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Financial Instruments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2022 and September 30, 2023, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. We did not hold significant amounts of marketable securities categorized as Level 3 assets as of December 31, 2022 and September 30, 2023.
The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2022September 30, 2023
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$10,666 $10,090 $— $— $10,090 
Level 1 securities:
Money market funds27,899 20,424 — — 20,424 
Equity securities (1)3,709 4,684 
Level 2 securities:
Foreign government and agency securities535 28 — (1)27 
U.S. government and agency securities2,146 3,322 — (128)3,194 
Corporate debt securities22,627 24,542 — (287)24,255 
Asset-backed securities2,572 1,892 — (84)1,808 
Other debt securities237 169 — (6)163 
$70,391 $60,467 $— $(506)$64,645 
Less: Restricted cash, cash equivalents, and marketable securities (2)(365)(476)
Total cash, cash equivalents, and marketable securities$70,026 $64,169 
___________________
(1)The related unrealized gains (losses) recorded in “Other income (expense), net” were $1.0 billion and $1.2 billion in Q3 2022 and Q3 2023, and $(11.3) billion and $1.0 billion for the nine months ended September 30, 2022 and 2023.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, and standby and trade letters of credit. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of September 30, 2023 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$43,198 $43,132 
Due after one year through five years5,623 5,284 
Due after five years through ten years453 429 
Due after ten years1,103 1,026 
Total$50,377 $49,871 
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.
Non-Marketable Investments
We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2022 and September 30, 2023, these warrants had a fair value of $2.1 billion and $1.9 billion, with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are classified as Level 2 and 3 assets.
As of December 31, 2022 and September 30, 2023, equity investments not accounted for under the equity-method and without readily determinable fair values had a carrying value of $715 million and $753 million, with adjustments recognized in “Other income (expense), net” on our consolidated statements of operations.
Additionally, in September 2023 we invested in a $1.25 billion note from Anthropic, PBC, which is convertible to equity. We have an agreement that expires in Q1 2024 to invest up to an additional $2.75 billion in a second convertible note. We also have a commercial arrangement primarily for the provision of AWS cloud services and chips.
All non-marketable investments are recorded within “Other assets” on our consolidated balance sheets.
Consolidated Statements of Cash Flows Reconciliation
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2022September 30, 2023
Cash and cash equivalents$53,888 $49,605 
Restricted cash included in accounts receivable, net and other358 465 
Restricted cash included in other assets7 11 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$54,253 $50,081