulative downward adjustments for observable price changes and impairment were $56 million.

As of December 31, 2022 and September 30, 2023, the carrying values of the Company’s equity method investments were $14 million and $8 million, respectively. The Company recorded unrealized losses of $1 million and $4 million for the three and nine months ended September 30, 2022, respectively, and unrealized losses of $1 million and $6 million for the three and nine months ended September 30, 2023, respectively, within other income (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 and nine months ended September 30, 2022 and 2023.