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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 as of the dates indicated (in millions):
| March 31, 2024
| Gross Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 1,276 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 1,270 |
Government and agency securities | 481 |  |  | — |  |  | (8) |  |  | 473 |
| $ | 1,757 |  |  | $ | — |  |  | $ | (14) |  |  | $ | 1,743 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 582 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 575 |
Government and agency securities | 462 |  |  | — |  |  | (16) |  |  | 446 |
| $ | 1,044 |  |  | $ | — |  |  | $ | (23) |  |  | $ | 1,021 |
| December 31, 2023
| Gross Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 2,170 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 2,162 |
Government and agency securities | 382 |  |  | — |  |  | (11) |  |  | 371 |
| $ | 2,552 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 2,533 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 338 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 328 |
Government and agency securities | 287 |  |  | — |  |  | (16) |  |  | 271 |
| $ | 625 |  |  | $ | — |  |  | $ | (26) |  |  | $ | 599 |
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 by date of contractual maturity as of the date indicated (in millions):
| March 31, 2024
One year or less | $ | 1,743 |
One year through two years | 437 |
Two years through three years | 551 |
Three years through four years | 29 |
Thereafter | 4 |
Total | $ | 2,764 |
Summarized Financial Information | The following table presents a reconciliation of the opening to closing balance of our equity investment in Adevinta as of the date indicated (in millions):
| March 31, 2024
Opening balance at beginning of period | $ | 4,474 |
Unrealized change in fair value of equity investment in Adevinta | (234) |
Closing balance at end of period | $ | 4,240 |
We recorded $234 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 compared to $174 million of unrealized gains during the same period in 2023. The following table presents a reconciliation of the opening to closing balance of our equity investment in Gmarket as of the date indicated (in millions):
| March 31, 2024
Opening balance at beginning of period | $ | 335 |
Unrealized change in fair value of equity investment in Gmarket | (6) |
Closing balance at end of period | $ | 329 |
We recorded $6 million and $11 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 and 2023, respectively.
Schedule of Equity Method Investments | The following table summarizes our equity investments as of the dates indicated (in millions):
| Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
Equity investment in Adevinta | Equity investment in Adevinta |  | $ | 4,240 |  |  | $ | 4,474 |
Equity investments under the fair value option | Long-term investments |  | 376 |  |  | 382 |
Equity investments under the equity method of accounting | Long-term investments |  | 56 |  |  | 55 |
Equity investments without readily determinable fair values | Long-term investments |  | 93 |  |  | 93 |
Total equity investments |  |  | $ | 4,765 |  |  | $ | 5,004 |
Summary of Unrealized Gains and Losses | The following table summarizes unrealized gains and losses on equity investments held as of March 31, 2024 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Net gains (losses) recognized during the period on equity investments | $ | (246) |  |  | $ | 160 |  |  |  |  |
Less: Net gains (losses) recognized during the period on equity investments sold during the period | — |  |  | — |  |  |  |  |
Total unrealized gains (losses) on equity investments held, end of period | $ | (246) |  |  | $ | 160 |  |  |  |  |

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