v3.21.2
Investments and Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Marketable and Non-Marketable Securities
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2020June 30, 2021
Classified as short-term investments:
Marketable debt securities (1):
Commercial paper$457 $233 
U.S. government and agency securities429 235 
Corporate bonds294 92 
Short-term investments$1,180 $560 
Classified as investments:
Non-marketable equity securities:
Didi$6,299 $7,326 
Aurora (2)
— 2,148 
Other (3)
329 627 
Non-marketable debt securities:
Grab (4)
2,341 3,592 
Note receivable from a related party83 81 
Investments$9,052 $13,774 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) For further information, see the section titled “Aurora Investments” below and Note 16 – Divestiture.
(3) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss.
Schedule of Assets and Liabilities Measured on Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2020As of June 30, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$2,386 $— $— $2,386 $2,170 $— $— $2,170 
Commercial paper— 611 — 611 — 314 — 314 
U.S. government and agency securities— 542 — 542 — 266 — 266 
Corporate bonds— 323 — 323 — 98 — 98 
Non-marketable debt securities— — 2,341 2,341 — — 3,592 3,592 
Non-marketable equity securities— — 52 52 — 7,326 2,183 9,509 
Note receivable from a related party— — 83 83 — — 81 81 
Total financial assets$2,386 $1,476 $2,476 $6,338 $2,170 $8,004 $5,856 $16,030 
Schedule of Amortized Cost and Fair Value of Debt Security with Contractual Maturity Dates
The following table summarizes the amortized cost and fair value of our debt securities with a stated contractual maturity or redemption date (in millions):
 As of June 30, 2021
 Amortized CostFair Value
Within one year$677 $677 
One year through five years2,282 3,593 
Total$2,959 $4,270 
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities at fair value on a recurring basis (in millions):
 As of December 31, 2020As of June 30, 2021
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$611 $— $— $611 $314 $— $— $314 
U.S. government and agency securities542 — — 542 266 — — 266 
Corporate bonds322 1 — 323 98 — — 98 
Non-marketable debt securities2,281 60 — 2,341 2,281 1,311 — 3,592 
Total$3,756 $61 $— $3,817 $2,959 $1,311 $— $4,270 
Schedule of Fair Value Assumptions on Significant Unobservable Inputs
The following table summarizes information about the significant unobservable inputs used in the fair value measurement for our Grab investment as of June 30, 2021:
Fair value methodRelative weightingKey unobservable inputs
OPM45%Transaction price per share$6.16
Volatility67%
Estimated time to liquidity1.5 years
CSE55%Discount rate25%
Estimated time to liquidity
0.5 - 1 years
Summarized Financial Information
Summarized financial information for Aurora for the first quarter of 2021, the most recent period available, is as follows (in millions):
Results of Operations DataThree Months Ended March 31, 2021
Total operating expenses$192 
Loss from operations(192)
Net loss(189)
Balance Sheet DataAs of March 31, 2021
Current assets$952 
Total assets2,929 
Current liabilities114 
Total liabilities248 
Redeemable convertible preferred stock2,161 
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets
The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis as of June 30, 2021, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Debt Securities		Non-marketable Equity SecuritiesNote Receivables
Balance as of December 31, 2020$2,341 $52 $83 
Total net gains (losses)
Included in earnings— 454 (2)
Included in other comprehensive income (loss)1,251 — — 
Purchases— 1,677 — 
Balance as of June 30, 2021$3,592 $2,183 $81 
Schedule of Securities without Readily Determinable Fair Value
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
Upward adjustments$— $— $— $71 
Downward adjustments (including impairment)— — (1,690)— 
Total unrealized gain (loss) for non-marketable equity securities$— $— $(1,690)$71 
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2020June 30, 2021
Initial cost basis$6,282 $628 
Upward adjustments1,984 — 
Downward adjustments (including impairment)(1,690)(36)
Total carrying value at the end of the period$6,576 $592