v3.22.0.1
Investments and Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Investments
Our investments on the consolidated balance sheets consisted of the following as of December 31, 2020 and 2021 (in millions):
As of December 31,
20202021
Classified as short-term investments:
Marketable debt securities (1):
Commercial paper$457 $— 
U.S. government and agency securities429 — 
Corporate bonds294 — 
Short-term investments$1,180 $— 
Classified as investments:
Non-marketable equity securities:
Didi$6,299 $— 
Other (2)
329 315 
Non-marketable debt securities:
Grab2,341 — 
Marketable equity securities
Didi— 2,838 
Grab— 3,821 
Aurora— 3,388 
Other— 1,312 
Notes receivable from a related party (2), (3)
83 132 
Investments$9,052 $11,806 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) 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.
(3) Consists of the Lime Convertible Note. Neutron Holdings, Inc. (“Lime”) is considered a related party as a result of our investment in Lime Common Stock. For further information, see the section titled “2020 Lime Investments” below and Note 19 – Divestitures.
Schedule of Assets and Liabilities Measured on Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2020As of December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$2,386 $— $— $2,386 $— $— $— $— 
Commercial paper— 611 — 611 — — — — 
U.S. government and agency securities— 542 — 542 — — — — 
Corporate bonds— 323 — 323 — — — — 
Non-marketable debt securities— — 2,341 2,341 — — — — 
Non-marketable equity securities— — 52 52 — — 32 32 
Marketable equity securities— — — — 11,359 — — 11,359 
Notes receivable from a related party— — 83 83 — — 132 132 
Total financial assets$2,386 $1,476 $2,476 $6,338 $11,359 $— $164 $11,523 
Financial Liabilities
MLU B.V. Call Option (1)
$— $— $— $— $— $— $193 $193 
Total financial liabilities$— $— $— $— $— $— $193 $193 
(1) For further information, see Note 4 - Equity Method Investments.
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following table summarizes the amortized cost, unrealized gains and losses, allowance for credit loss, and fair value of our debt securities at fair value on a recurring basis (in millions):
 As of December 31, 2020
 Amortized CostUnrealized GainsUnrealized LossesAllowance for Credit LossFair Value
Commercial paper$611 $— $— $— $611 
U.S. government and agency securities542 — — — 542 
Corporate bonds322 1 — — 323 
Non-marketable debt securities2,281 60 — — 2,341 
Total$3,756 $61 $— $— $3,817 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents information about the allowance for credit losses on debt securities (in millions):
Non-marketable
Debt Securities
Balance as of January 1, 2020$— 
Impact due to adoption of ASU 2016-13— 
Credit losses on securities for which credit losses were not previously recorded(173)
Decrease to allowance for credit loss previously recorded173 
Balance as of December 31, 2020$— 
Schedule of Equity Method Investments
Summarized financial information for Aurora for the nine months ended September 30, 2021, the most recent period available, is as follows (in millions):
Results of Operations DataNine Months Ended September 30, 2021
Revenue$55 
Total operating expenses557 
Loss from operations(502)
Net loss(504)

Balance Sheet DataAs of September 30, 2021
Current assets$665 
Total assets2,671 
Current liabilities75 
Total liabilities219 
Redeemable convertible preferred stock2,161 
The carrying value of our equity method investments as of December 31, 2020 and 2021 were as follows (in millions):
As of December 31,
20202021
MLU B.V.$1,001 $751 
Mission Bay 3 & 4 (1)
41 38 
Other37 11 
Equity method investments$1,079 $800 
(1) Refer to Note 16 – Variable Interest Entities for further information.
The table below provides the composition of the basis difference as of December 31, 2021 (in millions):
As of December 31, 2021
Equity method goodwill$545 
Intangible assets, net of accumulated amortization54 
Deferred tax liabilities(12)
Cumulative currency translation adjustments(107)
Basis difference$480 
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 December 31, 2020:
Fair value methodRelative weightingKey unobservable input
Financing transactions
100%
Transaction price per share
$6.16
Volatility
53%
Estimated time to liquidity
1.75 years
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 as of December 31, 2020 and 2021, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Debt Securities		Non-marketable
Equity Securities		Notes ReceivableMLU B.V. Call Option
Balance as of December 31, 2019$2,370 $98 $— $— 
Total net gains (losses)
Included in earnings(28)(89)(8)— 
Included in other comprehensive income (loss)2 — — — 
Purchases3 65 91 — 
Sales(6)(22)— — 
Balance as of December 31, 20202,341 52 83 — 
Total net gains (losses)
Included in earnings— 553 (1)(37)
Included in other comprehensive income (loss)2,724 — — — 
Purchases— 1,677 50 — 
Issuance— — — 230 
Transfers to Level 1(5,065)(2,250)— — 
Balance as of December 31, 2021$— $32 $132 $193 
Schedule of Securities without Readily Determinable Fair Value
The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis as of as of December 31, 2020 and 2021, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Debt Securities		Non-marketable
Equity Securities		Notes ReceivableMLU B.V. Call Option
Balance as of December 31, 2019$2,370 $98 $— $— 
Total net gains (losses)
Included in earnings(28)(89)(8)— 
Included in other comprehensive income (loss)2 — — — 
Purchases3 65 91 — 
Sales(6)(22)— — 
Balance as of December 31, 20202,341 52 83 — 
Total net gains (losses)
Included in earnings— 553 (1)(37)
Included in other comprehensive income (loss)2,724 — — — 
Purchases— 1,677 50 — 
Issuance— — — 230 
Transfers to Level 1(5,065)(2,250)— — 
Balance as of December 31, 2021$— $32 $132 $193 
The following table summarizes information about the significant unobservable inputs used in the valuation for our investment in Didi as of March 31, 2020:
Fair value methodKey unobservable input
CSEMarket adjustment(20)%
OPMVolatility39%
Estimated time to liquidity2.0 years
Market adjustment(40)%
Schedule of Securities without Readily Determinable Fair Value
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the years ended December 31, 2019, 2020 and 2021 based on the observable price in an orderly transaction for the same or similar security of the same issuers (in millions):
Year Ended December 31,
201920202021
Upward adjustments$— $— $71 
Downward adjustments (including impairment)— (1,690)— 
Total unrealized gain (loss) for non-marketable equity securities$— $(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 as of December 31, 2020 and 2021 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of December 31,
20202021
Initial cost basis$6,282 $279 
Upward adjustments1,984 4 
Downward adjustments (including impairment)(1,690)— 
Total carrying value at the end of the period$6,576 $283