Investments and Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Marketable and Non-Marketable Securities

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


	As of
	December 31, 2023		June 30, 2024
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities	$	253	$	437
Commercial paper	288		581
Corporate bonds	181		770
Certificates of deposit	5		7
Short-term investments	$	727	$	1,795

Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities	$	4,426	$	4,783
Commercial paper	17		15
Corporate bonds	77		165
Certificates of deposit	259		98
Restricted investments	$	4,779	$	5,061

Classified as investments:
Non-marketable equity securities:
Didi	$	2,245	$	2,354
Other (2)	329		575
Marketable equity securities:
Grab	1,806		1,902
Aurora (3)	1,425		903
Other	170		342
Note receivable from a related party (2)	126		127
Investments	$	6,101	$	6,203

(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) In connection with Aurora’s November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025.

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, 2023								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	1,153	$	—	$	—	$	1,153	$	1,059	$	—	$	—	$	1,059
U.S. government and agency securities	—		4,840		—		4,840		—		5,381		—		5,381
Commercial paper	—		351		—		351		—		789		—		789
Corporate bonds	—		263		—		263		—		940		—		940
Certificates of deposit	—		266		—		266		—		104		—		104

Non-marketable equity securities	—		—		—		—		—		—		3		3
Marketable equity securities	3,401		—		—		3,401		3,147		—		—		3,147
Note receivable from a related party	—		—		126		126		—		—		127		127
Total financial assets	$	4,554	$	5,720	$	126	$	10,400	$	4,206	$	7,214	$	130	$	11,550

During the six months ended June 30, 2024, we did not make any transfers into or out of Level 3 of the fair value hierarchy.

Debt Securities

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, 2024, using significant unobservable inputs (Level 3) (in millions):


	Non-marketable Equity Securities		Note Receivable
Balance as of December 31, 2023	$	—	$	126
Change in fair value
Included in earnings	3		1






Balance as of June 30, 2024	$	3	$	127

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, 2023		June 30, 2024
Initial cost basis	$	1,727	$	1,973
Upward adjustments	1,960		2,136
Downward adjustments (including impairment)	(1,113)		(1,183)
Total carrying value at the end of the period	$	2,574	$	2,926

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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