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Investments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments in Debt Securities Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than twelve months. Maturities greater than twelve months are recorded within investment securities in the other assets section of our consolidated balance sheets. The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at March 31, 2025 and December 31, 2024 (in millions):
| March 31, 2025 |  | December 31, 2024
Available-for-sale investment securities |  |  |
Time deposits | $ | 680 |  |  | $ | 1,148 |
Commercial paper | 456 |  |  | 461 |
Debt securities | 9 |  |  | 12 |
Total available-for-sale investment securities | 1,145 |  |  | 1,621 |
Held-to-maturity investment securities |  |  |
Corporate bonds | 382 |  |  | 404 |
Total held-to-maturity investment securities | 382 |  |  | 404 |
Total investment in debt securities | $ | 1,527 |  |  | $ | 2,025 |
We use the specific identification method to determine the cost of our available-for-sale securities. Refer to Note 7 for an explanation of the fair value hierarchy structure. We did not record any material gains or losses on our available-for-sale and held-to-maturity investment securities during the three months ended March 31, 2025 and 2024. Equity Investments The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at March 31, 2025 and December 31, 2024 (in millions):
| March 31, 2025 |  | December 31, 2024
Equity method investments (1) | $ | 88 |  |  | $ | 77 |
JetBlue Ventures equity investments (2) | 89 |  |  | 84 |
TWA Flight Center (3) | 12 |  |  | 13 |
Total equity investments (4) | $ | 189 |  |  | $ | 174 |
(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees' financial results is included in other income on our consolidated statement of operations. (2) Our wholly owned subsidiary JetBlue Technology Ventures LLC ("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 which 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. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2025 and 2024. (3) We have an approximate 10% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three months ended March 31, 2025 and 2024. (4) As of March 31, 2025 and December 31, 2024, we had an immaterial amount of equity securities recorded within investment securities in the current asset section of our consolidated balance sheets. Our equity securities include investments in common stocks of publicly traded companies which are stated at fair value. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2025 and 2024 (in millions):
| Three Months Ended March 31,
| 2025 |  | 2024
JBV Equity Investments |  |  |
Realized gain recognized in gain (loss) on investments, net | $ | 1 |  |  | $ | — |
Unrealized loss recognized in gain (loss) on investments, net (1) | — |  |  | (22) |
(1) The net unrealized loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.

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