v3.24.3
Investments
 9 Months Ended
Sep. 30, 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 
September 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$10 $— $— $10 
Government bonds
300 1 — 301 
Commercial paper
231 — — 231 
Corporate debt securities
1,925 10 (1)1,934 
Mortgage-backed and asset-backed securities
350 2 (2)350 
Total debt securities2,816 13 (3)2,826 
Time deposits757 — — 757 
Total short-term investments
$3,573 $13 $(3)$3,583 
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 September 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 income (expense), net, were not material for the three and nine months ended September 30, 2023 and 2024. Realized gains and losses reclassified from AOCI to other income (expense), net, were not material for the three and nine months ended September 30, 2023 and 2024.

Debt securities in an unrealized loss position had an estimated fair value of $777 million and $406 million, and unrealized losses of $16 million and $13 million as of December 31, 2023 and September 30, 2024, respectively. A total of $283 million and $202 million of these securities, with unrealized losses of $14 million and $12 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and September 30, 2024, respectively.

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

September 30, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,860 $1,863 
Due after one year through five years
875 874 
Due after five years
94 93 
Total$2,829 $2,830 

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 September 30, 2024, respectively, and are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.

For the nine months ended September 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 months ended September 30, 2024.

There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and nine months ended September 30, 2023.

As of September 30, 2024, the cumulative impairment and downward adjustments for observable price changes were $101 million.