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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments On the Consolidated Balance Sheet | Investments on the consolidated balance sheet consisted of the following:
|  | June 30, 2024 |  | December 31, 2023
|  | (in millions)
Available-for-sale securities |  | $ | 290 |  |  | $ | 286 |
Held-to-maturity securities 1 |  | 72 |  |  | 306 |
Total investments |  | $ | 362 |  |  | $ | 592 |
1 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, 2024 |  | December 31, 2023
|  | 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 |  | $ | 87 |  |  | $ | — |  |  | $ | — |  |  | $ | 87 |  |  | $ | 86 |  |  | $ | — |  |  | $ | — |  |  | $ | 86 |
Corporate securities |  | 203 |  |  | — |  |  | — |  |  | 203 |  |  | 200 |  |  | 1 |  |  | (1) |  |  | 200 |
Total |  | $ | 290 |  |  | $ | — |  |  | $ | — |  |  | $ | 290 |  |  | $ | 286 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 286 |
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, 2024 was as follows:
|  | Amortized Cost |  | Fair Value
|  | (in millions)
Due within 1 year |  | $ | 153 |  |  | $ | 153 |
Due after 1 year through 5 years |  | 137 |  |  | 137 |
Total |  | $ | 290 |  |  | $ | 290 |
Equity Investments | The following table is a summary of the activity related to the Company’s equity investments:
|  | Balance at December 31, 2023 |  | Purchases |  | Sales |  | Changes in Fair Value 1 |  | Other 2 |  | Balance at June 30, 2024
|  | (in millions)
Marketable securities |  | $ | 506 |  |  | $ | — |  |  | $ | (23) |  |  | $ | (9) |  |  | $ | 24 |  |  | $ | 498 |
Nonmarketable securities |  | 1,223 |  |  | 18 |  |  | — |  |  | 2 |  |  | (32) |  |  | 1,211 |
Total equity investments |  | $ | 1,729 |  |  | $ | 18 |  |  | $ | (23) |  |  | $ | (7) |  |  | $ | (8) |  |  | $ | 1,709 |
1 Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2 Includes reclasses between Marketable and Nonmarketable securities as well as translational impact of currency.
Nonmarketable securities | The following table sets forth the components of the Company’s Nonmarketable securities:
|  | June 30, 2024 |  | December 31, 2023
|  | (in millions)
Measurement alternative |  | $ | 988 |  |  | $ | 1,008 |
Equity method |  | 223 |  |  | 215 |
Total Nonmarketable securities |  | $ | 1,211 |  |  | $ | 1,223 |
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, 2024:
|  | (in millions)
Initial cost basis |  | $ | 534 |
Cumulative adjustments 1: |  |
Upward adjustments |  | 636 |
Downward adjustments (including impairment) |  | (182) |
Carrying amount, end of period |  | $ | 988 |
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in millions)
Measurement alternative investments: |  |  |  |  |  |  |  |
Upward adjustments |  | $ | — |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 6 |
Downward adjustments (including impairment) |  | (1) |  |  | (2) |  |  | (4) |  |  | (135) |
Marketable securities: |  |  |  |  |  |  |  |
Unrealized gains (losses), net |  | (21) |  |  | 121 |  |  | (14) |  |  | 55 |

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