PARTII Item7A.QuantitativeandQualitativeDisclosuresAboutMarketRisk as of December 31, 2021 would have positively impacted income before income taxes by approximately $203 million, resulting in a net positive impact of approximately $7 million. These reasonably possible adverse changes in exchange rates of 10% were applied to monetary assets, monetary liabilities, and available-for-sale debt securities denominated in currencies other than the functional currencies of our subsidiaries at the balance sheet dates to compute the adverse impactthesechangeswouldhavehadonourincomebeforeincometaxesinthenearterm. EquityInvestmentRisk Our strategic investments are subject to a variety of market-related risks that could substantially reduce or increase the carrying value of the portfolio. As of December 31, 2022 and 2021, our strategic investments totaled $2.1 billion and $3.2 billion which represented approximately 14% and 20% of our total cash, cash equivalents, and short-term and long- terminvestmentportfolio at each of those respectivedates. Our strategicinvestmentsinclude marketableequity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held ANNU companies.Wearerequiredtorecordall adjustmentsto the value of these strategic investments through our consolidated statements of income (loss). As such, we expect volatility to our net income (loss) in future periods due to changes in fair AL value related to our investments in marketable equity securities and changes in observable prices related to our REPOR non-marketable equity securities accounted for under the Measurement Alternative. These changes could be material based on market conditions. Additionally, the financial success of our investments in privately held companies is typically dependentonaliquidityevent,suchasapublicoffering,acquisition,privatesale,or otherfavorablemarketeventproviding T the ability to realize appreciation in the value of the investment. A hypothetical adverse change of 10% in the carrying value of our strategic investments as of December 31, 2022, which could be experiencedin the near term, would have resulted in anincrementaldecreaseof approximately$215 million to the carrying value of the portfolio. We review our non-marketable equity securities accounted for under the Measurement Alternative for impairment when events and circumstances indicate a decline in fair value of such assets below carrying value. Our analysis includes a review of recent operating results and trends, recent purchases and sales of securities, and other publicly available data, for which we assess factors such as the investees financial condition and business outlook, industry performance, regulatory, economic, or technologicalenvironment,andotherrelevanteventsandfactorsaffectingtheinvestee. Item8.FinancialStatementsandSupplementaryData The audited consolidated financial statements covering the years ended December 31, 2022, 2021, and 2020 and accompanyingnoteslistedinPartIV,Item15(a)(1)ofthisForm10-Kareincludedinthisreport. Item9.ChangesinandDisagreementswithAccountantsonAccountingand Financial Disclosure None. Item9A.ControlsandProcedures Evaluation of disclosure controls and procedures. Based on the evaluation of our disclosure controls and procedures (as defined in the Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act), our principal executive officer and our principal financial officer have concluded that as of December 31, 2022, the end of theperiodcoveredbythisreport,ourdisclosurecontrolsandprocedureswereeffective. Managements report on internal control over financial reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our management, including our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control—Integrated Framework, our managementconcludedthat our internal control over financial reporting was effective as of December 31, 2022. The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopersLLP, an independent registered public accounting firm, as stated in their report which appears in Item15(a) of this Form 10-K. Changesininternalcontrolsoverfinancialreporting.There were no changesin our internal controls over financial reporting as defined in Exchange Act Rule 13a-15(f) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. •2022AnnualReport 51