Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in millions):


	December 31, 2021								Classification as of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	395	$	—	$	—	$	395	$	31	$	364	$	—
Government bonds(1)	1		—		—		1		—		1		—
Commercial paper	1,157		—		—		1,157		164		993		—
Corporate debt securities	918		—		(3)		915		42		863		10
Mortgage-backed and asset-backed securities	34		—		—		34		—		34		—
Total	$	2,505	$	—	$	(3)	$	2,502	$	237	$	2,255	$	10

(1)Includes U.S. government and government agency debt securities


	December 31, 2022								Classification as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	599	$	—	$	—	$	599	$	26	$	573	$	—
Government bonds(1)	115		—		—		115		32		83		—
Commercial paper	901		—		—		901		327		574		—
Corporate debt securities	1,046		1		(16)		1,031		68		959		4
Mortgage-backed and asset-backed securities	37		—		(3)		34		—		34		—
Total	$	2,698	$	1	$	(19)	$	2,680	$	453	$	2,223	$	4

(1)Includes U.S. government and government agency debt securities

As of December 31, 2021 and 2022, the Company did not have any available-for-sale debt securities for which the Company has recorded credit related losses.

Unrealized gains and losses, net of tax, before reclassifications from accumulated other comprehensive income (loss) to other income (expense), net were not material for the years ended December 31, 2020, 2021, and 2022. Realized gains and losses reclassified from accumulated other comprehensive income (loss) to other income (expense), net were not material for the years ended December 31, 2020, 2021, and 2022.

Debt securities in an unrealized loss position had an estimated fair value of $801.5 million and $748.3 million, and unrealized losses of $3.5 million and $19.4 million as of December 31, 2021 and 2022, respectively. An immaterial amount of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021 and $92.3 million of these securities, with unrealized losses of $12.9 million, were in a continuous loss position for more than twelve months as of December 31, 2022.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):


	December 31, 2022
		Amortized Cost		Estimated Fair Value
Due within one year		$	2,238	$	2,236
Due in one year to five years		435		422
Due within five to ten years		22		19
Due beyond ten years		3		3
Total		$	2,698	$	2,680

Equity Investments

Gains and Losses on Marketable Equity Investments

Net unrealized gain (loss) on marketable equity investments was $21.7 million for the year ended December 31, 2020 and immaterial for the years ended December 31, 2021 and 2022. During the year ended December 31, 2021, the marketable equity investments were sold and the Company realized a net loss of $13.4 million. The realized and unrealized gains and losses on marketable equity investments were recorded in other income (expense), net on the consolidated statements of operations.

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had net carrying value of $75.0 million as of both December 31, 2021 and 2022, and are classified within other assets on the consolidated balance sheets. As of December 31, 2021 and 2022 there were no upward or downward adjustments for observable price changes. The Company recorded impairment charges of $53.1 million and $3.1 million, for the years ended December 31, 2020 and 2021, respectively, and did not record any impairment charges during the year ended December 31, 2022. As of December 31, 2021 and 2022, the cumulative downward adjustments for observable price changes and impairment were $56.2 million.

Investments Accounted for Under the Equity Method

As of December 31, 2021 and 2022, the carrying values of the Company’s equity method investments were $17.4 million and $13.8 million, respectively. For the years ended December 31, 2020, 2021, and 2022, the Company recorded losses of $8.2 million, $3.5 million, and $5.4 million, respectively, within other income (expense), net in the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. Also, during the year ended December 31, 2020, the Company recorded impairment charges of $29.0 million related to the carrying value of equity method investments within other income (expense), net. There were no impairment charges for the years ended December 31, 2021 and 2022.