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Financial Instruments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
Cash and Cash Equivalents and Investments

The following tables summarize our cash and available-for-sale securities by significant investment category at December 31, 2022 and 2021 (in millions):
December 31, 2022
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-
Current
Marketable
Securities
Cash and cash equivalents$3,205 $— $— $3,205 $3,205 $— $— 
Available-for-sale:
Certificates of deposit188 — — 188 — 188 — 
U.S. treasury bills767 — — 767 — 767 — 
U.S. treasury notes7,781 — (229)7,552 — 4,182 3,370 
Corporate debt securities6,595 — (226)6,369 — 1,560 4,809 
Government debt securities148 — (9)139 — — 139 
Total$18,684 $— $(464)$18,220 $3,205 $6,697 $8,318 
December 31, 2021
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-
Current
Marketable
Securities
Cash and cash equivalents$6,848 $— $— $6,848 $6,848 $— $— 
Available-for-sale:
Certificates of deposit80 — — 80 — 80 — 
U.S. treasury bills479 — — 479 — 479 — 
U.S. treasury notes6,595 — (31)6,564 — 1,984 4,580 
Corporate debt securities3,508 — (20)3,488 — 1,323 2,165 
Government debt securities112 — (1)111 — 13 98 
Total$17,622 $— $(52)$17,570 $6,848 $3,879 $6,843 
The amortized cost and estimated fair value of available-for-sale securities, by contractual maturity at December 31, 2022 and 2021 were as follows (in millions):
December 31, 2022
Amortized
Cost
Estimated
Fair Value
Due in one year or less
$6,792 $6,697 
Due after one year through five years
8,687 8,318 
Total$15,479 $15,015 
December 31, 2021
Amortized
Cost
Estimated
Fair Value
Due in one year or less$3,882 $3,879 
Due after one year through five years6,892 6,843 
Total$10,774 $10,722 

In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. We did not record any impairment charges related to our available-for-sale securities during the years ended December 31, 2022, 2021, and 2020. We did not recognize any credit-related allowance to available-for-sale securities as of December 31, 2022 and 2021.

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by length of time the securities have been in an unrealized loss position at December 31, 2022 and 2021 (in millions):
Less than 12 Months12 Months or MoreTotal
Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
As of December 31, 2022:
U.S. treasury bills$— $128 $— $— $— $128 
U.S. treasury notes(101)3,956 (128)3,541 (229)7,497 
Corporate debt securities(138)3,505 (88)1,890 (226)5,395 
Government debt securities(2)46 (7)93 (9)139 
Total$(241)$7,635 $(223)$5,524 $(464)$13,159 
As of December 31, 2021:
U.S. treasury securities$— $329 $— $— $— $329 
U.S. treasury notes(31)6,332 — — (31)6,332 
Corporate debt securities(20)2,573 — 1 (20)2,574 
Government debt securities(1)112 — — (1)112 
Total$(52)$9,346 $— $1 $(52)$9,347 

At December 31, 2022 and 2021, we held 582 and 384 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments nor conclude that we are more-likely-than-not that we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in millions):
Fair value at December 31, 2022Fair Value Measurement Using
Level 1Level 2
Assets:
Money market funds$1,079 $1,079 $— 
Certificates of deposit188 — 188 
U.S. treasury bills767 — 767 
U.S. treasury notes7,552 — 7,552 
Corporate debt securities6,369 — 6,369 
Government debt securities139 — 139 
Derivative instruments (Note 7)
6 — 6 
Total$16,100 $1,079 $15,021 
Liabilities:
Derivative instruments (Note 7)
$32 $— $32 
Fair value at December 31, 2021Fair Value Measurement Using
Level 1Level 2
Assets:
Money market funds$2,329 $2,329 $— 
Certificates of deposit80 — 80 
U.S. treasury bills479 — 479 
U.S. treasury notes6,564 — 6,564 
Corporate debt securities3,488 — 3,488 
Government debt securities111 — 111 
Derivative instruments (Note 7)
21 — 21 
Total$13,072 $2,329 $10,743 
Liabilities:
Derivative instruments (Note 7)
$7 $— $7 
During the years ended December 31, 2022 and 2021, we did not have non-financial assets or liabilities measured at fair value on a recurring basis.

In addition, as of December 31, 2022, we had $42 million in equity investments without readily determinable fair values, which are recorded within other non-current assets in our consolidated balance sheets and excluded from the fair value measurement tables above. We did not have equity investments as of December 31, 2021.