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Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments on the consolidated balance sheets include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheets (see Equity Investments section below).
Investments
Investments on the consolidated balance sheets consisted of the following at December 31:
20242023
(in millions)
Available-for-sale securities
$292 $286 
Held-to-maturity securities 1
38 306 
Total investments $330 $592 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Investment income on the consolidated statements of operations primarily consists of interest income generated from cash, cash equivalents, held-to-maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for 2024, 2023 and 2022 were not material.
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 at December 31 were as follows:
 20242023
 Amortized Cost Gross Unrealized GainGross Unrealized Loss Fair ValueAmortized Cost Gross Unrealized GainGross Unrealized Loss Fair Value
(in millions)
Government and agency securities$80 $— $— $80 $86 $— $— $86 
Corporate securities187 1 — 188 200 1 (1)200 
Asset-backed securities24 — — 24 — — — — 
Total$291 $1 $— $292 $286 $1 $(1)$286 
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate securities held at December 31, 2024 and 2023, and asset-backed securities held at December 31, 2024, primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates. For the available-for-sale securities in gross unrealized loss positions, the Company (1) does not intend to sell the securities, (2) more likely than not, will not be required to sell the securities before recovery of the unrealized losses and (3) expects that the contractual principal and interest will be received. Unrealized gains and losses are recorded as a separate component of accumulated other comprehensive income (loss) on the consolidated statements of changes in equity.
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at December 31, 2024 was as follows:
Amortized
Cost		Fair Value
(in millions)
Due within 1 year$134 $134 
Due after 1 year through 5 years157 158 
Total$291 $292 
Equity Investments
Included in other assets on the consolidated balance sheets are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2023PurchasesSales
Changes in Fair Value 1
Other 2
Balance at December 31, 2024
(in millions)
Marketable securities $506 $— $(104)$(28)$(137)$237 
Nonmarketable securities 1,223 42 (21)(1)127 1,370 
Total equity investments $1,729 $42 $(125)$(29)$(10)$1,607 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Includes reclasses between Marketable and Nonmarketable securities as well as translational impact of currency.
The following table sets forth the components of the Company’s Nonmarketable securities at December 31:
20242023
(in millions)
Measurement alternative
$1,140 $1,008 
Equity method
230 215 
Total Nonmarketable securities$1,370 $1,223 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through December 31:
2024
(in millions)
Initial cost basis
$693 
Cumulative adjustments 1:
Upward adjustments645 
Downward adjustments (including impairment)(198)
Carrying amount, end of period$1,140 
1Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities for the years ended December 31:
202420232022
(in millions)
Measurement alternative investments:
Upward adjustments$11 $7 $114 
Downward adjustments (including impairment)$(9)$(145)$(23)
Marketable securities:
Unrealized gains (losses), net$(34)$97 $(213)