Investments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Restricted cash	$	36	$	—	$	—	$	36
Corporate debt securities	2,355		—		(5)		2,350
Government and agency securities	141		—		(6)		135
	$	2,532	$	—	$	(11)	$	2,521
Long-term investments:
Restricted cash	$	13	$	—	$	—	$	13
Corporate debt securities	686		—		(40)		646
Government and agency securities	604		—		(47)		557
	$	1,303	$	—	$	(87)	$	1,216

 

	December 31, 2021
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Restricted cash	$	22	$	—	$	—	$	22
Corporate debt securities	4,151		1		—		4,152
Government and agency securities	25		—		—		25
	$	4,198	$	1	$	—	$	4,199
Long-term investments:
Corporate debt securities	$	954	$	1	$	(5)	$	950
Government and agency securities	779		—		(2)		777
	$	1,733	$	1	$	(7)	$	1,727

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, 2022
One year or less (including restricted cash of $36)	$	2,521
One year through two years (including restricted cash of $13)	730
Two years through three years	357
Three years through four years	113
Four years through five years	16
Thereafter	—
Total	$	3,737

Schedule of equity investments

The following table summarizes our equity investments as of the dates indicated (in millions):

		December 31,
	Balance Sheet Location	2022		2021
Equity investments with readily determinable fair values	Short-term investments	$	104	$	1,745
Equity investment in Adevinta	Equity investment in Adevinta	2,692		5,391
Equity investments under the fair value option	Long-term investments	461		725
Equity investments under the equity method of accounting	Long-term investments	34		38
Equity investments without readily determinable fair values	Long-term investments	86		85
Total equity investments		$	3,377	$	7,984

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,
	2022		2021
Carrying value, beginning of period	$	85	$	539
Additions	11		5
Upward adjustments for observable price changes	—		41
Downward adjustments for observable price changes and impairment	(7)		(170)
Transfers out from investments without readily determinable fair values	—		(312)
Foreign currency translation and other	(3)		(18)
Carrying value, end of period	$	86	$	85

Summary of unrealized gains and losses

The following table summarizes unrealized gains and losses related to equity investments still held at December 31, 2022, 2021 and 2020 presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):

	Year Ended December 31,
	2022		2021		2020
Net gains/(losses) recognized during the period on equity investments	$	(4,152)	$	(2,716)	$	200
Less: Net gains/(losses) recognized during the period on equity investments sold during the period (1)	(812)		92		—
Total unrealized gains/(losses) on equity investments still held at December 31, 2022, 2021 and 2020, respectively	$	(3,340)	$	(2,808)	$	200

(1)Includes gains/(losses) realized on the change in fair value of the shares sold on the respective dates of sale.

Summarized financial information of investment in Adevinta

The following tables present Adevinta’s summarized financial information on a one-quarter lag (in millions):

	Twelve months ended September 30, 2022		July 1, 2021(1) through September 30, 2021
Revenue	$	1,742	$	450
Gross profit	$	571	$	147
Income (loss) from continuing operations	$	65	$	3
Net income (loss)	$	56	$	4
Net income (loss) attributable to Adevinta	$	49	$	3

(1)The prior period presented commenced on June 24, 2021 when we retained an equity investment in Adevinta upon completion of the transfer of our Classifieds business. However, Adevinta’s income statement activity for the stub period of June 24, 2021 to June 30, 2021 was excluded from the summarized income statement information as the impact was considered to be immaterial.

	September 30, 2022		September 30, 2021
Current assets	$	427	$	613
Noncurrent assets	$	13,281	$	16,424
Current liabilities	$	466	$	679
Noncurrent liabilities	$	3,124	$	4,044
Noncontrolling interests	$	13	$	20

Summarized financial information of other equity method investments

During the period in which we recognize an equity investment, the summarized financial information reflects activity from the date of recognition.

	Twelve months ended September 30,
	2022		2021		2020
	(In millions)
Revenue	$	1,346	$	41	$	31
Gross profit	$	478	$	12	$	10
Income (loss) from continuing operations	$	(56)	$	2	$	3
Net income (loss)	$	(55)	$	2	$	3

	September 30,
	2022		2021
	(In millions)
Current assets	$	856	$	76
Noncurrent assets	$	477	$	20
Current liabilities	$	709	$	26
Noncurrent liabilities	$	92	$	4