Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

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 and restricted cash as of the dates indicated (in millions):

	March 31, 2022
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Restricted cash	$	20	$	—	$	—	$	20
Corporate debt securities	2,907		—		—		2,907
Government and agency securities	40		—		—		40
	$	2,967	$	—	$	—	$	2,967
Long-term investments:
Corporate debt securities	$	812	$	—	$	(28)	$	784
Government and agency securities	798		—		(28)		770
	$	1,610	$	—	$	(56)	$	1,554

	December 31, 2021
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Restricted cash	$	22	$	—	$	—	$	22
Corporate debt securities	4,151		1		—		4,152
Government and agency securities	25		—		—		25
	$	4,198	$	1	$	—	$	4,199
Long-term investments:
Corporate debt securities	$	954	$	1	$	(5)	$	950
Government and agency securities	779		—		(2)		777
	$	1,733	$	1	$	(7)	$	1,727

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 and restricted cash by date of contractual maturity as of the date indicated (in millions):

	March 31, 2022
One year or less (including restricted cash of $20)	$	2,967
One year through two years	427
Two years through three years	663
Three years through four years	329
Four years through five years	135
	$	4,521

Schedule of equity method investments

The following table summarizes our equity investments as of the dates indicated (in millions):

	Balance Sheet Location	March 31, 2022		December 31, 2021
Equity investments with readily determinable fair values	Short-term investments	$	804	$	1,745
Equity investment in Adevinta	Equity investment in Adevinta	3,748		5,391
Equity investment under the fair value option	Long-term investments	543		725
Equity investments under the equity method of accounting	Long-term investments	38		38
Equity investments without readily determinable fair values	Long-term investments	78		85
Total equity investments		$	5,211	$	7,984

Schedule of equity securities without readily determinable fair value

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):

	Three Months Ended March 31,
	2022		2021
Carrying value, beginning of period	$	85	$	539
Downward adjustments for observable price changes and impairment	(7)		—
Foreign currency translation and other	—		(11)
Carrying value, end of period	$	78	$	528

Summary of unrealized gains and losses

The following table summarizes unrealized gains and losses related to equity investments held at March 31, 2022 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):

	Three Months Ended March 31,
	2022		2021
Net gains/(losses) recognized during the period on equity investments	$	(2,177)	$	—
Less: Net gains/(losses) recognized during the period on equity investments sold during the period	(174)		—
Total unrealized gains/(losses) on equity investments held at March 31, 2022	$	(2,003)	$	—