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Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments [Abstract] |
Fair value of short and long-term investments classified as available for sale | The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
| June 30, 2022
| Gross Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Restricted cash | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Corporate debt securities | 1,196 |  |  | — |  |  | (1) |  |  | 1,195 |
Government and agency securities | 40 |  |  | — |  |  | — |  |  | 40 |
| $ | 1,262 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1,261 |
Long-term investments: |  |  |  |  |  |  |
Restricted cash | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Corporate debt securities | 807 |  |  | — |  |  | (40) |  |  | 767 |
Government and agency securities | 798 |  |  | — |  |  | (36) |  |  | 762 |
| $ | 1,609 |  |  | $ | — |  |  | $ | (76) |  |  | $ | 1,533 |
| December 31, 2021
| Gross Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Restricted cash | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Corporate debt securities | 4,151 |  |  | 1 |  |  | — |  |  | 4,152 |
Government and agency securities | 25 |  |  | — |  |  | — |  |  | 25 |
| $ | 4,198 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 4,199 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 954 |  |  | $ | 1 |  |  | $ | (5) |  |  | $ | 950 |
Government and agency securities | 779 |  |  | — |  |  | (2) |  |  | 777 |
| $ | 1,733 |  |  | $ | 1 |  |  | $ | (7) |  |  | $ | 1,727 |
Estimated fair values of short and long-term investments classified by date of contractual maturity | The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):
| June 30, 2022
One year or less (including restricted cash of $26) | $ | 1,261 |
One year through two years (including restricted cash of $4) | 560 |
Two years through three years | 657 |
Three years through four years | 242 |
Four years through five years | 74 |
| $ | 2,794 |
Schedule of equity method investments | The following table summarizes our equity investments as of the dates indicated (in millions):
| Balance Sheet Location |  | June 30, 2022 |  | December 31, 2021
Equity investments with readily determinable fair values | Short-term investments |  | $ | 222 |  |  | $ | 1,745 |
Equity investment in Adevinta | Equity investment in Adevinta |  | 2,919 |  |  | 5,391 |
Equity investments under the fair value option | Long-term investments |  | 504 |  |  | 725 |
Equity investments without readily determinable fair values | Long-term investments |  | 76 |  |  | 85 |
Equity investments under the equity method of accounting | Long-term investments |  | 33 |  |  | 38 |
Total equity investments |  |  | $ | 3,754 |  |  | $ | 7,984 |
Schedule of equity securities without readily determinable fair value | The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Carrying value, beginning of period | $ | 78 |  |  | $ | 528 |  |  | $ | 85 |  |  | $ | 539 |
Additions | — |  |  | 1 |  |  | — |  |  | 1 |
Upward adjustments for observable price changes | — |  |  | 41 |  |  | — |  |  | 41 |
Downward adjustments for observable price changes and impairment | — |  |  | — |  |  | (7) |  |  | — |
Foreign currency translation and other | (2) |  |  | 1 |  |  | (2) |  |  | (10) |
Carrying value, end of period | $ | 76 |  |  | $ | 571 |  |  | $ | 76 |  |  | $ | 571 |
Summary of unrealized gains and losses | The following table summarizes unrealized gains and losses related to equity investments held at June 30, 2022 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net gains/(losses) recognized during the period on equity investments | $ | (1,116) |  |  | $ | (380) |  |  | $ | (3,293) |  |  | $ | (380) |
Less: Net gains/(losses) recognized during the period on equity investments sold during the period | (68) |  |  | — |  |  | (242) |  |  | — |
Total unrealized gains/(losses) on equity investments held at June 30, 2022 | $ | (1,048) |  |  | $ | (380) |  |  | $ | (3,051) |  |  | $ | (380) |

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