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Investments | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following tables summarize the Company’s investments by major security type (in millions):
| December 31, 2022
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value
Short-term investments |  |  |  |
Debt securities: |  |  |  |
Certificates of deposit | $ | 573 |  | $ | — |  | $ | — |  | $ | 573 |
Government bonds | 83 |  | — |  | — |  | 83 |
Commercial paper | 574 |  | — |  | — |  | 574 |
Corporate debt securities | 965 |  | 1 |  | (7) |  | 959 |
Mortgage-backed and asset-backed securities | 37 |  | — |  | (3) |  | 34 |
Total debt securities | 2,232 |  | 1 |  | (10) |  | 2,223 |
Time deposits | 20 |  | — |  | — |  | 20 |
Equity investments (1) | 1 |  | — |  | — |  | 1 |
Total short-term investments | $ | 2,253 |  | $ | 1 |  | $ | (10) |  | $ | 2,244 |
Long-term investments (2) |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 13 |  | $ | — |  | $ | (9) |  | $ | 4 |
| September 30, 2023
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value
Short-term investments |  |  |  |
Debt securities: |  |  |  |
Certificates of deposit | $ | 328 |  | $ | — |  | $ | — |  | $ | 328 |
Government bonds | 291 |  | — |  | — |  | 291 |
Commercial paper | 366 |  | — |  | — |  | 366 |
Corporate debt securities | 1,209 |  | 1 |  | (10) |  | 1,200 |
Mortgage-backed and asset-backed securities | 117 |  | — |  | (6) |  | 111 |
Total debt securities | 2,311 |  | 1 |  | (16) |  | 2,296 |
Time deposits | 490 |  | — |  | — |  | 490 |
Equity investments (1) | 1 |  | — |  | — |  | 1 |
Total short-term investments | $ | 2,802 |  | $ | 1 |  | $ | (16) |  | $ | 2,787 |
Long-term investments (2) |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 13 |  | $ | — |  | $ | (9) |  | $ | 4 |
(1)Unrealized gain (loss) on equity investments were immaterial for the three and nine months ended September 30, 2022 and 2023. (2)Classified within other assets, noncurrent on the condensed consolidated balance sheets. As of December 31, 2022 and September 30, 2023, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses. Unrealized gains and losses, net of tax before reclassifications from AOCI to other income (expense), net were not material for the three and nine months ended September 30, 2022 and 2023. Realized gains and losses reclassified from AOCI to other income (expense), net were not material for the three and nine months ended September 30, 2022 and 2023. During the three and nine months ended September 30, 2022, the Company received $885 million and $3.1 billion, respectively, in proceeds from the sale and maturities of short-term investments. During the three and nine months ended September 30, 2023, the Company received $325 million and $1.8 billion, respectively, in proceeds from the sale and maturities of short-term investments. Debt securities in an unrealized loss position had an estimated fair value of $748 million and $1,097 million, and unrealized losses of $19 million and $24 million as of December 31, 2022 and September 30, 2023, respectively. A total of $92 million and $212 million of these securities, with unrealized losses of $13 million and $18 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2022 and September 30, 2023, respectively. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
| September 30, 2023
| Amortized Cost | Estimated Fair Value
Due within one year | $ | 1,377 |  | $ | 1,376 |
Due in one year to five years | 877 |  | 859 |
Due within five to ten years | 9 |  | 9 |
Due beyond ten years | 61 |  | 56 |
Total | $ | 2,324 |  | $ | 2,300 |
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 million and $79 million as of December 31, 2022 and September 30, 2023, respectively, and are classified within other assets, noncurrent on the condensed consolidated balance sheets. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and nine months ended September 30, 2022 and 2023. As of December 31, 2022 and September 30, 2023, the cumulative downward adjustments for observable price changes and impairment were $56 million. Investments Accounted for Under the Equity Method As of December 31, 2022 and September 30, 2023, the carrying values of the Company’s equity method investments were $14 million and $8 million, respectively. The Company recorded unrealized losses of $1 million and $4 million for the three and nine months ended September 30, 2022, respectively, and unrealized losses of $1 million and $6 million for the three and nine months ended September 30, 2023, respectively, within other income (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 and nine months ended September 30, 2022 and 2023.

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