The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions):


	December 31, 2022
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	886	$	—	$	—	$	886


Commercial paper	3		—		—		3
Short-term marketable securities
Commercial paper	306		—		—		306
Corporate bonds	207		—		(2)		205
U.S. government agency securities	78		—		(2)		76
U.S. Treasury securities	970		—		(13)		957
Long-term marketable securities
Corporate bonds	146		—		(1)		145
U.S. government agency securities	44		—		—		44
U.S. Treasury securities	210		—		(2)		208
Total	$	2,850	$	—	$	(20)	$	2,830


	December 31, 2023
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	1,349	$	—	$	—	$	1,349


U.S. Treasury securities	35		—		—		35


Short-term marketable securities
Certificates of deposit	38		—		—		38
Commercial paper	216		—		—		216
Corporate bonds	290		—		(1)		289
U.S. government agency securities	162		—		—		162
U.S. Treasury securities	717		1		(1)		717

Long-term marketable securities
Corporate bonds	382		2		(1)		383
U.S. government agency securities	55		—		—		55
U.S. Treasury securities	144		1		—		145

Total	$	3,388	$	4	$	(3)	$	3,389

For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2022 and 2023.


	December 31, 2022		December 31, 2023
Equipment for merchants	$	156	$	167
Computer equipment and software	68		77
Capitalized software and website development costs	591		953
Leasehold improvements	164		217
Office equipment	52		66
Construction in progress	74		40
Total	1,105		1,520
Less: Accumulated depreciation and amortization	(468)		(808)
Property and equipment, net	$	637	$	712

Depreciation expenses were $80 million, $113 million, and $126 million for the years ended December 31, 2021, 2022, and 2023, respectively.

The Company capitalized $202 million, $303 million, and $362 million in capitalized software and website development costs during the years ended December 31, 2021, 2022, and 2023, respectively. Capitalized software and website development costs are included in property and equipment, net on the consolidated balance sheets. Amortization of capitalized software and website development costs was $63 million, $157 million, and $256 million for the years ended December 31, 2021, 2022, and 2023, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.


	December 31, 2022		December 31, 2023
Litigation reserves	$	37	$	75
Sales tax payable and accrued sales and indirect taxes	194		245
Accrued operations related expenses	220		331
Accrued advertising	124		112
Dasher and merchant payable	702		950

Insurance reserves	418		758
Contract liabilities	251		308
Other	386		347
Total	$	2,332	$	3,126