The following tables summarize the Company’s investments by major security type (in millions):
| | | | | | | | | | | | | | | | 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 | |
(1)Classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.
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