Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

The following tables summarize the amortized cost, gross unrealized gains and losses, and aggregate fair value of the Company’s investments in debt securities classified as available-for-sale:

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
	(in millions)
Cash equivalents
Money market funds	$	480	$	—	$	—	$	480
Commercial paper	24		—		—		24
Total cash equivalents	504		—		—		504
Short-term marketable securities
Commercial paper	60		—		—		60
U.S. government and government agency debt securities	142		—		(2)		140
Corporate debt securities	9		—		—		9
Total short-term marketable securities	211		—		(2)		209
Long-term marketable securities
U.S. government and government agency debt securities	27		—		(1)		26
Corporate debt securities	2		—		—		2
Total long-term marketable securities	29		—		(1)		28
Total	$	744	$	—	$	(3)	$	741

	As of September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
	(in millions)
Cash equivalents
Money market funds	$	1,246	$	—	$	—	$	1,246
U.S. government and government agency debt securities	87		—		—		87
Total cash equivalents	1,333		—		—		1,333
Short-term marketable securities
U.S. government and government agency debt securities	54		—		(1)		53
Corporate debt securities	3		—		—		3
Total short-term marketable securities	57		—		(1)		56
Total	$	1,390	$	—	$	(1)	$	1,389

For the purposes of computing realized and unrealized gains and losses, the cost of investments sold is based on the specific-identification method.

The following tables summarize the fair value and gross unrealized losses aggregated by category and the length of time that individual available-for-sale debt securities have been in a continuous unrealized loss position as of December 31, 2022 and September 30, 2023:

		As of December 31, 2022
		Less than 12 Months				12 Months or More				Total
		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Commercial paper		$	84	$	—	$	—	$	—	$	84	$	—
U.S. government and government agency debt securities		48		(1)		118		(2)		166		(3)
Corporate debt securities		2		—		9		—		11		—
Total		$	134	$	(1)	$	127	$	(2)	$	261	$	(3)

	As of September 30, 2023
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
U.S. government and government agency debt securities	$	—	$	—	$	43	$	(1)	$	43	$	(1)
Corporate debt securities	—		—		2		—		2		—
Total	$	—	$	—	$	45	$	(1)	$	45	$	(1)

The following table summarizes the amortized cost and fair value of the Company’s available-for-sale debt securities with a stated maturity date:

	As of December 31,				As of September 30,
	2022				2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Within one year	$	715	$	713	$	1,390	$	1,389
One year through five years	29		28		—		—
Total	$	744	$	741	$	1,390	$	1,389