Investments

9 Months Ended

Sep. 30, 2024

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, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
	(in millions)
Cash equivalents
Money market funds	$	1,002	$	—	$	—	$	1,002
U.S. government and government agency debt securities	229		—		—		229
Total cash equivalents	1,231		—		—		1,231
Short-term marketable securities
U.S. government and government agency debt securities	47		—		—		47
Corporate debt securities	2		—		—		2
Total short-term marketable securities	49		—		—		49
Total	$	1,280	$	—	$	—	$	1,280

	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
	(in millions)
Cash equivalents
Money market funds	$	503	$	—	$	—	$	503
U.S. government and government agency debt securities	105		—		—		105
Total cash equivalents	608		—		—		608
Short-term marketable securities
U.S. government and government agency debt securities	20		—		—		20
Total short-term marketable securities	20		—		—		20
Total	$	628	$	—	$	—	$	628

For the purposes of computing realized and unrealized gains and losses, the cost of investments sold is based on the specific-identification method. The unrealized losses on the Company’s availability-for-sale debt securities as of December 31, 2023 and September 30, 2024 were immaterial.

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,
	2023				2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Within one year	$	1,280	$	1,280	$	628	$	628
Total	$	1,280	$	1,280	$	628	$	628