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Investments | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):
| December 31, 2020 |  |  | Classification as of December 31, 2020
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable(2)
Certificates of deposit | $ | 421,272 |  | $ | — |  | $ | — |  | $ | 421,272 |  |  |  | $ | 278,281 |  | $ | 142,991 |  | $ | — |  | $ | — |
Government bonds(1) | 1,924,988 |  | 65 |  | (1) |  | 1,925,052 |  |  |  | 1,392,966 |  | 65,867 |  | — |  | 466,219 |
Commercial paper | 1,021,150 |  | — |  | — |  | 1,021,150 |  |  |  | 779,527 |  | 241,623 |  | — |  | — |
Corporate debt securities | 508,901 |  | 1,475 |  | (1,635) |  | 508,741 |  |  |  | 229,633 |  | 267,618 |  | 11,490 |  | — |
Mortgage-backed and asset-backed securities | 36,553 |  | 913 |  | (113) |  | 37,353 |  |  |  | — |  | 37,353 |  | — |  | — |
Total | $ | 3,912,864 |  | $ | 2,453 |  | $ | (1,749) |  | $ | 3,913,568 |  |  |  | $ | 2,680,407 |  | $ | 755,452 |  | $ | 11,490 |  | $ | 466,219 |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers
| December 31, 2021 |  |  | Classification as of December 31, 2021
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable(2)
Certificates of deposit | $ | 395,351 |  | $ | — |  | $ | — |  | $ | 395,351 |  |  |  | $ | 31,117 |  | $ | 364,234 |  | $ | — |  | $ | — |
Government bonds(1) | 850 |  | 13 |  | — |  | 863 |  |  |  | — |  | 863 |  | — |  | — |
Commercial paper | 1,156,963 |  | — |  | — |  | 1,156,963 |  |  |  | 163,959 |  | 993,004 |  | — |  | — |
Corporate debt securities | 917,718 |  | 220 |  | (3,147) |  | 914,791 |  |  |  | 41,439 |  | 862,901 |  | 10,451 |  | — |
Mortgage-backed and asset-backed securities | 34,019 |  | 338 |  | (321) |  | 34,036 |  |  |  | — |  | 34,036 |  | — |  | — |
Total | $ | 2,504,901 |  | $ | 571 |  | $ | (3,468) |  | $ | 2,502,004 |  |  |  | $ | 236,515 |  | $ | 2,255,038 |  | $ | 10,451 |  | $ | — |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers As of December 31, 2020 and 2021, the Company did not have an allowance for credit losses related to its available-for-sale debt securities. Before reclassifications of gains and losses from accumulated other comprehensive income (loss) on the consolidated balance sheets to other income (expense), net in the consolidated statements of operations, unrealized gains and losses and the associated tax amounts, for the years ended December 31, 2019, 2020, and 2021, were not material. Realized gains and losses reclassified from accumulated other comprehensive income (loss) to other income (expense), net were not material for the years ended December 31, 2019, 2020, and 2021. Debt securities in an unrealized loss position had an estimated fair value of $139.7 million and an immaterial amount of unrealized losses as of December 31, 2019, an estimated fair value of $229.7 million and $1.7 million unrealized losses as of December 31, 2020, and an estimated fair value of $801.5 million and $3.5 million unrealized losses as of December 31, 2021. None of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2019 and an immaterial amount of securities were in a continuous loss position for more than twelve months as of December 31, 2020 and 2021. During the years ended December 31, 2019, 2020, and 2021, the Company did not consider any of its marketable debt securities to be other-than-temporarily impaired. During the year ended December 31, 2019, the Company recorded an impairment charge for an available-for-sale non-marketable debt investment totaling $18.0 million. During the years ended December 31, 2020 and 2021, the Company did not record any impairment charges for its available-for-sale non-marketable debt investments. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):
|  |  | December 31, 2021
|  |  |  | Amortized Cost | Estimated Fair Value
Due within one year |  |  |  | $ | 2,359,069 |  | $ | 2,358,792 |
Due in one year to five years |  |  |  | 130,273 |  | 127,861 |
Due within five to ten years |  |  |  | 13,019 |  | 12,837 |
Due beyond ten years |  |  |  | 2,540 |  | 2,514 |
Total |  |  |  | $ | 2,504,901 |  | $ | 2,502,004 |
Equity Investments Equity Investments with Readily Determinable Fair Values As of December 31, 2020 and 2021, the Company had equity investments with readily determinable fair value totaling $155.2 million and zero, respectively, which consisted of mutual funds measured at fair value and classified within marketable securities on the consolidated balance sheet. Equity Investments Without Readily Determinable Fair Values The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had net carrying value of $78.1 million and $75.0 million, as of December 31, 2020 and 2021, respectively, and are classified within other assets on the consolidated balance sheets. These investments were initially recorded using the measurement alternative at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or similar security from the same issuer. The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands):
| Year Ended December 31,
| 2020 | 2021
Carrying value, beginning of period | $ | 131,210 |  | $ | 78,074 |
Downward adjustments for observable price changes and impairment | (53,136) |  | (3,081) |
Carrying value, end of period | $ | 78,074 |  | $ | 74,993 |
As of December 31, 2020 and 2021, there were no upward adjustments for price changes to the Company’s equity investments without readily determinable fair values. The Company did not record any realized gains or losses for the Company’s equity investments without readily determinable fair value during the years ended December 31, 2019, 2020, and 2021, respectively. The Company did not record any impairment charges during the year ended December 31, 2019, and recorded impairment charges of $53.1 million and $3.1 million, for the years ended December 31, 2020 and 2021, respectively. The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):
| As of December 31,
| 2020 | 2021
Cumulative downward adjustments for observable price changes and impairment | $ | 53,136 |  | $ | 56,217 |
Gains and Losses on Equity Investments Net unrealized gains (losses) on marketable equity investments totaled $13.2 million and $(21.7) million for the years ended December 31, 2019 and 2020, respectively. During the year ended December 31, 2021, the marketable equity investments were sold, and the Company realized a net loss of $13.4 million. The realized and unrealized gains and losses on marketable equity investments were recorded in other income (expense), net on the consolidated statements of operations.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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