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, 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


	March 31, 2024
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	1,914	$	—	$	—	$	1,914
Commercial paper	6		—		—		6
Corporate bonds	3		—		—		3
U.S. Treasury securities	30		—		—		30

Short-term marketable securities
Certificates of deposit	46		—		—		46
Commercial paper	235		—		—		235
Corporate bonds	272		—		(1)		271
U.S. government agency securities	63		—		—		63
U.S. Treasury securities	752		—		(1)		751

Long-term marketable securities
Corporate bonds	451		1		(2)		450
U.S. government agency securities	56		—		—		56
U.S. Treasury securities	140		—		—		140

Total	$	3,968	$	1	$	(4)	$	3,965

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, 2023, and March 31, 2024.


	December 31, 2023		March 31, 2024

Equipment for merchants	$	167	$	174
Computer equipment and software	77		82
Capitalized software and website development costs	953		1,041
Leasehold improvements	217		221
Office equipment	66		64
Construction in progress	40		35
Total	1,520		1,617
Less: Accumulated depreciation and amortization	(808)		(912)
Property and equipment, net	$	712	$	705

The Company capitalized $83 million and $88 million in capitalized software and website development costs during the three months ended March 31, 2023 and 2024, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $57 million and $79 million for the three months ended March 31, 2023 and 2024, 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, 2023		March 31, 2024

Litigation reserves	$	75	$	120
Sales tax payable and accrued sales and indirect taxes	245		265
Accrued operations related expenses	331		399
Accrued advertising	112		111
Dasher and merchant payable	950		1,046
Insurance reserves	758		859
Contract liabilities	308		292
Other	347		384
Total	$	3,126	$	3,476