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Investments | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following tables summarize the Company’s investments by major security type (in millions):
| December 31, 2023
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value
Short-term investments |  |  |  |
Debt securities: |  |  |  |
Certificates of deposit | $ | 172 |  | $ | — |  | $ | — |  | $ | 172 |
Government bonds | 332 |  | 1 |  | — |  | 333 |
Commercial paper | 366 |  | — |  | — |  | 366 |
Corporate debt securities | 1,490 |  | 4 |  | (3) |  | 1,491 |
Mortgage-backed and asset-backed securities | 148 |  | 1 |  | (4) |  | 145 |
Total debt securities | 2,508 |  | 6 |  | (7) |  | 2,507 |
Time deposits | 690 |  | — |  | — |  | 690 |
Total short-term investments | $ | 3,198 |  | $ | 6 |  | $ | (7) |  | $ | 3,197 |
Long-term investments (1) |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 13 |  | $ | — |  | $ | (9) |  | $ | 4 |
| June 30, 2024
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value
Short-term investments |  |  |  |
Debt securities: |  |  |  |
Certificates of deposit | $ | 11 |  | $ | — |  | $ | — |  | $ | 11 |
Government bonds | 353 |  | — |  | (1) |  | 352 |
Commercial paper | 364 |  | — |  | — |  | 364 |
Corporate debt securities | 1,688 |  | 1 |  | (4) |  | 1,685 |
Mortgage-backed and asset-backed securities | 221 |  | — |  | (4) |  | 217 |
Total debt securities | 2,637 |  | 1 |  | (9) |  | 2,629 |
Time deposits | 740 |  | — |  | — |  | 740 |
Total short-term investments | $ | 3,377 |  | $ | 1 |  | $ | (9) |  | $ | 3,369 |
Long-term investments (1) |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 13 |  | $ | — |  | $ | (9) |  | $ | 4 |
(1)Classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets. As of December 31, 2023 and June 30, 2024, 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 accumulated other comprehensive loss (“AOCI”) to other expense, net, were not material for the three and six months ended June 30, 2023 and 2024. Realized gains and losses reclassified from AOCI to other expense, net, were not material for the three and six months ended June 30, 2023 and 2024. Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.6 billion, and unrealized losses of $16 million and $19 million as of December 31, 2023 and June 30, 2024, respectively. A total of $283 million and $475 million of these securities, with unrealized losses of $14 million and $17 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and June 30, 2024, respectively. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
| June 30, 2024
| Amortized Cost | Estimated Fair Value
Due within one year | $ | 1,813 |  | $ | 1,811 |
Due after one year through five years | 740 |  | 729 |
Due after five years | 97 |  | 93 |
Total | $ | 2,650 |  | $ | 2,633 |
Equity Investments Without Readily Determinable Fair Value 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 $83 million and $38 million as of December 31, 2023 and June 30, 2024, respectively, and are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets. For the three and six months ended June 30, 2024, the Company recorded a non-cash impairment charge of $45 million due to a downward adjustment for an observable price change. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and six months ended June 30, 2023 in the comparative period. As of June 30, 2024, the cumulative impairment and downward adjustments for observable price changes were $101 million.

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