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Investments | 3 Months Ended
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Mar. 31, 2022
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):
| As of 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 March 31, 2022 |  |  | Classification as of March 31, 2022
| 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 | $ | 533,669 |  | $ | — |  | $ | — |  | $ | 533,669 |  |  |  | $ | 60,919 |  | $ | 472,750 |  | $ | — |  | $ | — |
Government bonds(1) | 464,399 |  | 44 |  | (12) |  | 464,431 |  |  |  | — |  | 350,450 |  | — |  | 113,981 |
Commercial paper | 1,104,688 |  | — |  | (16) |  | 1,104,672 |  |  |  | 265,857 |  | 838,815 |  | — |  | — |
Corporate debt securities | 794,433 |  | 36 |  | (6,073) |  | 788,396 |  |  |  | 35,914 |  | 741,971 |  | 10,511 |  | — |
Mortgage-backed and asset-backed securities | 33,046 |  | 10 |  | (1,381) |  | 31,675 |  |  |  | — |  | 31,675 |  | — |  | — |
Total | $ | 2,930,235 |  | $ | 90 |  | $ | (7,482) |  | $ | 2,922,843 |  |  |  | $ | 362,690 |  | $ | 2,435,661 |  | $ | 10,511 |  | $ | 113,981 |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers As of December 31, 2021 and March 31, 2022, the Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses. Before reclassifications of gains and losses from accumulated other comprehensive loss on the condensed consolidated balance sheets to other expense, net in the condensed consolidated statements of operations, unrealized gains and losses, net of tax, for the three months ended March 31, 2021 and 2022, were not material. Realized gains and losses reclassified from accumulated other comprehensive loss to other expense, net were not material for the three months ended March 31, 2021 and 2022. Debt securities in an unrealized loss position had an estimated fair value of $801.5 million and unrealized losses of $3.5 million as of December 31, 2021, and an estimated fair value of $772.7 million and unrealized losses of $7.5 million as of March 31, 2022. An immaterial amount of securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021, and $32.1 million of securities were in a continuous unrealized loss position for more than twelve months as of March 31, 2022. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):
|  |  | As of March 31, 2022
|  |  |  | Amortized Cost | Estimated Fair Value
Due within one year |  |  |  | $ | 2,845,872 |  | $ | 2,843,140 |
Due in one year to five years |  |  |  | 62,033 |  | 58,720 |
Due within five to ten years |  |  |  | 19,828 |  | 18,550 |
Due beyond ten years |  |  |  | 2,502 |  | 2,433 |
Total |  |  |  | $ | 2,930,235 |  | $ | 2,922,843 |
Equity Investments Gains and Losses on Marketable Equity Investments During the three months ended March 31, 2021, the marketable equity investments were sold, and the Company realized a net loss of $14.3 million. The realized net loss was recorded in other expense, net on the condensed consolidated statements of operations. 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 a net carrying value of $75.0 million as of both December 31, 2021 and March 31, 2022, and are classified within other assets, noncurrent on the condensed 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):
|  |  | Three Months Ended March 31,
|  |  |  | 2021 | 2022
Carrying value, beginning of period |  |  |  | $ | 78,074 |  | $ | 74,993 |
Downward adjustments for observable price changes and impairments |  |  |  | — |  | — |
Carrying value, end of period |  |  |  | $ | 78,074 |  | $ | 74,993 |
As of December 31, 2021 and March 31, 2022, 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 three months ended March 31, 2021 and 2022. The Company recorded no impairment charges for both the three months ended March 31, 2021 and 2022. The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):
| As of
| December 31, 2021 | March 31, 2022
Cumulative downward adjustments for observable price changes and impairment | $ | 56,217 |  | $ | 56,217 |
Investments Accounted for Under the Equity Method As of December 31, 2021 and March 31, 2022, the carrying values of the Company’s equity method investments were $17.4 million and $16.2 million, respectively. For the three months ended March 31, 2021 and 2022, the Company recorded unrealized gains (losses) of $0.4 million and $(1.3) million, respectively, within other expense, net in the condensed consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. The Company recorded no impairment charges related to the carrying value of equity method investments for the three months ended March 31, 2021 and 2022.

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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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