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Investments (Tables)

6 Months Ended

Jun. 30, 2022

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)