Investments (Tables)

3 Months Ended

Mar. 31, 2023

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):

	March 31, 2023
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Restricted cash	$	41	$	—	$	—	$	41
Corporate debt securities	1,649		—		(6)		1,643
Government and agency securities	141		—		(4)		137
	$	1,831	$	—	$	(10)	$	1,821
Long-term investments:
Restricted cash	$	5	$	—	$	—	$	5
Corporate debt securities	515		—		(30)		485
Government and agency securities	625		—		(39)		586
	$	1,145	$	—	$	(69)	$	1,076

	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

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 and restricted cash by date of contractual maturity as of the date indicated (in millions):

	March 31, 2023
One year or less (including restricted cash of $41)	$	1,821
One year through two years (including restricted cash of $5)	639
Two years through three years	307
Three years through four years	130
Total	$	2,897

Schedule of equity method investments

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

	Balance Sheet Location	March 31, 2023		December 31, 2022
Equity investments with readily determinable fair values	Short-term investments	$	101	$	104
Equity investment in Adevinta	Equity investment in Adevinta	2,866		2,692
Equity investments under the fair value option	Long-term investments	460		461
Equity investments under the equity method of accounting	Long-term investments	35		34
Equity investments without readily determinable fair values	Long-term investments	86		86
Total equity investments		$	3,548	$	3,377

Schedule of equity securities without readily determinable fair value

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values held for the periods indicated (in millions):

	Three Months Ended March 31,
	2023		2022
Carrying value, beginning of period	$	86	$	85
Downward adjustments for observable price changes and impairment	—		(7)
Carrying value, end of period	$	86	$	78

Summary of unrealized gains and losses

The following table summarizes unrealized gains and losses related to equity investments held as of March 31, 2023 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):

	Three Months Ended March 31,
	2023		2022
Net gains (losses) recognized during the period on equity investments	$	160	$	(2,177)
Less: Net gains (losses) recognized during the period on equity investments sold during the period	—		(174)
Total unrealized gains (losses) on equity investments held, end of period	$	160	$	(2,003)