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Investments (Tables)
 12 Months Ended
Dec. 31, 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 debt securities and restricted cash as of the dates indicated (in millions):
 December 31, 2021
 Gross
Amortized
Cost		  Gross
Unrealized
Gains		  Gross
Unrealized
Losses		 Estimated
Fair Value
Short-term investments:     
Restricted cash$22   $—   $—  $22 
Corporate debt securities4,151   1   —  4,152 
Government and agency securities25   —   —  25 
$4,198   $1   $—  $4,199 
Long-term investments:     
Corporate debt securities$954   $1   $(5) $950 
Government and agency securities779   —   (2) 777 
$1,733   $1   $(7) $1,727 
 
 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   3   —  2,255 
$2,389 $3 $— $2,392 
Long-term investments:     
Corporate debt securities$284   $2   $—  $286 
$284   $2   $—  $286 
Estimated fair values of short and long-term investments classified as available for sale by date of contractual maturity
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions): 
 December 31, 2021
One year or less (including restricted cash of $22)
$4,199 
One year through two years442 
Two years through three years752 
Three years through four years391 
Four years through five years124 
Thereafter18 
Total$5,926 
Schedule of equity investments
The following table summarizes our equity investments as of the dates indicated (in millions):
December 31,
 Balance Sheet Location20212020
Equity investments with readily determinable fair valuesShort-term investments$1,745 $— 
Equity investment in AdevintaEquity investment in Adevinta5,391 — 
Equity investment under the fair value optionLong-term investments725 — 
Equity investments under the equity method of accountingLong-term investments38 8 
Equity investments without readily determinable fair valuesLong-term investments85 539 
Total equity investments$7,984 $547 
Summarized financial information of investment in Adevinta
The following tables present Adevinta’s summarized financial information on a one-quarter lag. Adevinta’s financial information is prepared on the basis of International Financial Reporting Standards (“IFRS”). We have made certain adjustments to Adevinta’s summarized financial information to address differences between IFRS and GAAP that materially impact the summarized financial information presented below. Any other differences between IFRS and GAAP did not have a material impact on Adevinta’s summarized financial information. The period presented in the table below commenced on June 24, 2021 when we retained an equity investment in Adevinta upon completion of the transfer of our Classifieds business (in millions):
July 1, 2021(1) through
September 30, 2021
Revenue$450 
Gross profit$147 
Income (loss) from continuing operations$3 
Net income (loss)$4 
Net income (loss) attributable to Adevinta$3 
(1)Adevinta’s income statement activity for the stub period of June 24, 2021 to June 30, 2021 was excluded from the summarized financial information as the impact was considered to be immaterial.

September 30, 2021
Current assets$613 
Noncurrent assets$16,424 
Current liabilities$679 
Noncurrent liabilities$4,044 
Noncontrolling interests$20 
Summarized financial information of other equity method investments
The following tables present summarized financial information of our equity investments accounted for under the equity method in the aggregate on a one-quarter lag. Financial information of certain of our equity method investments is prepared on the basis of local generally accepted accounting principles. We have made certain adjustments as applicable to address differences between local generally accepted accounting principles and US GAAP that materially impact the summarized financial information. Any other differences between US GAAP and local generally accepted accounting principles did not have any material impact on the summarized financial information of the equity method investments presented below in the aggregate.

During the period in which we recognize an equity method investment, the summarized financial information reflects activity from the date of recognition. The tables below exclude the summarized financial information of our equity investment in Gmarket as the summarized financial information is presented on a one-quarter lag. The tables below also exclude the summarized financial information of our equity investment in Adevinta which is separately disclosed above under the heading “Equity investment in Adevinta.”

Twelve months ended September 30,
202120202019
(In millions)
Revenue$41 $31 $30 
Gross profit$12 $10 $9 
Income (loss) from continuing operations$2 $3 $2 
Net income (loss)$2 $3 $2 
Net income (loss) attributable to the equity method investments$1 $1 $1 
September 30,
20212020
(In millions)
Current assets$76 $31 
Noncurrent assets$20 $21 
Current liabilities$26 $8 
Noncurrent liabilities$4 $— 
Noncontrolling interests$6 $1 
Schedule of investments without readily determinable fair value
The following table summarizes the total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):
Year Ended December 31,
20212020
Carrying value, beginning of period$539 $307 
Additions5 22 
Upward adjustments for observable price changes41 239 
Downward adjustments for observable price changes and impairment(170)(40)
Transfers out from investments without readily determinable fair values(312)— 
Foreign currency translation and other(18)11 
Carrying value, end of period$85 $539 
Summary of unrealized gains and losses
The following table summarizes unrealized gains and losses related to equity investments held at December 31, 2021 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
Year Ended December 31,
 20212020
Net gains/(losses) recognized during the period on equity investments$(2,716)$200 
Less: Net gains/(losses) recognized during the period on equity investments sold during the period (1)
92 — 
Total unrealized gains/(losses) on equity investments still held at December 31, 2021
$(2,808)$200 
(1)Includes gains/(losses) realized on the change in fair value of the shares sold on the respective dates of sale.