Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments 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):
(1)Includes U.S. government and government agency debt securities
(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):
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.
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