Investments and Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Marketable and Non-Marketable Securities

Our investments on the condensed consolidated balance sheets consisted of the following (in millions):


	As of
	December 31, 2022		June 30, 2023
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities	$	44	$	209
Commercial paper	46		299
Corporate bonds	13		30
Short-term investments	$	103	$	538

Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities	$	1,614	$	1,808


Restricted investments	$	1,614	$	1,808

Classified as investments:
Non-marketable equity securities:
Didi	$	1,802	$	1,698
Other (2)	312		316
Marketable equity securities:
Grab	1,726		1,838
Aurora	364		885
Other	87		263
Note receivable from a related party (2)	110		108
Investments	$	4,401	$	5,108

(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.

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, 2022								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	1,005	$	—	$	—	$	1,005	$	1,573	$	—	$	—	$	1,573
U.S. government and agency securities	—		1,975		—		1,975		—		2,122		—		2,122
Commercial paper	—		76		—		76		—		376		—		376
Corporate bonds	—		15		—		15		—		39		—		39
Non-marketable equity securities	—		—		3		3		—		—		3		3
Marketable equity securities	2,177		—		—		2,177		2,986		—		—		2,986
Note receivable from a related party	—		—		110		110		—		—		108		108
Total financial assets	$	3,182	$	2,066	$	113	$	5,361	$	4,559	$	2,537	$	111	$	7,207
Financial Liabilities
MLU B.V. Call Option (1)	$	—	$	—	$	2	$	2	$	—	$	—	$	—	$	—
Total financial liabilities	$	—	$	—	$	2	$	2	$	—	$	—	$	—	$	—

(1) Refer to Note 4 – Equity Method Investments for further information.

Schedule of Reconciliation Using Significant Unobservable Inputs, Assets

The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2023, using significant unobservable inputs (Level 3) (in millions):


	Non-marketable Equity Securities		Note Receivable		MLU B.V. Call Option
Balance as of December 31, 2022	$	3	$	110	$	2
Change in fair value
Included in earnings	—		(2)		(2)






Balance as of June 30, 2023	$	3	$	108	$	—

Schedule of Securities without Readily Determinable Fair Value

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, 2022		June 30, 2023
Initial cost basis	$	1,700	$	1,713
Upward adjustments	1,052		1,411
Downward adjustments (including impairment)	(641)		(1,113)
Total carrying value at the end of the period	$	2,111	$	2,011