Investments (Tables)

3 Months Ended

Mar. 31, 2024

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 as of the dates indicated (in millions):

	March 31, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	1,276	$	—	$	(6)	$	1,270
Government and agency securities	481		—		(8)		473
	$	1,757	$	—	$	(14)	$	1,743
Long-term investments:
Corporate debt securities	$	582	$	—	$	(7)	$	575
Government and agency securities	462		—		(16)		446
	$	1,044	$	—	$	(23)	$	1,021

	December 31, 2023
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	2,170	$	—	$	(8)	$	2,162
Government and agency securities	382		—		(11)		371
	$	2,552	$	—	$	(19)	$	2,533
Long-term investments:
Corporate debt securities	$	338	$	—	$	(10)	$	328
Government and agency securities	287		—		(16)		271
	$	625	$	—	$	(26)	$	599

Estimated Fair Values of Short and Long-Term Investments Classified 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 by date of contractual maturity as of the date indicated (in millions):

	March 31, 2024
One year or less	$	1,743
One year through two years	437
Two years through three years	551
Three years through four years	29
Thereafter	4
Total	$	2,764

Summarized Financial Information

The following table presents a reconciliation of the opening to closing balance of our equity investment in Adevinta as of the date indicated (in millions):

	March 31, 2024
Opening balance at beginning of period	$	4,474
Unrealized change in fair value of equity investment in Adevinta	(234)
Closing balance at end of period	$	4,240

We recorded $234 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 compared to $174 million of unrealized gains during the same period in 2023.

The following table presents a reconciliation of the opening to closing balance of our equity investment in Gmarket as of the date indicated (in millions):

	March 31, 2024
Opening balance at beginning of period	$	335
Unrealized change in fair value of equity investment in Gmarket	(6)
Closing balance at end of period	$	329

We recorded $6 million and $11 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 and 2023, respectively.

Schedule of Equity Method Investments

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

	Balance Sheet Location	March 31, 2024		December 31, 2023
Equity investment in Adevinta	Equity investment in Adevinta	$	4,240	$	4,474
Equity investments under the fair value option	Long-term investments	376		382
Equity investments under the equity method of accounting	Long-term investments	56		55
Equity investments without readily determinable fair values	Long-term investments	93		93
Total equity investments		$	4,765	$	5,004

Summary of Unrealized Gains and Losses

The following table summarizes unrealized gains and losses on equity investments held as of March 31, 2024 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):

	Three Months Ended March 31,
	2024		2023
Net gains (losses) recognized during the period on equity investments	$	(246)	$	160
Less: Net gains (losses) recognized during the period on equity investments sold during the period	—		—
Total unrealized gains (losses) on equity investments held, end of period	$	(246)	$	160