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Investments (Tables)
 6 Months Ended
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 
1See Available-for-Sale Securities section below for further detail.
2Held-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, 2023December 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 securities183 — (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 CostFair Value
 (in millions)
Due within 1 year$167 $166 
Due after 1 year through 5 years116 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, 2022PurchasesSales
Changes in Fair Value 1
Other 2
Balance at June 30, 2023
(in millions)
Marketable securities $399 $— $— $55 $8 $462 
Nonmarketable securities1,331 53 (44)(144)6 1,202 
Total equity investments $1,730 $53 $(44)$(89)$14 $1,664 
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.
2Includes 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 adjustments629 
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,
2023202220232022
(in millions)
Measurement alternative investments:
Upward adjustments$6 $17 $6 $103 
Downward adjustments (including impairment)(2)(12)(135)(12)
Marketable securities:
Unrealized gains (losses), net121 (126)55 (288)