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Investments | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments |
5. |  | Investments
The following tables summarize the amortized cost, gross unrealized gains and losses, and aggregate fair value of the Company’s investments in debt securities classified as available-for-sale:
| As of December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Aggregate Fair Value
| (in millions)
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 1,002 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,002 |
U.S. government and government agency debt securities | 229 |  |  | — |  |  | — |  |  | 229 |
Total cash equivalents | 1,231 |  |  | — |  |  | — |  |  | 1,231 |
Short-term marketable securities |  |  |  |  |  |  |
U.S. government and government agency debt securities | 47 |  |  | — |  |  | — |  |  | 47 |
Corporate debt securities | 2 |  |  | — |  |  | — |  |  | 2 |
Total short-term marketable securities | 49 |  |  | — |  |  | — |  |  | 49 |
Total | $ | 1,280 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,280 |
| As of September 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Aggregate Fair Value
| (in millions)
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 503 |  |  | $ | — |  |  | $ | — |  |  | $ | 503 |
U.S. government and government agency debt securities | 105 |  |  | — |  |  | — |  |  | 105 |
Total cash equivalents | 608 |  |  | — |  |  | — |  |  | 608 |
Short-term marketable securities |  |  |  |  |  |  |
U.S. government and government agency debt securities | 20 |  |  | — |  |  | — |  |  | 20 |
Total short-term marketable securities | 20 |  |  | — |  |  | — |  |  | 20 |
Total | $ | 628 |  |  | $ | — |  |  | $ | — |  |  | $ | 628 |
For the purposes of computing realized and unrealized gains and losses, the cost of investments sold is based on the specific-identification method. The unrealized losses on the Company’s availability-for-sale debt securities as of December 31, 2023 and September 30, 2024 were immaterial. The following table summarizes the amortized cost and fair value of the Company’s available-for-sale debt securities with a stated maturity date:
| As of December 31, |  | As of September 30,
| 2023 |  | 2024
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (in millions)
Within one year | $ | 1,280 |  |  | $ | 1,280 |  |  | $ | 628 |  |  | $ | 628 |
Total | $ | 1,280 |  |  | $ | 1,280 |  |  | $ | 628 |  |  | $ | 628 |

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