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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments On the Consolidated Balance Sheet | Investments on the consolidated balance sheet consisted of the following:
|  | June 30, 2023 |  | December 31, 2022
|  | (in millions)
Available-for-sale securities 1 |  | $ | 279 |  |  | $ | 272 |
Held-to-maturity securities 2 |  | 65 |  |  | 128 |
Total investments |  | $ | 344 |  |  | $ | 400 |
1 See Available-for-Sale Securities section below for further detail. 2 Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Available-for-Sale Securities | The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in millions)
Government and agency securities |  | $ | 100 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 99 |  |  | $ | 91 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 89 |
Corporate securities |  | 183 |  |  | — |  |  | (3) |  |  | 180 |  |  | 187 |  |  | — |  |  | (4) |  |  | 183 |
Total |  | $ | 283 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 279 |  |  | $ | 278 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 272 |
Maturity Distribution Based on Contractual Terms of Investment Securities | The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at June 30, 2023 was as follows:
|  | Amortized Cost |  | Fair Value
|  | (in millions)
Due within 1 year |  | $ | 167 |  |  | $ | 166 |
Due after 1 year through 5 years |  | 116 |  |  | 113 |
Total |  | $ | 283 |  |  | $ | 279 |
Equity Investments | The following table is a summary of the activity related to the Company’s equity investments:
|  | Balance at December 31, 2022 |  | Purchases |  | Sales |  | Changes in Fair Value 1 |  | Other 2 |  | Balance at June 30, 2023
|  | (in millions)
Marketable securities |  | $ | 399 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |  |  | $ | 8 |  |  | $ | 462 |
Nonmarketable securities |  | 1,331 |  |  | 53 |  |  | (44) |  |  | (144) |  |  | 6 |  |  | 1,202 |
Total equity investments |  | $ | 1,730 |  |  | $ | 53 |  |  | $ | (44) |  |  | $ | (89) |  |  | $ | 14 |  |  | $ | 1,664 |
1 Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2 Includes translational impact of currency.
Nonmarketable securities | The following table sets forth the components of the Company’s Nonmarketable securities:
|  | June 30, 2023 |  | December 31, 2022
|  | (in millions)
Measurement alternative |  | $ | 991 |  |  | $ | 1,087 |
Equity method |  | 211 |  |  | 244 |
Total Nonmarketable securities |  | $ | 1,202 |  |  | $ | 1,331 |
Carrying Value of Measurement Alternative Investments | The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through June 30, 2023:
|  | (in millions)
Initial cost basis |  | $ | 529 |
Cumulative adjustments 1: |  |
Upward adjustments |  | 629 |
Downward adjustments (including impairment) |  | (167) |
Carrying amount, end of period |  | $ | 991 |
1 Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments | The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in millions)
Measurement alternative investments: |  |  |  |  |  |  |  |
Upward adjustments |  | $ | 6 |  |  | $ | 17 |  |  | $ | 6 |  |  | $ | 103 |
Downward adjustments (including impairment) |  | (2) |  |  | (12) |  |  | (135) |  |  | (12) |
Marketable securities: |  |  |  |  |  |  |  |
Unrealized gains (losses), net |  | 121 |  |  | (126) |  |  | 55 |  |  | (288) |

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