
	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	2,176	$	4	$	(3)	$	2,177
Mortgage-backed and asset-backed securities	381		1		(4)		378
Government bonds	224		—		—		224
Commercial paper	214		—		—		214
Certificates of deposit	52		—		—		52
Total debt securities	3,047		5		(7)		3,045
Time deposits	702		—		—		702

Total short-term investments	$	3,749	$	5	$	(7)	$	3,747

Long-term investments (1)
Debt securities:
Corporate debt securities	$	13	$	—	$	(9)	$	4


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	2,276	$	5	$	(1)	$	2,280
Mortgage-backed and asset-backed securities	442		1		(3)		440
Government bonds	252		—		—		252
Commercial paper	146		—		—		146
Certificates of deposit	72		—		—		72
Total debt securities	3,188		6		(4)		3,190
Time deposits	702		—		—		702

Total short-term investments	$	3,890	$	6	$	(4)	$	3,892

Long-term investments (1)
Debt securities:
Corporate debt securities	$	13	$	—	$	(9)	$	4

As of December 31, 2024 and March 31, 2025, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax before reclassifications from accumulated other comprehensive income (loss) (“AOCI”) to other expense, net, were immaterial for the three months ended March 31, 2024 and 2025. Realized gains and losses reclassified from AOCI to other expense, net, were immaterial for the three months ended March 31, 2024 and 2025.

Debt securities in an unrealized loss position had an estimated fair value of $1.1 billion and $781 million, and unrealized losses of $17 million and $14 million as of December 31, 2024 and March 31, 2025, respectively. A total of $269 million and $201 million of these securities, with unrealized losses of $14 million and $13 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2024 and March 31, 2025, respectively.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):


	March 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,806	$	1,807
Due after one year through five years	1,296		1,291
Due after five years	99		96
Total	$	3,201	$	3,194

As of December 31, 2024 and March 31, 2025, the carrying values of the Company’s equity method investments in privately-held companies were $47 million and $37 million, respectively. The Company recorded an impairment charge of $7 million for the three months ended March 31, 2025. There were no impairment charges recorded for the three months ended March 31, 2024. Unrealized losses were immaterial for the three months ended March 31, 2024 and 2025.

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $38 million and $8 million as of December 31, 2024 and March 31, 2025, respectively, and are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.

For the three months ended March 31, 2025, the Company recorded a non-cash impairment charge of $30 million due to a decline in the investee’s financial condition. There were no upward adjustments for observable price changes recorded for the three months ended March 31, 2025. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three months ended March 31, 2024.

As of March 31, 2025, the cumulative impairment and downward adjustments for observable price changes were $131 million.