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Investments | 12 Months Ended
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Dec. 31, 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: |  |  |  |
Corporate debt securities | $ | 1,490 |  | $ | 4 |  | $ | (3) |  | $ | 1,491 |
Commercial paper | 366 |  | — |  | — |  | 366 |
Government bonds | 332 |  | 1 |  | — |  | 333 |
Certificates of deposit | 172 |  | — |  | — |  | 172 |
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 |
| December 31, 2024
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value
Short-term investments |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 2,176 |  | $ | 4 |  | $ | (3) |  | $ | 2,177 |
Mortgage-backed and asset-backed securities | 381 |  | 1 |  | (4) |  | 378 |
Government bonds | 224 |  | — |  | — |  | 224 |
Commercial paper | 214 |  | — |  | — |  | 214 |
Certificates of deposit | 52 |  | — |  | — |  | 52 |
Total debt securities | 3,047 |  | 5 |  | (7) |  | 3,045 |
Time deposits | 702 |  | — |  | — |  | 702 |
Total short-term investments | $ | 3,749 |  | $ | 5 |  | $ | (7) |  | $ | 3,747 |
Long-term investments (1) |  |  |  |
Debt securities: |  |  |  |
Corporate debt securities | $ | 13 |  | $ | — |  | $ | (9) |  | $ | 4 |
(1)Classified within other assets, noncurrent on the consolidated balance sheets. As of December 31, 2023 and December 31, 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 AOCI to other income (expense), net were immaterial for the years ended December 31, 2022, 2023 and 2024. Realized gains and losses reclassified from AOCI to other income (expense), net were immaterial for the years ended December 31, 2022, 2023 and 2024. Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.1 billion, and unrealized losses were immaterial as of December 31, 2023 and 2024, respectively. A total of $283 million and $269 million of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and December 31, 2024, respectively. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
| December 31, 2024
| Amortized Cost | Estimated Fair Value
Due within one year | $ | 1,790 |  | $ | 1,792 |
Due after one year through five years | 1,172 |  | 1,162 |
Due after five years | 98 |  | 95 |
Total | $ | 3,060 |  | $ | 3,049 |
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 $83 million and $38 million as of December 31, 2023 and December 31, 2024, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets. The Company recorded an impairment charge of $45 million for the year ended December 31, 2024, and did not have any impairment charges nor downward adjustments for observable price changes during the years ended December 31, 2022 and 2023. The Company recorded an immaterial upward adjustment during the year ended December 31, 2023, and did not have any upward adjustments for observable price changes during the years ended December 31, 2022 and 2024. As of December 31, 2024, the cumulative impairment and downward adjustments for observable price changes were $101 million. Investments Accounted for Under the Equity Method As of December 31, 2023 and 2024, the carrying values of the Company’s equity method investments were $8 million and $47 million, respectively. For the years ended December 31, 2022, 2023 and 2024, the Company recorded immaterial losses within other income (expense), net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges for the years ended December 31, 2022, 2023 and 2024.

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