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Investments (Tables)
6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Fair value of short and long-term investments classified as available for sale
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale and restricted cash (in millions):
 June 30, 2021
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$15 $— $— $15 
Corporate debt securities4,596 — 4,598 
Government and agency securities125 — — 125 
$4,736 $$— $4,738 
Long-term investments:
Corporate debt securities635 (1)636 
Government and agency securities109   —   —  109 
$744 $$(1)$745 
 
 December 31, 2020
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$137 $— $— $137 
Corporate debt securities2,252 — 2,255 
$2,389 $$— $2,392 
Long-term investments:
Corporate debt securities284 — 286 
$284 $$— $286 
Estimated fair values of short and long-term investments classified by date of contractual maturity
The estimated fair values of our short-term and long-term investments classified as available-for-sale and restricted cash by date of contractual maturity as of June 30, 2021 are as follows (in millions):
 June 30, 2021
One year or less (including restricted cash of $15)
$4,738 
One year through two years243 
Two years through three years289 
Three years through four years80 
Four years through five years133 
$5,483 
Schedule of equity method investments
The following table provides a summary of our equity investments (in millions):
 Balance Sheet LocationJune 30, 2021December 31, 2020
Equity investment in AdevintaEquity investment in Adevinta$10,354 $— 
Equity investments without readily determinable fair valuesLong-term investments571 539 
Equity investments under the equity method of accountingLong-term investments
Total equity investments$10,932 $547 
Summary of unrealized gains and losses
The following table provides a summary of unrealized gains and losses recorded in interest and other, net during the three and six months ended June 30, 2021 and 2020 related to equity investments held at June 30, 2021 (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net gains/(losses) recognized during the period on equity investments$(380)$— $(380)$— 
Less: Net gains/(losses) recognized during the period on equity investments sold during the period— — — — 
Total unrealized gains/(losses) on equity investments still held at June 30, 2021
$(380)$— $(380)$— 
Schedule of equity securities without readily determinable fair value
The following table summarizes the change in total carrying value during the three and six months ended June 30, 2021 and 2020 related to equity investments without readily determinable fair values still held (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Carrying value, beginning of period$528 $296 $539 $307 
Additions— — 
Upward adjustments for observable price changes41 — 41 — 
Downward adjustments for observable price changes and impairment— (40)— (40)
Foreign currency translation and other(10)(6)
Carrying value, end of period$571 $261 $571 $261