Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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 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 (1)
Debt securities:
Corporate debt securities	$	13	$	—	$	(9)	$	4


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Certificates of deposit	$	11	$	—	$	—	$	11
Government bonds	353		—		(1)		352
Commercial paper	364		—		—		364
Corporate debt securities	1,688		1		(4)		1,685
Mortgage-backed and asset-backed securities	221		—		(4)		217
Total debt securities	2,637		1		(9)		2,629
Time deposits	740		—		—		740

Total short-term investments	$	3,377	$	1	$	(9)	$	3,369

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 June 30, 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 and six months ended June 30, 2023 and 2024. Realized gains and losses reclassified from AOCI to other expense, net, were not material for the three and six months ended June 30, 2023 and 2024.

Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.6 billion, and unrealized losses of $16 million and $19 million as of December 31, 2023 and June 30, 2024, respectively. A total of $283 million and $475 million of these securities, with unrealized losses of $14 million and $17 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and June 30, 2024, respectively.

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


	June 30, 2024
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,813	$	1,811
Due after one year through five years	740		729
Due after five years	97		93
Total	$	2,650	$	2,633

Equity Investments Without Readily Determinable Fair Value

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 $83 million and $38 million as of December 31, 2023 and June 30, 2024, respectively, and are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.

For the three and six months ended June 30, 2024, the Company recorded a non-cash impairment charge of $45 million due to a downward adjustment for an observable price change. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and six months ended June 30, 2023 in the comparative period. As of June 30, 2024, the cumulative impairment and downward adjustments for observable price changes were $101 million.