v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities by Investment Classification
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:
December 31, 2024
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—470——481
U.S. federal bonds and agency securities201,696537—2,252
Corporate bonds and commercial paper139———139
1592,166537—2,872
Level 2:
Corporate bonds and commercial paper—1,815172—1,988
Level 3:
Convertible notes in private companies———543543
1593,9817095435,403
December 31, 2023
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—445——458
Federal bonds and agency securities—1,641115—1,757
Corporate bonds and commercial paper152———152
1522,086115—2,367
Level 2:
Corporate bonds and commercial paper—1,509——1,509
Level 3:
Convertible notes in private companies(1)
———495495
1523,5951154954,371
(1) In December 2023, the Company made a separate investment in Flexport through the purchase of convertible notes of $260 and has elected to apply the fair value option to account for this instrument. As the inputs used in determining the fair value are unobservable, the fair value measurement of the investment is Level 3 in the fair value hierarchy.
Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity
The following table outlines estimated fair values of our debt securities by date of contractual maturity as of December 31, 2024:
Fair Value
(in US $ millions)
Due within one year4,152 
Due after one year to three years708 
4,860 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
December 31, 2024December 31, 2023
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Global-E Online Ltd.(1)
1,205—1,20585618874
Affirm Holdings, Inc.1,236—1,236997—997
Klaviyo, Inc.(2)
615127742376113489
3,0561273,1832,2291312,360
(1) In the year ended December 31, 2024, $18 million was transferred from Level 3 to Level 1 due to the vesting of warrants (December 31, 2023 - $49 million). In the year ended December 31, 2023, the equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 8%.
(2) In the year ended December 31, 2024, $37 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (December 31, 2023 - $11 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 18% at December 31, 2024 (December 31, 2023 - 21%).
Adjustments related to equity and other investments with readily determinable fair values for the years ended December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
(in US $ millions)
Balance, beginning of the year2,360 648 
Adjustments related to equity and other investments with readily determinable fair values:
Sale of equity and other investments— (1)
Net unrealized (losses) gains823 1,456 
Transfers from measurement alternative(1)
— 257 
Balance, end of the year3,183 2,360 
(1) Effective September 20, 2023, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as the fair value of the investment became readily determinable.
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values are:
December 31, 2024December 31, 2023
(in US $ millions)
Total initial value957 820 
Cumulative gross unrealized gains144 55 
Cumulative gross unrealized losses and impairment(384)(370)
Total carrying value of equity and other investments without readily determinable fair values717 505 
Adjustments related to equity and other investments without readily determinable fair values for the years ended December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
(in US $ millions)
Balance, beginning of the year505 1,085 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments137 104 
Investments received as non-cash consideration in exchange for services— 60 
Gross unrealized gains(1)
89 10 
Gross unrealized losses and impairments(2)
(14)(120)
Transfers out of measurement alternative(3)
— (634)
Balance, end of the year717 505 
(1) During the year ended December 31, 2024, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $78 million were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).
(2) During the years ended December 31, 2024 and 2023, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).
(3) Effective September 20, 2023, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as $257 million of the fair value of the investment became readily determinable. Additionally, the net settlement criteria was met for the Company's investment option to purchase Series B common shares resulting in $54 million of the fair value being accounted for as a derivative.
Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses
The fair values of outstanding derivative instruments were as follows:
December 31, 2024December 31, 2023
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)— 6 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)13 3 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Unrealized gains— 6 1 
Unrealized losses(13)— (15)
Total net unrealized (losses) gains(13)6 (14)
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Years ended
December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Realized losses cost of revenues— — (1)
Realized losses in operating expenses(8)(13)(22)
(8)(13)(23)