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Investments
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments in Debt Securities
Investments in debt securities consist of available-for-sale investment securities and held-to-maturity investment securities. When sold, we use a specific identification method to determine the cost of the securities. Refer to Note 7 for an explanation of the fair value hierarchy structure.
Available-for-sale investment securities. We did not record any material gains or losses on these securities during the three and six months ended June 30, 2023 and 2022.
Held-to-maturity investment securities. We did not record any material gains or losses on held-to-maturity investment securities during the three and six months ended June 30, 2023 and 2022.
The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at June 30, 2023 and December 31, 2022 (in millions):
June 30, 2023December 31, 2022
Available-for-sale investment securities
Time deposits$150 $285 
Commercial paper4 39 
Debt securities13 13 
Total available-for-sale investment securities167 337 
Held-to-maturity investment securities
Corporate bonds207 177 
Total held-to-maturity investment securities207 177 
Total investments in debt securities$374 $514 
Investments in Equity Securities 
Equity Method Investments
Investments in which we can exercise significant influence are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. The carrying amount of our equity method investments was $39 million and $38 million as of June 30, 2023 and December 31, 2022, respectively, and is included within other assets on our consolidated balance sheets. We did not record any material gains or losses on these investments during the three and six months ended June 30, 2023. We recognized a gain of $2 million on one of our equity method investments related to its issuance of additional shares upon the closing of a subsequent financing round in gain on investments on our consolidated statement of operations during the six months ended June 30, 2022. Our share of our equity method investees’ financial results is included in other income on our consolidated statement of operations.
We partnered with JMP to finance, develop, and operate JFK Terminal 6. In exchange of this partnership, we committed a letter of credit as discussed further in Note 6. We exercise significant influence over this transaction, which is accounted for under the equity method.
Other Investments
Our equity investment securities include investments in common stocks of publicly traded companies which are stated at fair value. We had an immaterial carrying amount of equity investment securities as of June 30, 2023 and a carrying amount of $8 million as of December 31, 2022 recorded within investment securities in the current asset section of our consolidated balance sheet. We recognized a net realized gain of $4 million and $6 million on our equity investment securities primarily related to the sale of one of our equity investments in other income on our consolidated statement of operations during the three and six months ended June 30, 2023, respectively. We recognized an unrealized loss of $6 million and $8 million in other income on our consolidated statement of operations during the three and six months ended June 30, 2022, respectively.
JBV has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative that allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. The carrying amount of these investments, which is included within other assets on our consolidated balance sheet, was $90 million and $83 million as of June 30, 2023 and December 31, 2022, respectively. We did not record any material gains or losses on these investments during the three and six months ended June 30, 2023 or 2022.
We have an approximate 10% ownership interest in the TWA Flight Center Hotel at JFK, which is also accounted for under the measurement alternative described above, and is recorded in the other assets section of the consolidated balance sheet. The carrying amount of this investment was $14 million as of June 30, 2023 and December 31, 2022.