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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
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.
Available-for-sale investment 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 
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 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 Method Investments
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.
Equity Securities without Readily Determinable Fair Value
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 
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 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.
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 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)