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Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):
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 bonds332 1 — 333 
Commercial paper366 — — 366 
Corporate debt securities1,490 4 (3)1,491 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

March 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$13 $— $— $13 
Government bonds
345 — — 345 
Commercial paper
500 — — 500 
Corporate debt securities
1,480 3 (4)1,479 
Mortgage-backed and asset-backed securities
191 — (4)187 
Total debt securities2,529 3 (8)2,524 
Time deposits740 — — 740 
Total short-term investments
$3,269 $3 $(8)$3,264 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.
As of December 31, 2023 and March 31, 2024, 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 accumulated other comprehensive loss (“AOCI”) to other expense, net were not material for the three months ended March 31, 2023 and 2024. Realized gains and losses reclassified from AOCI to other expense, net were not material for the three months ended March 31, 2023 and 2024.

Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.1 billion, and unrealized losses of $16 million and $18 million as of December 31, 2023 and March 31, 2024, respectively. A total of $283 million and $479 million of these securities, with unrealized losses of $14 million and $16 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and March 31, 2024, respectively.

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

March 31, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,489 $1,489 
Due after one year through five years
957 947 
Due after five years
96 92 
Total$2,542 $2,528