v3.25.2
Investments and Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2024June 30, 2025
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$167 $201 
Commercial paper220 306 
Corporate bonds659 384 
Certificates of deposit38 41 
Short-term investments$1,084 $932 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$5,552 $6,112 
Commercial paper179 60 
Corporate bonds1,288 1,678 
Asset-backed securities— 14 
Restricted investments$7,019 $7,864 
Classified as investments:
Non-marketable equity securities:
Didi$2,602 $2,792 
Other (2)
608 778 
Marketable equity securities:
Grab2,529 2,696 
Aurora (3), (4)
2,054 1,708 
Other523 540 
Note receivable from a related party (2)
144 146 
Investments$8,460 $8,660 
(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 Innovation, Inc. (“Aurora”)’s November 2021 initial public offering, 25% of our initial shares remain subject to lock-up restrictions through November 2025.
(4) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), approximately 48% of our Aurora Class A common stocks is pledged as collateral and cannot be sold or transferred during the term of the 2028 Exchangeable Senior Notes until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement. Refer to Note 3 – Long-Term Debt and Credit Arrangements for further information.
Schedule of Fair Value, Assets 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, 2024As of June 30, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $434 $— $— $434 
U.S. government and agency securities— 5,848 — 5,848 — 6,943 — 6,943 
Commercial paper— 702 — 702 — 1,306 — 1,306 
Corporate bonds— 1,974 — 1,974 — 2,064 — 2,064 
Asset-backed securities— — — — — 14 — 14 
Certificates of deposit— 38 — 38 — 41 — 41 
Non-marketable equity securities— — 11 11 — — 10 10 
Marketable equity securities5,106 — — 5,106 4,944 — — 4,944 
Note receivable from a related party— — 144 144 — — 146 146 
Total financial assets$6,974 $8,562 $155 $15,691 $5,378 $10,368 $156 $15,902 
Financial Liabilities
2028 Exchangeable Senior Notes (1)
$— $— $— $— $— $1,224 $— $1,224 
Total financial liabilities$— $— $— $— $— $1,224 $— $1,224 
(1) Refer to Note 3 – Long-Term Debt and Credit Arrangements for further information.
Schedule of Fair Value, 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, 2024As of June 30, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $434 $— $— $434 
U.S. government and agency securities— 5,848 — 5,848 — 6,943 — 6,943 
Commercial paper— 702 — 702 — 1,306 — 1,306 
Corporate bonds— 1,974 — 1,974 — 2,064 — 2,064 
Asset-backed securities— — — — — 14 — 14 
Certificates of deposit— 38 — 38 — 41 — 41 
Non-marketable equity securities— — 11 11 — — 10 10 
Marketable equity securities5,106 — — 5,106 4,944 — — 4,944 
Note receivable from a related party— — 144 144 — — 146 146 
Total financial assets$6,974 $8,562 $155 $15,691 $5,378 $10,368 $156 $15,902 
Financial Liabilities
2028 Exchangeable Senior Notes (1)
$— $— $— $— $— $1,224 $— $1,224 
Total financial liabilities$— $— $— $— $— $1,224 $— $1,224 
(1) Refer to Note 3 – Long-Term Debt and Credit Arrangements for further information.
Schedule of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 As of December 31, 2024As of June 30, 2025
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$5,843 $7 $(2)$5,848 $6,941 $3 $(1)$6,943 
Commercial paper702 — — 702 1,306 — — 1,306 
Corporate bonds1,975 1 (2)1,974 2,063 2 (1)2,064 
Asset-backed securities— — — — 14 — — 14 
Certificates of deposit38 — — 38 41 — — 41 
Total$8,558 $8 $(4)$8,562 $10,365 $5 $(2)$10,368 
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, 2024June 30, 2025
Initial cost basis$2,030 $2,202 
Upward adjustments2,611 2,802 
Downward adjustments (including impairment)(1,442)(1,444)
Total carrying value at the end of the period$3,199 $3,560