Investments

6 Months Ended

Jun. 30, 2023

Our investments were as follows:


(in millions)	June 30, 2023		December 31, 2022
Short-term investments:
Equity investment security	$	10	$	10
Available-for-sale investment securities	—		225
Held-to-maturity investment securities	9		24
Time deposits	21		51
Total short-term investments	$	40	$	310


Long-term investments:
Other investments	$	65	$	70
Restricted time deposits(1)	360		357
Total long-term investments	$	425	$	427

(1)See Note 8.

Equity Investment Security

Our equity investment security is a U.S. dollar denominated investment in a fixed income mutual fund. Realized and unrealized gains and losses were immaterial for the three and six months ended June 30, 2023 and 2022.

Available-for-Sale Investment Securities

As of June 30, 2023, we had no available-for-sale investment securities. As of December 31, 2022, the amortized cost and fair value of the available-for-sale investments were each $225 million. Our available-for-sale investment securities consisted of highly rated U.S. dollar denominated investments in certificates of deposit and commercial paper maturing within one year. Unrealized losses were immaterial as of December 31, 2022. There were no realized gains or losses related to the available-for-sale investment securities during the six months ended June 30, 2023 and 2022. There were no sales of available-for sale investment securities during the six months ended June 30, 2023 and 2022.

Held-to-Maturity Investment Securities

Our held-to-maturity investment securities consist of Indian rupee denominated investments in commercial paper and international corporate bonds. The basis for the measurement of fair value of the held-to-maturity investment securities is Level 2 in the fair value hierarchy.

The amortized cost and fair value of corporate debt securities as of June 30, 2023 and December 31, 2022 were each $3 million and $12 million, respectively. The amortized cost and fair value of commercial paper securities as of June 30, 2023 and December 31, 2022 were each $6 million and $12 million, respectively.

As of June 30, 2023, $3 million of corporate debt securities and $3 million of commercial paper were in an unrealized loss position. The total unrealized loss was less than $1 million and none of the securities had been in an unrealized loss position for longer than 12 months. As of December 31, 2022, $12 million of corporate debt securities and $12 million of commercial paper were in an unrealized loss position. The total unrealized loss was less than $1 million and none of the securities had been in an unrealized loss position for longer than 12 months.

The securities in our portfolio are highly rated and short-term in nature. As of June 30, 2023, the corporate debt securities were rated AAA and the commercial paper securities were rated A-1+ by CRISIL, an Indian subsidiary of S&P Global.

Other Investments

As of June 30, 2023 and December 31, 2022, we had equity method investments of $63 million and $68 million, respectively, primarily related to an investment in the technology sector. As of each of June 30, 2023 and December 31, 2022, we had equity securities without a readily determinable fair value of $2 million.