v3.24.0.1
Investments and Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Investments
Our investments on the consolidated balance sheets consisted of the following as of December 31, 2022 and 2023 (in millions):
As of December 31,
20222023
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$44 $253 
Commercial paper46 288 
Corporate bonds13 181 
Certificates of deposit— 5 
Short-term investments$103 $727 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$1,614 $4,426 
Commercial paper— 17 
Corporate bonds— 77 
Certificates of deposit— 259 
Restricted investments$1,614 $4,779 
Classified as investments:
Non-marketable equity securities:
Didi$1,802 $2,245 
Other (2)
312 329 
Marketable equity securities
Grab1,726 1,806 
Aurora364 1,425 
Other87 170 
Notes receivable from a related party (2), (3)
110 126 
Investments$4,401 $6,101 
(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 “Lime Investments” below.
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, 2022As of December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,005 $— $— $1,005 $1,153 $— $— $1,153 
U.S. government and agency securities— 1,975 — 1,975 — 4,840 — 4,840 
Commercial paper— 76 — 76 — 351 — 351 
Corporate bonds— 15 — 15 — 263 — 263 
Certificates of deposit— — — — — 266 — 266 
Non-marketable equity securities— — 3 3 — — — — 
Marketable equity securities2,177 — — 2,177 3,401 — — 3,401 
Notes receivable from a related party— — 110 110 — — 126 126 
Total financial assets$3,182 $2,066 $113 $5,361 $4,554 $5,720 $126 $10,400 
Financial Liabilities
MLU B.V. Call Option (1)
$— $— $2 $2 $— $— $— $— 
Total financial liabilities$— $— $2 $2 $— $— $— $— 
(1) For further information, see Note 4 - Equity Method Investments.
Schedule of Equity Method Investments
Summarized financial information for Aurora for the year ended December 31, 2021 is as follows (in millions):
Results of Operations DataYear Ended
December 31, 2021
Revenue$83 
Total operating expenses813 
Loss from operations(731)
Net loss(755)
The carrying value of our equity method investments were as follows (in millions):
As of December 31,
20222023
Careem Technologies$— $300 
MLU B.V.816 — 
Other54 53 
Equity method investments$870 $353 
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 December 31, 2022 and 2023, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Equity Securities		Notes ReceivableMLU B.V. Call Option
Balance as of December 31, 2021$32 $132 $193 
Change in fair value
Included in earnings(29)(22)(191)
Balance as of December 31, 20223 110 2 
Change in fair value
Included in earnings(3)16 (2)
Balance as of December 31, 2023$— $126 $— 
Schedule of Securities without Readily Determinable Fair Value
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2022 and 2023, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Equity Securities		Notes ReceivableMLU B.V. Call Option
Balance as of December 31, 2021$32 $132 $193 
Change in fair value
Included in earnings(29)(22)(191)
Balance as of December 31, 20223 110 2 
Change in fair value
Included in earnings(3)16 (2)
Balance as of December 31, 2023$— $126 $— 
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, 2021, 2022 and 2023 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,
202120222023
Upward adjustments$71 $1,046 $908 
Downward adjustments (including impairment)— (641)(472)
Total unrealized gain (loss) for non-marketable equity securities$71 $405 $436 
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,
20222023
Initial cost basis$1,700 $1,727 
Upward adjustments1,052 1,960 
Downward adjustments (including impairment)(641)(1,113)
Total carrying value at the end of the period$2,111 $2,574