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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

Money market funds

 

$

483

 

 

$

483

 

 

$

—

 

 

$

—

 

 

$

2,188

 

 

$

2,188

 

 

$

—

 

 

$

—

 

U.S. government securities

 

 

1,418

 

 

 

—

 

 

 

1,418

 

 

 

—

 

 

 

894

 

 

 

—

 

 

 

894

 

 

 

—

 

Corporate debt securities

 

 

836

 

 

 

—

 

 

 

836

 

 

 

—

 

 

 

885

 

 

 

—

 

 

 

885

 

 

 

—

 

Certificates of deposit and time deposits

 

 

4,550

 

 

 

—

 

 

 

4,550

 

 

 

—

 

 

 

4,253

 

 

 

—

 

 

 

4,253

 

 

 

—

 

Total

 

$

7,287

 

 

$

483

 

 

$

6,804

 

 

$

—

 

 

$

8,220

 

 

$

2,188

 

 

$

6,032

 

 

$

—

 
Schedule of Cash, Cash Equivalents and Marketable Securities

Our cash, cash equivalents and investments classified by security type as of March 31, 2023 and December 31, 2022 consisted of the following (in millions):

 

 

March 31, 2023

 

 

Adjusted Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

Cash

 

$

15,115

 

 

$

—

 

 

$

—

 

 

$

15,115

 

 

$

15,115

 

 

$

—

 

Money market funds

 

 

483

 

 

 

—

 

 

 

—

 

 

 

483

 

 

 

483

 

 

 

—

 

U.S. government securities

 

 

1,420

 

 

 

—

 

 

 

(2

)

 

 

1,418

 

 

 

—

 

 

 

1,418

 

Corporate debt securities

 

 

852

 

 

 

1

 

 

 

(17

)

 

 

836

 

 

 

—

 

 

 

836

 

Certificates of deposit and time deposits

 

 

4,550

 

 

 

—

 

 

 

—

 

 

 

4,550

 

 

 

450

 

 

 

4,100

 

Total cash, cash equivalents and short-term investments

 

$

22,420

 

 

$

1

 

 

$

(19

)

 

$

22,402

 

 

$

16,048

 

 

$

6,354

 

 

 

December 31, 2022

 

 

Adjusted Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

Cash

 

$

13,965

 

 

$

—

 

 

$

—

 

 

$

13,965

 

 

$

13,965

 

 

$

—

 

Money market funds

 

 

2,188

 

 

 

—

 

 

 

—

 

 

 

2,188

 

 

 

2,188

 

 

 

—

 

U.S. government securities

 

 

897

 

 

 

—

 

 

 

(3

)

 

 

894

 

 

 

—

 

 

 

894

 

Corporate debt securities

 

 

907

 

 

 

—

 

 

 

(22

)

 

 

885

 

 

 

—

 

 

 

885

 

Certificates of deposit and time deposits

 

 

4,252

 

 

 

1

 

 

 

—

 

 

 

4,253

 

 

 

100

 

 

 

4,153

 

Total cash, cash equivalents and short-term investments

 

$

22,209

 

 

$

1

 

 

$

(25

)

 

$

22,185

 

 

$

16,253

 

 

$

5,932

 

 
Summary of Fair Value of Marketable Securities by Contractual Maturities

The following table summarizes the fair value of our investments by stated contractual maturities as of March 31, 2023 (in millions):

 

Due in 1 year or less

 

$

5,637

 

Due in 1 year through 5 years

 

569

 

Due in 5 years through 10 years

 

148

 

Total

 

$

6,354

 
Schedule of Estimated Fair Values and Carrying Values The following table presents the estimated fair values and the carrying values (in millions):

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

2024 Notes

 

$

37

 

 

$

375

 

 

$

37

 

 

$

223

 

Digital assets, net

 

$

184

 

 

$

325

 

 

$

184

 

 

$

191