Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Certificates of deposit	$	172	$	—	$	—	$	172
Government bonds	332		1		—		333
Commercial paper	366		—		—		366
Corporate debt securities	1,490		4		(3)		1,491
Mortgage-backed and asset-backed securities	148		1		(4)		145
Total debt securities	2,508		6		(7)		2,507
Time deposits	690		—		—		690

Total short-term investments	$	3,198	$	6	$	(7)	$	3,197

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

(1)Unrealized gains (losses) on equity investments were not material for the years ended December 31, 2022 and 2023.

(2)Classified within other assets, noncurrent on the consolidated balance sheets.

As of December 31, 2022 and December 31, 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 years ended December 31, 2021, 2022 and 2023. Realized gains and losses reclassified from AOCI to other income (expense), net were not material for the years ended December 31, 2021, 2022 and 2023.

Debt securities in an unrealized loss position had an estimated fair value of $748 million and $777 million, and unrealized losses of $19 million and $16 million as of December 31, 2022 and 2023, respectively. A total of $92 million and $283 million of these securities, with unrealized losses of $13 million and $14 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2022 and December 31, 2023, respectively.

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


	December 31, 2023
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,406	$	1,406
Due within one to five years	1,027		1,020
Due beyond five years	88		85
Total	$	2,521	$	2,511

Equity Investments

Gains and Losses on Marketable Equity Investments

During the year ended December 31, 2021, the Company sold all of its marketable equity investments and recognized a realized net loss of $13 million. The realized and unrealized gains and losses on marketable equity investments were recorded in other income (expense), net on the consolidated statements of operations.

Equity Investments Without Readily Determinable Fair Values

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 $83 million as of December 31, 2022 and December 31, 2023, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets.

The Company recorded impairment charges of $3 million for the year ended December 31, 2021, and did not have any impairment charges nor downward adjustments for observable price changes during the years ended December 31, 2022 and 2023. The Company recorded upward adjustments of $4 million during the year ended December 31, 2023, and did not have any upward adjustments for observable price changes during the years ended December 31, 2021 and 2022. As of December 31, 2023, the cumulative impairment and downward adjustments for observable price changes were $56 million.

Investments Accounted for Under the Equity Method

As of December 31, 2022 and December 31, 2023, the carrying values of the Company’s equity method investments were $14 million and $8 million, respectively. For the years ended December 31, 2021, 2022 and 2023, the Company recorded losses of $4 million, $5 million and $6 million, respectively, within other income (expense), net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges for the years ended December 31, 2021, 2022 and 2023.