| 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 deposit | | 188 | | | — | | | — | | | 188 | | | — | | | 188 | | | — | | | U.S. treasury bills | | 767 | | | — | | | — | | | 767 | | | — | | | 767 | | | — | | | U.S. treasury notes | | 7,781 | | | — | | | (229) | | | 7,552 | | | — | | | 4,182 | | | 3,370 | | | Corporate debt securities | | 6,595 | | | — | | | (226) | | | 6,369 | | | — | | | 1,560 | | | 4,809 | | | Government debt securities | | 148 | | | — | | | (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 deposit | | 80 | | | — | | | — | | | 80 | | | — | | | 80 | | | — | | | U.S. treasury bills | | 479 | | | — | | | — | | | 479 | | | — | | | 479 | | | — | | | U.S. treasury notes | | 6,595 | | | — | | | (31) | | | 6,564 | | | — | | | 1,984 | | | 4,580 | | | Corporate debt securities | | 3,508 | | | — | | | (20) | | | 3,488 | | | — | | | 1,323 | | | 2,165 | | | Government debt securities | | 112 | | | — | | | (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 years | | 6,892 | | | 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 Months | | 12 Months or More | | Total | | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated 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, 2022 | | Fair Value Measurement Using | | | | Level 1 | | Level 2 | | Assets: | | | | | | | | Money market funds | | $ | 1,079 | | | $ | 1,079 | | | $ | — | | | Certificates of deposit | | 188 | | | — | | | 188 | | | U.S. treasury bills | | 767 | | | — | | | 767 | | | U.S. treasury notes | | 7,552 | | | — | | | 7,552 | | | Corporate debt securities | | 6,369 | | | — | | | 6,369 | | | Government debt securities | | 139 | | | — | | | 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, 2021 | | Fair Value Measurement Using | | | | Level 1 | | Level 2 | | Assets: | | | | | | | | Money market funds | | $ | 2,329 | | | $ | 2,329 | | | $ | — | | | Certificates of deposit | | 80 | | | — | | | 80 | | | U.S. treasury bills | | 479 | | | — | | | 479 | | | U.S. treasury notes | | 6,564 | | | — | | | 6,564 | | | Corporate debt securities | | 3,488 | | | — | | | 3,488 | | | Government debt securities | | 111 | | | — | | | 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.
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