Investments (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Investments [Abstract] |
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| Schedule of Fair Value of Short and Long-Term Investments Classified as Available for Sale |
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Gross
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated
Fair Value | | Short-term investments: | | | | | | | | | Corporate debt securities | $ | 3,095 | | | $ | 1 | | | $ | (2) | | | $ | 3,094 | | | Government and agency securities | 367 | | | — | | | (4) | | | 363 | | | | | | | | | | | | | | | | | | | $ | 3,462 | | | $ | 1 | | | $ | (6) | | | $ | 3,457 | | | Long-term investments: | | | | | | | | | Corporate debt securities | $ | 1,117 | | | $ | 4 | | | $ | (2) | | | $ | 1,119 | | | Government and agency securities | 194 | | | — | | | (4) | | | 190 | | | $ | 1,311 | | | $ | 4 | | | $ | (6) | | | $ | 1,309 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Gross
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated
Fair Value | | Short-term investments: | | | | | | | | | Corporate debt securities | $ | 2,170 | | | $ | — | | | $ | (8) | | | $ | 2,162 | | | Government and agency securities | 382 | | | — | | | (11) | | | 371 | | | | | | | | | | | | | | | | | | | $ | 2,552 | | | $ | — | | | $ | (19) | | | $ | 2,533 | | | Long-term investments: | | | | | | | | | Corporate debt securities | $ | 338 | | | $ | — | | | $ | (10) | | | $ | 328 | | | Government and agency securities | 287 | | | — | | | (16) | | | 271 | | | $ | 625 | | | $ | — | | | $ | (26) | | | $ | 599 | |
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| Schedule of Estimated Fair Values of Short and Long-Term Investments Classified by Date of Contractual Maturity |
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions): | | | | | | | | December 31, 2024 | One year or less | $ | 3,457 | | One year through two years | 477 | | | Two years through three years | 546 | | | Three years through four years | 266 | | Four years through five years | 15 | | Thereafter | 5 | | | Total | $ | 4,766 | |
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| Schedule of Equity Investments |
The following table summarizes our equity investments as of the dates indicated (in millions): | | | | | | | | | | | | | | | | | | | | | December 31, | | | Balance Sheet Location | | 2024 | | 2023 | | Equity investment in Adevinta | Equity investment in Adevinta | | $ | — | | | $ | 4,474 | | Equity investments without readily determinable fair values | Long-term investments | | 1,011 | | | 93 | | | Equity investments under the equity method of accounting | Long-term investments | | 65 | | | 55 | | Other equity investments under the fair value option | Long-term investments | | 54 | | | 382 | | | Total equity investments | | | $ | 1,130 | | | $ | 5,004 | |
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| Schedule of Unrealized Gains and Losses |
The following table summarizes unrealized gains and losses related to equity investments held as of December 31, 2024, 2023 and 2022 and presented within “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | Net gains (losses) recognized during the period on equity investments | $ | (234) | | | $ | 1,670 | | | $ | (4,152) | | Less: Net gains (losses) recognized on equity investments sold during the period | 9 | | | 13 | | | (812) | | Total unrealized gains (losses) on equity investments held, end of period | $ | (243) | | | $ | 1,657 | | | $ | (3,340) | |
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| Schedule of Financial Information |
The following tables present Adevinta’s summarized financial information on a one-quarter lag (in millions): | | | | | | | | | | | | | | | | | | | Eight months ended May 29, 2024 | | Twelve months ended September 30, 2023 | | Twelve months ended
September 30, 2022 | | Revenue | $ | 1,398 | | | $ | 1,912 | | | $ | 1,742 | | | Gross profit | $ | 494 | | | $ | 683 | | | $ | 571 | | | Income (loss) from continuing operations | $ | (318) | | | $ | (1,731) | | | $ | 65 | | | Net income (loss) | $ | (327) | | | $ | (1,780) | | | $ | 56 | | | Net income (loss) attributable to Adevinta | $ | (333) | | | $ | 93 | | | $ | 49 | |
| | | | | | | September 30, 2023 | | Current assets | $ | 399 | | | Noncurrent assets | $ | 12,065 | | | Current liabilities | $ | 499 | | | Noncurrent liabilities | $ | 2,815 | | | | | Noncontrolling interests | $ | 18 | |
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| Schedule of Financial Information of Other Equity Method Investments |
During the period in which we recognize an equity investment, the summarized financial information reflects activity from the date of recognition. | | | | | | | | | | | | | | | | | | | Twelve months ended September 30, | | 2024 | | 2023 | | 2022 | | (In millions) | | Revenue | $ | 1,369 | | | $ | 1,468 | | | $ | 1,346 | | | Gross profit | $ | 852 | | | $ | 947 | | | $ | 478 | | Loss from continuing operations | $ | (30) | | | $ | (124) | | | $ | (56) | | | Net income (loss) | $ | 10 | | | $ | (107) | | | $ | (55) | | | | | | | |
| | | | | | | | | | | | | September 30, | | 2024 | | 2023 | | (In millions) | | Current assets | $ | 658 | | | $ | 798 | | | Noncurrent assets | $ | 573 | | | $ | 468 | | | Current liabilities | $ | 514 | | | $ | 670 | | | Noncurrent liabilities | $ | 38 | | | $ | 59 | | | | | | | | | |
The following table presents components of “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | | Unrealized change in fair value of equity investment in Adevinta | $ | (234) | | | $ | 1,782 | | | $ | (2,693) | | Realized change in fair value of shares sold in Adevinta | 78 | | | — | | | 2 | | | Unrealized change in fair value of equity investment in Adyen | — | | | — | | | (118) | | | Realized change in fair value of shares sold in Adyen | (57) | | | — | | | (143) | | Realized change in fair value of shares sold in Aurelia | (11) | | | — | | | — | | | Unrealized change in fair value of equity investment in Gmarket | (12) | | | (96) | | | (294) | | Realized change in fair value of shares sold in Gmarket | (1) | | | — | | | — | | | Unrealized change in fair value of equity investment in KakaoBank | — | | | (11) | | | (218) | | | Realized change in fair value of shares sold in KakaoBank | — | | | 13 | | | (75) | | Gain (loss) on other investments | 3 | | | (6) | | | (17) | | | Change in fair value of warrant | 158 | | | 150 | | | (230) | | | Total gain (loss) on equity investments and warrant, net | $ | (76) | | | $ | 1,832 | | | $ | (3,786) | |
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